EBACE Convention News

Equiom Achieves AEO Status

 - May 26, 2016, 10:30 AM

Equiom (Booth B050), an international trust and corporate services provider, has announced that it has become an authorized economic operator (AEO). This status helps simplify the customs process for global trade. In order to attain this status, a company must be established in the EU and remain actively involved in customs operations.

Steve Cain, Equiom’s value added tax (VAT) director, said, “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. Authorized economic operators are granted a guaranteed waiver for any VAT potentially due on importing aircraft, and fast-tracking of the paperwork for the import procedure.

“From May 1, 2015 potential guarantees could be as high as 20 percent of the aircraft value and could run into millions of dollars,” he continued. “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.”

Equiom offers services in the trust, corporate, property, family office, eBusiness, yachting, aviation, crewing, tax and VAT sectors. The company has offices in Guernsey, Hong Kong, Isle of Man, Jersey and Malta.