Business Advantages

Roanoke County offers numerous advantages to businesses, including a central and convenient location, high quality of life, low cost of living and a skilled workforce.

In addition, western Virginia is home to a Foreign Trade Zone, a Port of Entry, and multiple bonded warehouses, saving local businesses valuable time and money on imports and exports.

Foreign-Trade Zone

Foreign-trade zones are secure areas under U.S. Customs supervision that are considered outside the Customs territory. Under zone procedures, the usual formal Customs entry procedure and payment of duties are not required on foreign merchandise unless and until it enters Customs territory for domestic consumption. Companies can ship from any foreign location directly to the Foreign Trade Zone, and can in-bond ship direct from any port, eliminating time delays that could occur at other ports. Western Virginia's Foreign-Trade Zone #238 is a general-purpose zone established for multiple activities by multiple users. The program is administered by the U.S. Department of Commerce.

U.S. Customs Bonded Warehouse

A Customs bonded warehouse is a building or other secured area in which dutiable goods may be stored, manipulated, or undergo manufacturing operations without payment of duty. Upon entry of goods into the warehouse, the importer and warehouse proprietor incur liability under a bond. This liability is canceled when the goods are:
• exported;
• withdrawn for supplies to a vessel or aircraft in international traffic;
• destroyed under Customs supervision; or
• withdrawn for consumption within the United States after payment of duty.

The advantage of using a bonded warehouse is that no duty is collected until merchandise is withdrawn for consumption. An importer, therefore, has control over use of money until the duty is paid upon withdrawal of merchandise from the bonded warehouse. If no domestic buyer is found for the imported articles, the importer can sell merchandise for exportation, thereby canceling his obligation to pay duty.

Bonded warehouses in Roanoke County include:
• Roanoke Regional Airport (also a port of entry)
• Goodwill Industries, northwestern Roanoke County
• Lincra (http://www.lincra.it/), located in ValleyTech

Port of Entry

Ports of entry are responsible for processing conveyances, passengers and goods entering and exiting the United States, and enforcing customs laws. Goods may be entered for consumption, warehousing at the port of arrival, or transported in-bond to another port of entry and entered there under the same conditions as at the port of arrival. An international Port of Entry has been established in the New River Valley, just 30 miles west of Roanoke County. The port serves a geographic area within 90 miles in all directions from the New River Airport in Pulaski County.

• Zone-to-Zone Transfer - Merchandise can be transferred from one zone to another. Because it is transported in-bond, Customs duties may be deferred until the merchandise is removed from the zone for entry in the United States.
• Duty Savings - By using a foreign trade zone, companies are able to defer, reduce or in some cases eliminate duty charges, depending on the use of the incoming goods and whether they are exported.
• Taxes - Tangible personal property imported from outside the U.S. and held in a zone are not subject to State and local ad valorem taxes. Merchandise produced in the U.S. and held in a zone for exportation also avoids the taxes.

For more information, contact:

(Source: The Port of New River Valley)

New Century Technology Council

The New Century Technology Council (NCTC) is the premier organization dedicated to the promotion and development of the technology industry in the New Century Region, which includes Roanoke County. Membership in the NCTC is open to businesses whose primary product or service is heavily influenced by technology. Membership is also extended to businesses and organizations interested in interacting with technology firms. Membership benefits include:

• Networking opportunities with other technology professionals
• Working toward reducing obstacles to growth through technology
• Finding access to capital and funding
• Being a part of a strong voice to advocate technology to government
• Creating the infrastructure to build a capable workforce
• Forging ties with regional educational and training resources
• Receiving recognition for members' successes

The New Century Technology Council is a member-driven organization. NCTC membership includes more than 130 firms, representing more than 10,000 total employees in the region. The overarching objective of the New Century Technology Council is to initiate and support programs that improve the ability of the region to foster and sustain business growth in the technology industry.

More details can be found at www.thetechnologycouncil.com or by contacting Cory Donovan, Executive Director of the NCTC, at cory@thetechnologycouncil.com.

The Roanoke Regional Chamber

The Roanoke Regional Chamber, established in 1890, serves its 1,400 members by providing leadership, advocacy, and action that continues to help the Roanoke Region achieve its potential as a desirable place to live, work, and visit. Contact the Roanoke Regional Chamber of Commerce for more information, (540) 983-0700.