If you're a foreign investor, NEOTEC is ready to help you take advantage of the many great opportunities of locating in Northeast Ohio. We provide a variety of services to assist your company in the relocation process, help you maximize your return on investment, and grow your business throughout North and South America. Our regional partnership draws upon the expertise of seasoned professionals in almost 40 different economic development, government and private sector organizations, all working together to promote domestic and international trade in Northeast Ohio and help your business thrive.
Relocation Assistance: Global Rapid Response Team
Through NEOTEC, foreign companies can utilize the services of the Northeast Ohio Global Rapid Response Team—a group of professional volunteers in the areas of international banking and finance, international law, immigration, workforce, education, logistics and relocation support. The team is available to help your with your expansion into Northeast Ohio.
Cost Savings: Foreign-Trade Zones 40 & 181
Foreign companies should consider locating in one of Northeast Ohio’s Foreign-Trade Zones (FTZ). A foreign-trade zone is a designated area within the U.S. that is considered to be outside the stream of international commerce. Certain types of merchandise may be admitted into the zone without being subject to Customs duties or certain excise taxes. By locating in an FTZ, your company will benefit from this important global supply chain management tool that can help you reduce paperwork, improve cash flow, increase flexibility and save time.
Northeast Ohio has two very successful foreign-trade zone programs: FTZ 40 and FTZ 181, with dozens of locations throughout the region. The Cleveland-Cuyahoga County Port Authority has the grant of authority for FTZ 40 from the U.S. Foreign-Trade Zones Board. NEOTEC is grantee of FTZ 181, and also serves as administrator of both zones. As administrator, NEOTEC can help you assess the potential savings of locating in one of these zones and obtaining FTZ status for your company.
Growth Through Exports: Global Trade Group
NEOTEC can help you facilitate exports to Canada, Mexico, and South America. Once you have established a location in Northeast Ohio, our Global Trade Group offers export counseling resources to help your company increase sales through exports. For in-depth assistance, the Global Trade Group provides "executive in residence" and one-on-one training services to accelerate your entry into new international markets.
Support Services: NEOTEC Members
When you choose Northeast Ohio for your expansion project, your company will be supported by important services and programs available through NEOTEC and its members. We can assist you with the following:
• Locating industrial sites and buildings
• Economic development financing: In addition to financing initiatives at the local level, the Ohio Department of Development’s Strategic Business Investment Division offers companies direct financial assistance in the form of low interest grants, bonds, and state/local tax incentives, credits and exemptions
• Tax incentive programs
• Ohio tax reform: The state of Ohio recently reformed tax codes to provide Ohio businesses with a competitive advantage over other Midwest and Coastal states
• Immigration: resources such as the U.S. Customs and Immigration Service (USCIS), the U.S. Immigration and Customs Enforcement Office (ICE) along with numerous immigration legal services and local resettlement agencies
• Research and Development: Through Ohio’s Third Frontier Project, Northeast Ohio has created a strong network of research and development institutions, businesses, higher education institutions, and nonprofit research organizations that provide companies with grants to accelerate product development and commercialization. The Ohio Department of Development’s Global Markets Division provides companies with market research, agent and distributor searches and participates in trade shows and trade missions.
• The U.S. Department of Commerce provides assistance through the “Invest in America” foreign investment program.
• Contact information for local governments, educational institutions and businesses