Brexit is a challenge for all businesses from managing and maintaining your current EU customers and supply chains to understanding the impact of new customs arrangements reports Dorset Chamber.
The following points need to be considered to minimize/manage the risk due to Brexit
- Obtain your company EORI (Economic Operators Registration & Identification) number
- Assess whether you would benefit from AEO (Authorized Economic Operators) status and apply
- Prepare for and research potential tariffs, quotas and other requirements
- Check and apply for any new licenses, permits or approvals
- Ensure packaging and labelling is compliant to new regulations
- Review and prepare for customs & Vat procedures from 2021
- Polish your internal policies and processes
- Review your supply chain and the origin of your products.
- If you have any EU contracts with time sensitive delivery times review contract terms and possible penalties in the event of delays caused by future customs clearance delays
- Review your export skills, export documentation
- Consider an export audit of your business
- Consider using foreign exchange services to protect income / profitability during negotiation period
- Review if you need a Customs Broker and appoint
Brexit will also open up opportunities to look at markets outside of the EU and to take advantage of the new trade deals enabling businesses to expand
There may well be areas you will need support here at the Dorset Chamber we have Expert advisors who can help Dorset Chamber is an Issuing Body, appointed by HM Government Department for Business, Innovation & Skills.
Dorset Chamber is authorized to certify export documentation and we are also a Custom Broker enabling us to complete your customs declarations.
So please get in touch by visiting our website or contact us International@dcci.co.uk or 01202 714004