UTC acquired the AEO license (AEOF)

 UTC completed all the necessary procedures and aquired the AEO (Authorized Economic Operator) license(AEOF) for Customs Simplifications and Security & Protection, on 19/04/2021

What is Authorized Economic Operator

Definition

 

The economic operator who is approved :

·         is considered to be a reliable business partner in the international supply chain and

·         is entitled to enjoy specific benefits, based on the type of license which has been granted

 

 

Categories of AEO license

 

The AEO property consists of two types of  licenses:

·         AEO License/Customs Simplification AEOC

which provides to its possessor facilities related to customs simplifications

 

·         AEO License/Security and protection AEOS

which provides to its possessor security and protection facilities

 

An economic operator can be possessor at the same time of both of these two licenses. In such case THE COMPETENT CUSTOMS AUTHORITY issues a combined type of AEOF license

 

 

      What are the criteria for granting the AEO license

  • Company’s tax and customs legislation compliance
  • Satisfactory ERP SLA agreements
  • Financial solvency
  • Practical experience /Professional qualifications of a person in charge of customs matters
  • Appropriate security and protection standards for the business /business partners

 

 

Benefits of holding an AEO Customs License

  • Easier entry to customs simplifications licenses.
  • Customs Control Checks Priority inspections.
  • Reduced Customs bonder warehouse warranties.
  • Mutual Recognition Agreement with customs Authorities.
  • Notification for physical Cargo Inspection Process.