Press Release

Issued by Equiom.

May 25, 2016

International trust and corporate services provider Equiom has been authorised as an Economic Operator for customs simplification.

Recognised globally as a quality mark demonstrating the efficiency and compliance of a company's role in customs, AEO status is granted to eligible businesses established in the EU which are actively involved in customs operations. Eligibility is dependent on demonstrating good tax and customs compliance history, good commercial record-keeping standards, financial solvency, professional qualifications, practical experience and competence.

Equiom VAT director Steve Cain commented: 'We are proud to be leading the way as the first corporate services provider in the Isle of Man to gain AEO status. This recognition reinforces our high levels of competence and compliance standards. Authorised Economic Operators are granted a guarantee waiver for any VAT potentially due on importing aircraft and fast-tracking of the paperwork and import procedure. From 1st May 2016 potential guarantees could be as high as 20% of the aircraft value and could run into millions of dollars. It also means Equiom has a lower risk score, resulting in fewer customs checks. The benefits can also apply to non-EU owners or owning entities wishing to import their aircraft into Europe.'

Governed by European Community Law, AEO status came about as a result of the Union Customs Code, introduced on 1st May 2016. As a result, a company must now meet specific criteria with regard to their customs' operations relating to goods imported into or exported out of the EU. The EU AEO database allows anyone to check who holds an AEO status, what type it is, and the date and country of issue.