Equiom is pleased to announce that its Authorised Economic Operator (AEO) status has officially been renewed by Isle of Man Customs and Excise.
AEO status is a globally recognised quality mark that recognises a business’s role in the international supply chain is fully secure and demonstrates that customs control procedures meet AEO standards and criteria.
Mark A Hagan, Director – VAT, explains why this accreditation is so important and how it relates to Equiom’s proposition:
‘In essence Equiom’s AEO Customs Warehouse facility alleviates many of the logistical and administrative burdens of the past, driving efficiency and cost savings in the buy/sell transaction cycle, for the benefit of our clients seeking to conclude transactions in the United Kingdom and/or Isle of Man.
As a business operating with an AEO certification, it means we do not have to provide bank guarantees or security against VAT liability potentially due on importing aircraft and/or yachts. Fast-tracking importation paperwork and procedures is enabled, and it also means Equiom has a lower risk score, resulting in fewer customs checks.’
Why is AEO status important?
AEO status is only granted to eligible businesses that are actively involved in customs operations. Eligibility is dependent on demonstrating an excellent tax and customs compliance history, high standards in commercial record-keeping, financial solvency, and technical competence.
What does Equiom’s Customs Warehouse offer?
With the agreement of Isle of Man Customs and Excise, aircraft and/or yachts of varying size can be entered into virtual Customs Warehouses in the United Kingdom or the Isle of Man, offering choice and geographical flexibility to our clients.
Potential reasons for using Equiom’s Customs Warehouse facility:
- The end destination of the aircraft not being known
- The need to re-export a non-UK aircraft
- The owner/operator being unable to meet the strict import conditions
- A yacht or aircraft not meeting the Temporary Admission requirements
Equiom can offer full Customs Warehouse authorisation in the United Kingdom and the Isle of Man.
For further information or to learn more about our Customs Warehouse facilities contact Rachel Purnell or Richard McGlashan