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Processing zone a real boon for businesses
By Sun Ling and Fei Lai |
May 25, 2009, Monday
|
Print Edition
Print Edition
THE Shanghai Jiading Export Processing Zone has integrated manufacturing and storage applications to customs and drawback services, which can help export and import companies cut one-third of their costs.
As the zone has developed services in bonded logistics and the cargo and service trade, it is transforming into a complete industry chain including export processing, bonded storage, logistics, distribution, research and development, inspection and maintenance.
Nowadays, products from domestic companies are ready to be exported when they enter the zone. Machines, equipment, spare parts required in manufacturing, water, electricity and gas will enjoy preferential policies in drawback and tax exemption.
Take Johnson Health Tech Shanghai Co Ltd for example. It uses equipment worth 24.9 million yuan (US$ 3.648million) from domestic companies, which can enjoy a drawback of 3.4 million yuan. As well, tax exemptions for the cost of water, electricity and gas saves 5 percent of the company's management costs.
In the past, some businesses usually exported products to Hong Kong or South Korea to enjoy tax exemptions for intensive processing. Then, the business imported the products for processing with "imported materials or supplied materials." It used to take about 12 days and a TEU (20-foot equivalent unit) would cost more than 10,000 yuan.
The same procedure at the Waigaoqiao Bonded Zone takes about three days and the cost of a TEU will exceed 4,000 yuan.
However, at the Shanghai Jiading Export Processing Zone, a business can finish this procedure within a few hours and for less than 1,000 yuan.
On March 8, the Shanghai Prime Logistics Co Ltd settled at the zone, providing a one-stop service including applications to customs, distribution, transport and drawback for businesses in the area.
Currently, more than 10 businesses have been working with the company. With the help of Shanghai Prime, the tax rebate rate of Shanghai Rongmao Plastic Packaging Co Ltd has increased from 5 percent to 10 percent.
Officials from the Shanghai Jiading Export Processing Zone were optimistic about the future development of the zone, as there are more than 2,000 import and export businesses in the district.
The zone has a building area of 1.04 square kilometers. In the next phase, the zone will build standard workshops of 50,000 square meters and a storage area of 33,000 square meters to meet expanded demand.
With more functions, the zone is expected to activate businesses' operating systems and attract more foreign funds to the district.
As the zone has developed services in bonded logistics and the cargo and service trade, it is transforming into a complete industry chain including export processing, bonded storage, logistics, distribution, research and development, inspection and maintenance.
Nowadays, products from domestic companies are ready to be exported when they enter the zone. Machines, equipment, spare parts required in manufacturing, water, electricity and gas will enjoy preferential policies in drawback and tax exemption.
Take Johnson Health Tech Shanghai Co Ltd for example. It uses equipment worth 24.9 million yuan (US$ 3.648million) from domestic companies, which can enjoy a drawback of 3.4 million yuan. As well, tax exemptions for the cost of water, electricity and gas saves 5 percent of the company's management costs.
In the past, some businesses usually exported products to Hong Kong or South Korea to enjoy tax exemptions for intensive processing. Then, the business imported the products for processing with "imported materials or supplied materials." It used to take about 12 days and a TEU (20-foot equivalent unit) would cost more than 10,000 yuan.
The same procedure at the Waigaoqiao Bonded Zone takes about three days and the cost of a TEU will exceed 4,000 yuan.
However, at the Shanghai Jiading Export Processing Zone, a business can finish this procedure within a few hours and for less than 1,000 yuan.
On March 8, the Shanghai Prime Logistics Co Ltd settled at the zone, providing a one-stop service including applications to customs, distribution, transport and drawback for businesses in the area.
Currently, more than 10 businesses have been working with the company. With the help of Shanghai Prime, the tax rebate rate of Shanghai Rongmao Plastic Packaging Co Ltd has increased from 5 percent to 10 percent.
Officials from the Shanghai Jiading Export Processing Zone were optimistic about the future development of the zone, as there are more than 2,000 import and export businesses in the district.
The zone has a building area of 1.04 square kilometers. In the next phase, the zone will build standard workshops of 50,000 square meters and a storage area of 33,000 square meters to meet expanded demand.
With more functions, the zone is expected to activate businesses' operating systems and attract more foreign funds to the district.
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