| The UK is a leading investment destination for most | | | | The preferential rules fix low or sometimes even |
| global companies that focus on the development and | | | | zero rates of duties on industrial goods that originate |
| growth of their businesses at an international level. | | | | from or are imported from EU's preferential partner |
| According to the World Bank, the time required to | | | | countries. The origin of goods depends on whether |
| set up business in the United Kingdom is 13 days. The | | | | the product is fully or sufficiently processed in a |
| World Bank has also given the UK the sixth rank in | | | | preferential partner country. |
| the world to operate a business. | | | | Non- preferential rules of origin are applicable on |
| The World Trade Organisation, 2007 claimed that the | | | | goods imported from non-preferential countries like |
| UK was the second largest exporter and the seventh | | | | Canada, Australia, Japan, South Korea New Zealand, |
| largest exporter. The country is also said to be the | | | | and the USA. These goods can be either wholly |
| third largest importer of commercial services and the | | | | originate from a single country or can be from where |
| fourth largest importer of merchandise. This status | | | | the production involves more than one of the above |
| has been achieved by the UK because of its | | | | mentioned countries. |
| membership in the EU (European Union). | | | | As for the UK's export business, an exports |
| While customs declaration is not a necessity for | | | | declaration has to be given to the Customs before |
| goods imported from within the EU, it is required for | | | | exports take place. Except for certain goods which |
| imports abroad. Encouraging imports, the UK has | | | | require licenses, permits and certificates, the Customs |
| abolished most of its import licensing controls except | | | | promptly clears exports through the New Export |
| for a few of the national import restrictions which | | | | System. |
| have been retained for public health and security | | | | Exports in the UK require the maintenance of an |
| reasons. | | | | official document of export along with relevant |
| Member states of the EU enjoy free circulation of | | | | business documents is required for this purpose. The |
| imported goods on the payment of customs duties | | | | documents are inclusive of the contract |
| and other regulatory charges. While a common | | | | correspondence, customer's order, copy export |
| external tariff is fixed on goods which are imported | | | | invoices, consignment notes, advice notes, packing |
| from outside the EU, the level of customs duties that | | | | lists, evidence of payment and receipts from abroad, |
| need to be paid are established by the EU in its | | | | insurance and freight charges and so on. Such |
| "preferential" and "non-preferential" regulations of | | | | documents are required for VAT purposes. |
| origin. | | | | |