Sheffield Chamber of Commerce awarded Authorised Economic Operator (AEO) status
On the 21st August 2019, Sheffield Chamber of Commerce was officially awarded Authorised Economic Operator (AEO) status.
According to the HMRC audit team, it is the first Chamber in the world to achieve this status and is based on the preferential trade documentation and work Sheffield Chamber is doing as an accredited Customs Broker.
Sheffield Chamber have invested heavily in the past 2 years to ensure it has the correct expertise, training, accreditations and digital platforms to support companies in an ever changing international trade environment.
AEO is considered to be an important accreditation according to the SAFE Framework initiative (details can be seen here). In order to meet this initiative, the European Union altered their own customs codes in May 2016 know as UCC (Union Customs Codes) in which AEO is mentioned.
Currently AEO is purely optional however, but because of World Customs Organisation objectives it may become a required status for medium and large businesses to buy and sell worldwide. It is already becoming a commercially driven requirement with several examples of customers in European and Non-European countries developing questionnaires to give to suppliers regarding their AEO status.
Why should businesses consider Applying for AEO status?
There are a range of benefits companies can take advantage of when operating under AEO. Businesses need to understand that AEO ultimately improve their competitive standing, particularly in a post Brexit world of commerce.
- Simplified Customs declarations and EIDR (Entry in Declarant’s Records)
- Transit simplifications
- Priority treatment of consignments.
- The option of a centralised clearance self-assessment
- Easier admittance to special procedures such as CFSP, temporary storage and Customs warehousing
- Duty deferment guarantee reduction and SIVA (Simplified Import Vat Accounting)
- Guarantee reductions or waivers
- Removal of previous sales provisions relating to valuations
Sheffield Chamber has a support package to mitigate the effects of brexit from a European and global perspective. For further information please contact firstname.lastname@example.org or call 0114 201 8888.