It is true that intermediary companies have different onboarding procedures, however, everybody must agree that this is an absolutely indispensable part of the One-Stop-Shop registration process because it helps intermediaries to assess the following actions to be taken. In this post, we will talk specifically about the importance of onboarding and how it will impact the other stages of the IOSS registration.

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READ MORE: 5 Disadvantages of not Having an IOSS Registration
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KYC – Know Your Customer

The idea here is to gather as much information as possible about the IOSS applicant company. The KYC can vary from simple information collection such as the name of the company, address, type of business, etc to more specific managerial questions.

It’s usually during the KYC stage that intermediaries get familiar with important information regarding the monthly parcel volume of their customers. Depending on the variables, some companies can charge more based on the monthly submission figures or decide to take different actions.

These figures can somehow represent risks to the intermediary once they will be liable for their customers’ monthly submissions, according to the IOSS guidelines. So the onboarding here becomes absolutely crucial.

Account Creation

This is usually the final stage of the onboarding once this is the legal part of the registration. In order to represent companies on their behalf, intermediaries need to have an official document authorizing such actions by their customers. This document is commonly known as Power of Attorney or simply POA. Also, information regarding bank details must be provided at this point. The bank information will be then linked to the monthly VAT-related funds transfers into the Intermediary’s account.

The onboarding processes can certainly vary from company to company but it plays a decisive role before intermediaries move to the registration submission along with the EU tax authorities. It’s important to have all stages well-established so as not to jump into the fog.

Don’t wait any longer to get your IOSS registration in place. You can appoint us as your intermediary company and we will be responsible for registering your business. If you are interested in any of our solutions, subscribe to our blog and visit our website and ​LinkedIn​ pages for more updates. You can also reach out to us by sending a message to ​info@mydutycollect.com. We will be happy to hear from you.