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Warehouse Financing
FINANCIAL-GUARANTEE OPERATIONS - are the operations, when the guarantee of financing is the finance guarantee obligation of VIGOLIN JSC system.
Financial-guarantee operations are used while financing goods at warehouses or on the way.
There are several ways of financial-guarantee operations, which are divided by type of guarantee and by documents.
BY TYPE OF GUARANTEE:
Financial-guarantee operations are used while financing goods at warehouses or on the way.
There are several ways of financial-guarantee operations, which are divided by type of guarantee and by documents.
BY TYPE OF GUARANTEE:
- DIRECT GUARANTEE - goods under guarantee are directly handed over to one of terminals of VIGOLIN JSC;
- INDIRECT GUARANTEE - goods under guarantee are not directly handed over to VIGOLIN JSC
The goods are in hands of a seller but under control of VIGOLIN JSC
BY GUARANTEE DOCUMENTS:
- WHR (WAREHOUSE RECEIPT) - is a document according to which VIGOLIN JSC as the holder of the warehouse, receives the goods for storage and has to release these goods to the bearer of the original document. It is used both in case of direct and indirect guarantee.
- FCR (FORWARDER`S CERTIFICATE OF RECEIPT) - is a document according to which VIGOLIN JSC, as the forwarder has received the goods for transportation and has to deliver them to a certain place and to a certain receiver. It is used in case of direct guarantee.
WHAT MAKES THE PRODUCT ATTRACTIVE IS THE FOLLOWNG:
- Discounts offered by a seller when buying big amount of goods.
- Financing of part that exceeds time and amount of credit limit given by a seller.
- Financing of period of time between purchase and sale.
- Avoiding situations when goods are unsold because a company does not have money for financing such a deal.
- Avoiding financing of working capital for the account of Company own capital.
Supporting Activity: Intrastat
Intrastat (Intra EC Trade Statistics) is a special data system for collecting statistics on the trade of goods between the Member States of the European Union (EU).
WHO SHOULD SUBMIT THE INTRASTAT REPORTS?
The Intrastat report should be submitted by those enterprises that are registered in the VAT bearers register and whose foreign trade turnover has exceeded the statistical threshold. The statistical threshold is set up by Statistics Estonia on the basis of the foreign trade data for the previous year. In case of calculation of the thresholds the turnovers of dispatches and arrivals are observed separately. The report should be submitted only about this flow for which the turnover has exceeded the statistical threshold. In 2009 the value of the statistical threshold is 2 million Estonian kroons.
The Intrastat report should be submitted:
- If the dispatches and arrivals turnover exceeded the statistical threshold (2 million Estonian kroons) in the year of 2008. In this case the report should be submitted since January 2009 until the end of the year and every month.
- If the dispatches and arrivals turnover exceeded the statistical threshold (2 million Estonian kroons) in the current year 2009. In this case the enterprise should start submitting reports on this goods flow since the month of the overcoming the threshold and until the end of the reporting year every month.
The Intrastat report should be submitted also by foreign enterprises registered in the Estonian VAT register or their representatives.
The Intrastat report should not submitted by persons who are exempt from filling in the VAT declaration. These are private persons and legal persons who are not registered in the VAT bearers register. The Intrastat report refers only to trade with EU Member States. Transactions with non-EU Member States are not included in the Intrastat report. All trade transactions between the Member States (excl. goods in transit - goods being transported through the territory of Estonia) have to be included in Intrastat report. In case of Intrastat the transfer of ownership of goods is not the determining factor (except for specific cases as purchase/sale of ships and aircraft). The only factor of paramount importance is that the goods must have physically moved between Member States.
If only invoices are dispatched from another Member State to Estonia or in the opposite direction, but no actual movement of goods occurs between Estonia and the other Member State, then Intrastat report should not be submitted.
The Intrastat report should not submitted by persons who are exempt from filling in the VAT declaration. These are private persons and legal persons who are not registered in the VAT bearers register. The Intrastat report refers only to trade with EU Member States. Transactions with non-EU Member States are not included in the Intrastat report. All trade transactions between the Member States (excl. goods in transit - goods being transported through the territory of Estonia) have to be included in Intrastat report. In case of Intrastat the transfer of ownership of goods is not the determining factor (except for specific cases as purchase/sale of ships and aircraft). The only factor of paramount importance is that the goods must have physically moved between Member States.
If only invoices are dispatched from another Member State to Estonia or in the opposite direction, but no actual movement of goods occurs between Estonia and the other Member State, then Intrastat report should not be submitted.
Head office in Estonia
VIGOLIN AS
Narva mnt. 82, 10150 Tallinn Estonia
Phone: +372 605-56-51
Fax: +372 605-56-50
vigolin@vigolin.com
Office in Lithuania
Vigolin AS, Lithuania
Nemuno g.139-206, LT-93262, Klaipeda, Lithuania
Phones: +370 46 368146, +370 46 366198
Fax: +370 46 368146
klaipeda@vigolin.com
Office in the Netherlands
VIGOLIN JSC
Tomorstraat 56, 2022RH, Haarlem, The Netherlands
nl@vigolin.com
Office in Paris/France
VIGOLIN-FRANCE SA
vigolin@sfr.fr
Office in Berdyansk/Ukraine
VIGOLIN-MISTRAL LLC
mistral@vigolin.com