Go-live of MIC’s US Foreign Trade Zone software solution at one of the world’s largest family-owned German automotive supplier

News | Customs Filing | 19 September 2019

The world’s fourth-largest family-owned automotive supplier sets standards with its innovative mechatronic systems and components. MIC does the same in the field of customs and trade compliance software solutions and has therefore become the leading supplier of Global Trade Compliance (GTC) solutions to the automotive industry with a global market share of more than 40%.

In January 2018, the multi-national auto parts producer decided to implement MIC’s software solutions for the management of the Foreign Trade Zone (MIC-CUST® FTZ) in the US. The FTZ's primary advantage is its ability to improve the automotive supplier’s competitive position. The company can avoid import duties if the goods that enter the FTZ are stored, sorted, tested, repackaged, and assembled within the FTZ and then exported without ever entering the US commerce. The tax deferral in combination with potential inverted tariff benefits enable a substantial saving potential in terms of duties & taxes as well as cash flow optimization. MIC’s automated software module MIC-CUST® US FTZ supports the realization of these benefits and ensures that over the long-term in compliance to the legal framework.

The successful go-live of MIC’s FTZ module at this customer in the US (MIC-CUST® FTZ) took place in March 2019 and allows the company to operate more efficiently in the future.

In a further step it plans to roll out MIC-CUST® Import & Export for the Czech Republic and Great Britain in order to be well prepared for a possible Brexit. Additionally, the implementation of MIC-CUST® Export for creating automated export customs declarations is planned for both Slovakia and Portugal.

MIC is very much looking forward to a continued partnership with this customer!

About MIC:

MIC is the world leader in providing global customs and trade compliance software solutions. The MIC group currently employs over 350 professionals around the world. More than 700 international customers rely on MIC software products for their global customs and trade compliance management solutions.

For more information about MIC and how we could help your operations, please contact us via [email protected]remove-this.mic-cust.com.

 


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