The country’s economy capitalizes on its geographic location. Situated in central Europe with a highly developed transport network and a highly diversified trade and industry base Belgium has evolved into a highly functional economy. Taxation generates the bulk of national revenue in Belgium, and tax rates rank among the highest in Europe.
Belgium’s top 3 trading partners are Germany, France, and the Netherlands. Historically, those three countries collectively bought just short of half of Belgian’s total exported goods. On a continental level, approximately three-quarters of Belgium’s exports by value were delivered within Europe. At the same time, just over 12% were sold to importers in Asia. Belgium shipped another 7.7% worth of goods to North America, with nominal percentages going to Africa, Latin America, and the Caribbean and then trailed by Oceania, predominantly from Australia and New Zealand.
Setting Up to Launch
Are you ready to take your brand to the next level by launching in Belgium? As a non-resident importer, there are certain requirements that must be met in order to legally import goods into the country.
First and foremost, you will need to obtain a Belgian VAT Registration and an EU EORI number. These are essential for conducting business in Belgium and ensuring compliance with local tax laws.
Once you have your VAT and EORI numbers, you will be responsible for submitting periodic reports to the Belgian tax office, which are typically due on a monthly basis.
In addition to these requirements, it is important to note that Belgium has strict regulations in place for certain products, including food and contact materials, electronics, and toys. To meet these regulations, you may need to appoint an authorized representative or responsible person.
Launching Your Brand in Belgium
When you ship goods directly into Belgium, you will be responsible for paying a VAT of 21% on the import value (typically the selling price of your goods). However, it is possible to reclaim this VAT. It is also important to accurately classify your goods, as duties will be based on this classification and are non-refundable.
Finally, you can arrange for shipping directly to Belgium or other EU countries. With the right preparation and compliance, your brand is well on its way to success in the Belgian market.