This is a guest post by Halina Ovchar, Marketing specialist at ZPartner.
We have seen tremendous growth in European startups in recent years. This has in part become possible with the EU's introduction of integrated transaction processes. The EU is trying to make these transaction processes easier, so don't hesitate to start your journey here.
Take a look at our five tips on how to get ahead when selling your product or service in the European Union:
1. Living outside the EU while conducting business there could lead to some misunderstandings.
To avoid running into legal roadblocks or misunderstanding tax processes, we suggest working with a qualified accountant in the EU who has experience with the EU tax laws.
2. Make sure you understand and comply with EU competition rules, lists of prohibited goods, and GDPR.
Each of these subjects is important, especially at the beginning of your entry into the EU market, and not following the EU laws can result in heavy fines and a damaged reputation.
3. Get familiar with recent EU value-added tax rules and regulations.
As a business owner, you are probably aware of VAT: the value-added tax at the point of sale. Since July 1, 2021, distance-selling thresholds have been changed from varying state amounts to a uniform EU selling threshold of €10,000 a year and is equal for all EU countries. This change was made to simplify the process of collecting VAT for both non-EU and EU countries.
4. Organize shipping to the EU and choose the best-suited payment option.
Due to customs and varying import laws and fees, shipping to countries in the EU can take more time, so you should find a trusted shipping partner to manage your EU deliveries.
5. Conduct business transactions in a simpler way.
While the EU's introduction of integrated transaction processes has simplified transactions, there are still ways to optimize conducting transactions in the EU. One of the challenges of a large number of intra-EU transactions is managing all the data points, such as VAT numbers and company/ vendor information while complying with GDPR rules.
TheVAT Number Verification extension for Zoho CRMallows you to verify your EU partner's VAT number automatically within your CRM. Additionally, all relevant information about the vendor/customer will be downloaded automatically from the official EU governmental database (VIES) into your CRM. This allows you to focus on the transactions, saving time spent looking up various id numbers and preventing those occasional human mistakes.
This extension can help numerous businesses and industries across the globe by ensuring a safe and secure transaction by:
Verifying VAT numbers within Zoho CRM. A simple click will check whether your vendor or customer is a legal entity to make taxable transactions with.
Providing you with the official information about the vendor/customer, such as billing address, shipping address, or full company name. You can then easily save all of this information in the company's profile in your CRM.
The VAT Number Verification extension will automate your verification processes so you can efficiently increase your number of transactions and provide greater transparency and security to yourself and your customers.
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