Regulations related to Import and export trading company
Doing import-export business in Europe comes with its own set of rules and regulations, especially when it comes to compliance. Understanding the latest regulations is crucial to avoid unnecessary penalties. So, before diving into import-export operations, take the time to familiarize yourself with the relevant regulations!
Doing import-export business in Europe comes with its own set of rules and regulations, especially when it comes to compliance. Understanding the latest regulations is crucial to avoid unnecessary penalties. So, before diving into import-export operations, take the time to familiarize yourself with the relevant regulations!
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Table of Contents
- Doing Import-Export Business with EU Countries
- Doing Import-Export Business with Non-EU Countries
1. Doing Import-Export Business with EU Countries
When establishing import-export business, there are several steps to follow, and compliance with relevant regulations is essential. If you are trading with other EU countries, there are a series of procedures to complete.
Customs Procedures:
The procedures you need to complete depend on the type of service you provide:
- Selling Goods: If you sell goods in EU countries or if the value of goods you purchase annually exceeds 460,000 euros, you must fill out a Goods Exchange Declaration (DEB).
- Providing Services: If you sell services in EU countries, you must fill out a European Service Declaration (ESD). However, if you purchase services yourself, reporting is not necessarily required.
Apply for an Intra-Community VAT Number:
To conduct import-export business, you need to apply for an Intra-Community VAT number. For this, you need to apply to the SIE (Service des Impôts des Entreprises). Your contacts abroad will send you invoices without VAT, and you can contact the French tax authorities directly to pay the VAT.
This intra-community VAT number is crucial and must be provided to all your suppliers! Note that if you are a sole proprietor, you should theoretically benefit from the basic VAT exemption scheme.
2. Doing Import-Export Business with Non-EU Countries
We've just covered the procedures and processes involved in international trade with EU internal countries. But if you decide to trade with countries outside the EU, the rules are different!
Customs Procedures to Follow:
All import-export goods must be declared using a Single Administrative Document (SAD). Declarations can now be made electronically.
Without declaration, no goods may leave or enter French territory from countries outside the EU.
Apply for an EORI Number:
Obtaining an EORI number is absolutely necessary for importing from and exporting to countries outside the EU. The EORI number stands for Economic Operator Registration and Identification.
Obtaining an EORI number has no specific conditions; you just need to apply for registration.
These regulations are just some of the steps you need to take before engaging in import-export business. So, don't forget to familiarize yourself with other relevant steps.
Navigating the regulations when it comes to import-export business in Europe, whether with EU or non-EU countries, is essential to ensure smooth operations and avoid penalties. Understanding customs procedures, applying for necessary numbers like the intra-community VAT number and EORI number, are crucial steps in this process.
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