Refits at Amico & Co. to Benefit From AEO Status

Unless you’re in the business of transporting goods that require customs clearance, you’ve probably never heard of AEO. It stands for Authorized Economic Operator, a voluntary certification available throughout the European Union. In brief, it means the operator has strong shipment security procedures, thereby promising simpler clearance procedures. This, in turn, saves time and money for all involved parties. Amico & Co. is now the first megayacht shipyard in Italy, and among the few refit shipyards overall, to achieve AEO status.

AEO status comes from the country in which a business operates. However, European Union countries, as well as others, practice mutual recognition of trade partnership programs. This includes the United States. Therefore, Amico & Co. customers whose refits require components coming from a multitude of locations will benefit from the situation. (Amico. & Co. is near the city center of Genoa.)

Because much of customs control these days related to security, AEO benefits are both direct and indirect. For example, according to the European Commission, AEO status means less physical and document-based security, safety, and customs procedures take place. In receiving approval, Amico & Co. needed to demonstrate that it had a track record showing strong security compliance, like ensuring shipments contained only what they said were inside. In addition, it needed to demonstrate that it had appropriate security and safety measures for the property.

Indirect AEO benefits, according to the European Commission, include fewer delayed shipments, improved customer service, and increased customer loyalty. They also include lower inspection costs for suppliers.

Besides these, Amico & Co. needed to furnish proof of good tax and customs compliance practices. It also needed to show good recordkeeping practices, and financial solvency.

AEO recognition is an important development for the 26-year-old Amico & Co. Solely focused on refits, it has four drydocks. The largest of these measures 558 feet (170 meters) long. The three other drydocks are under its direct management, the longest of which is 335 feet (102 meters). Amico & Co.’s property also includes eight berths, a keel pit for sailing superyachts (especially racing yachts) with lifting keels, and crew’s quarters.