EU countries consist of 27 countries in Europe. EU stands for European Union and it is a political and economic union of 27 countries. Each EU member country must meet the Copenhagen Criteria, in other words, the membership conditions.
The EU adopts a single market where businesses can trade and move freely within the EU member countries. 19 of the EU countries use the euro as their national currency.
The UK government encourage UK businesses to trade internationally and also welcome foreign businesses into the UK.
UK businesses expanding into overseas markets
If you are a UK business and would like to expand your business overseas, you may contact the Department for International Trade regional offices in the UK. They provide support and help to businesses.
Overseas businesses expanding into the UK market
If you would like to expand your business in the UK, you may contact the British Department for International Trade in your home country. Click here for the Department for International Trade offices worldwide.
Generally, an overseas company wants to set up a place of business in the UK must register with Companies House. You must register your overseas company within one month of opening for business in the UK.
Countries use the euro as their official national currency are listed below. They form the Eurozone. These countries are also members of the EU.
List of countries that use the euro
Click here to find out the national currency of a country around the globe.
Can you use the euro in the UK?
The UK’s official currency is Pound Sterling. However, some large retailers in the UK such as Selfridges and Harrods accept foreign currencies including the euro over the counter.
Paying Companies House
Companies House in the UK only accepts payments in pound sterling.
If you are based in the countries that use the euro, for example, in Austria, you can pay Companies House by bank transfer using a bank in your home country. Your remittance will be converted into Pound Sterling when arriving the UK bank account. Companies House Bank account details are as follows:
Sort code: 52 21 07 Account number: 41005309 Swift Code: NW BK GB 2L IBAN: GB34NWBK52210741005309
You must clearly state your company number on your bank transfer and use it as the reference. Thereafter, email your remittance advice to email@example.com on the same day as your payment is sent – clearly stating the company name and number as the subject of your email. This will allow Companies House to process your payment quickly.
For smaller filing fees, you can pay online using your debit or credit card. For example, you can pay your Confirmation statement filing fee at the same time filing your statement. If you are using debit or credit card issued by a bank outside the UK, you may be charged a foreign transaction fee.
Generally, if your business involves imports and exports then you would definitely require an EORI number. The EORI stands for Economic Operator Registration and Identification. The EORI number is important when comes to customs declaration.
Previously, if you import and export between the UK and the EU no EORI number is necessary. However, from 1 January 2021, you need to have an EORI number starts with GB to continue to import and export goods between the UK and the EU countries.
For this purpose, you also have the option to use custom agents to take care of your customs declaration. Basically, the import and export rules apply importers and exporters from the rest of the world would also apply to the EU importers and exporters beginning on 1 January 2021.
The EORI number as imports control
Primarily, the UK government announced that all imports and exports will be treated equally. Hence, the importers and exporters in the EU and in the UK must submit customs declaration and have their goods check. Therefore, it is vital all importers and exporters apply for an EORI number before 1 January 2021. For this, you would require your company’s UTR number, company start date and your SIC code. You may find your company start date and SIC code from your confirmation statement already filed with Companies House. Alternatively, you may get the information from the Companies House website.
The UK government introduced the imports control the following objectives:
To keep the UK’s borders safe and secure so the UK know who’s coming in and how often, what they are bringing in, and why.
Ensure the UK treat all partners equally as the UK begins to negotiate own trading arrangements with countries around the world.
To collect the right customs, VAT and excise duties.
The EU has said it will enforce checks on the UK goods entering the Eurozone. The UK will likewise enforce own rules for goods entering the UK.