The Isle of Man now able to Offer Potential Customs & Excise Processing Savings to the Satellite Industry for All European Union Imports & Exports
Douglas, Isle of Man – March 23, 2009
Today, the majority of International Trade coming in and out of the EU is increasingly relying upon electronic facilities for lodging their relevant import/export documents and declarations.
The Isle of Man’s new electronic EPU (Entry Processing Unit), simply referred to as the ‘Isle of Man EPU’, now makes this possible for businesses operating within the UK and from there to Europe.
However, in 2010, a proposed system of ‘centralized clearance’ for customs duties will be introduced across the EU, where-after the Isle of Man EPU will be able to provide an electronic ‘Single Point of Entry’ for all customs and excise imports, no matter where, in the EU, the goods arrive.
This will provide potential Overheads and Cost of Business Savings for the Satellite Industry by facilitating their entire international Import and Export relationship with the EU via one business unit.
Potential time and overhead savings come not only from using a single jurisdiction for all EU wide Customs & Excise requirements, but also from one which offers an established financial services sector that understands and supports space related businesses; that jurisdiction is the Isle of Man.
Businesses utilizing the Isle of Man EPU must have an Isle of Man Duty Deferment Account. Isle of Man Duty Deferment Accounts can be provided within 2 days. Similarly, Isle of Man VAT registration can be provided to qualifying companies in 7 working days or less.
Denis Maxwell, Collector of Customs & Excise, said, “We understand the needs of the satellite communications industry and welcome them. We believe we have a service here that will genuinely improve the facilitation of their business within the European Union.”
Tim Craine, Director of Space Commerce, said, “The Isle of Man is focused on providing an effective and proactive home for the satellite industry. Our focus is on the business of space. We appreciate that in this economy every penny counts.”
For More Information Please Visit http://www.spaceisle.com