A recent blog post from Bethan Customs Consultancy suggests that securing Authorised Economic Operator (AEO) status will prove highly beneficial for businesses involved in the international supply chain.
AEO is an internationally recognised quality mark that is awarded to businesses which can prove firstly, that their place in the international supply chain is secure, and secondly, that their customs controls are efficient and compliant.
Provided they meet the relevant compliance standards, businesses which hold AEO Customs status could benefit from a faster application process for customs simplifications and authorisations, and reductions or waivers of comprehensive guarantees. They may also qualify for a notification waiver when making an entry in a declarant’s records and a 70% reduction in a business’s deferment account guarantee.
To learn more, visit the Bethan Customs Consultancy website.