Amico & Co in Genoa, one of the leading superyacht refit shipyards, has obtained Authorised Economic Operator (AEO) status, granted by the Italian Central Customs Agency. It is the first shipyard in Italy and only the second in the megayacht refit sector after MB92 to do so.
AEO certifies that a company’s working procedures and checks comply with European Union customs regulations, that it has a safe and trustworthy role in the international supply chain, and that its customs controls and procedures are efficient and compliant, assuring the security of data and goods.
The growth of global trade and increasing security threats to the international movement of goods such as terrorism, smuggling and people trafficking, have led to customs administrations shifting their focus towards securing the international trade flow. Compliance with customs procedures and how a company is treated by authorities is paramount in this context.
Recognising these developments, the World Customs Organisation drafted the WCO Framework of Standards to Secure and Facilitate global trade (SAFE). The AEO programme is a core element of SAFE. By satisfying its criteria a company is considered to be reliable in its customs-related operations throughout the EU, which brings certain business advantages.
Mutual Recognition of AEOs, for example, strengthen end-to-end security of supply chains and multiply benefits for traders. The EU has concluded and implemented Mutual Recognition of AEO programmes with Norway, Switzerland, Japan, Andorra, the US and China. Further negotiations will be launched in the future with other major trading partners.
But AEO status is about more than mutual recognition schemes: it also involves close scrutiny of a company’s entire supply chain, associated partners, departments and teams, and all processes from procurement to fulfilment. Preparing for AEO means taking an end-to-end look at the business chain, connecting otherwise disparate departments to integrate supply processes and identify strengths and weaknesses with the ultimate goal to streamline workflows and increase efficiency, introduce best practise procedures and solutions, and achieve transparency, security and compliance.
In this context, Amico&Co has been classified as an AEOF or Authorised Economic Operator – Full, which includes both AEOC and AEOS certification. AEOC status is issued to businesses that fulfil specific criteria of having good tax and customs compliance history, good commercial and transport record-keeping standards, financial solvency and professional qualifications, demonstrating that they possess practical standards of competence in the activity they’re involved in. AEOS status regards security and safety and indicates a business that pays particular attention to having appropriate security and safety measures.
If you've found this story to be 'a report worth reading', and you would like to enjoy access to even more articles, insight and information from The Superyacht Group, then you may well be interested in our VIP print subscription offer. We are inviting industry VIPs to register for a complimentary subscription to our print portfolio, which includes the most insightful information on the state of the superyacht market. To see if you qualify for our VIP subscription package, please click here to fill in an application form