Eurora – Intelligent Cross Border Compliance Platform
By Alexander Maasik
Eurora is an intelligent cross-border compliance platform for e-commerce marketplaces and carriers. Eurora’s fully automated and science-backed AI-based solutions allow companies to save time and resources while handling large amounts of data near-instantly and precisely.
Our team has been dealing with problems in this field for a while. Eurora is led by global logistics specialists with 30 years of experience in the transport sector. So, it is no surprise, the company has evolved into a rapidly growing global business, on its way to becoming the key player in the field.
With the help of researchers and scientists, we’ve spent two years building our AI that can automate all the regulatory processes associated with cross-border trade. From HS-code allocation to Denied Party Screening, we’ve made sure our AI can do it all. And it can do it much faster and cheaper than the manual systems used today.
Thanks to Eurora, the e-commerce industry can easily deal with different, changing regulatory environments around the world. And the transfer of your goods will never get slowed down by customs and regulations.
What is Eurora all about?
The rules that regulate trade are always changing. But in 2021, new EU regulations and UK import VAT changes shake the regulatory landscape completely.
The new UK VAT regulations say that any overseas seller who sends parcels containing goods valued at £135 or less to the UK is responsible for paying the import VAT that is due. And we’ve already seen how this has slowed down trade with the UK. For the EU, On July 1st, 2021 new European trade regulations will go into effect. Meaning, if you want to deliver goods to the EU, you will need to change the way you do business.
The new regulations aim to modernize the taxation system for cross-border e-commerce by the Import One Stop Shop (IOSS).
IOSS will make the retailer, online shop, or marketplace, liable for the declaration and payment of VAT to the country of destination. This will replace the obligation to register in every country where sellers are making sales to consumers.
As a part of the new system, the EU will remove the exemption of VAT on low-value items. This means that all orders will be subject to VAT. And all parcels must be declared in customs. Since July 2021, there has been a huge increase in the number of electronic declarations required. Before, the number of declarations on the EU border was approximately 2 billion per year. Now it is closer to 8 billion. So, it is easy to understand that if companies will try to do them manually, there will be huge delays on all borders.
How Eurora helps everyone affected.
Eurora is the only company to address this issue with a comprehensive approach.
Our automatic electronic declaration service allows us to do these declarations in a fraction of time compared to the current system, where most declarations are done manually.
Our services give marketplaces the opportunity to calculate any duties and taxes at the time when people are making the purchase in an online shop. Meaning, that people will not be unpleasantly surprised by discovering, they need to pay taxes once their goods arrive.
We have also developed an Artificial Intelligence (AI) that can assign and manage HS-6 codes. And submit an electronic customs declaration.
Thanks to that, we can offer both customers and marketplaces transparency and accurate data that translates into:
- Speed of clearance – electronic declarations with accurate information make sure that goods don’t get stuck in warehouses. And that they can easily enter a country.
- Reliability – our systems are not prone to human error and are always learning, becoming smarter.
- Tax benefits – we offer everyone a clear overview of which taxes and duties are due and when they should be paid. That helps to avoid unpleasant surprises for customers.
This means that the whole process will be smoother and faster for everyone involved: for the buyer, for the marketplace, and for customs as well.
And of course, our data scientists are continuing further research to develop new services to tackle issues that are coming in the future.
A higher goal.
While people have known about the upcoming regulatory changes for a while, no one but Eurora has come up with such a compressive scientific, and automated solution to help companies to continue moving goods without disruptions.
Developing our services and our experience in the business has given us a greater understanding of how the world of trade works. Our customs department is in contact with many customs agencies around the world. And our experience in the logistics sector allows us to understand the issues people and companies are facing.
That is why we consider sharing information with the public and educating people as one of the most vital tasks that we have. And we’ll continue to do it.