Final Supplementary Declaration (FSD)
A customs document for summary declaration stating how many supplementary declarations should have been made in the month and how many have been sent. It must be sent once, at the end of the month.
Finalise/finalisation
The status of an entry after which no further amendment can be made.
Foreign and Commonwealth Office (FCO)
Government department responsible for foreign affairs. With the Department for Business, Enterprise and Regulatory Reform (BERR), the Foreign and Commonwealth Office (FCO) manages UK Trade and Investment (UKTI) to support international trade by UK exporters and boost inward investment by overseas firms in Britain.
Foreign currency accounts
It may be more convenient for you to set up foreign currency bank accounts if you frequently issue foreign currency invoices. In particular, a euro bank account gives you flexibility in trading with businesses in eurozone countries.
Foreign exchange risk
You're particularly at risk if you hold or receive a foreign currency which is volatile or very weak. Some currencies present extra difficulties -for example, there may be exchange controls requiring government approval before you can exchange a particular currency.
Forward foreign exchange contract
Exporters can hedge against the risk of adverse exchange rate movements by using a forward foreign exchange contract. You agree to sell the bank a particular foreign currency at a fixed future date for a price that is set now.
Forwarding agent
A person or company who is a specialist in customs procedures and the international carriage of goods, and acts on behalf of importers and exporters.
Free alongside ship (FAS)
An Incoterm, where the seller clears the goods for export. Delivery takes place when the goods are placed alongside the relevant ship at a named port. From this point the buyer bears all costs and risks.
Free carrier (FCA)
An Incoterm, where the seller is responsible for clearing the goods for export and delivering them to a specified place. This could be the seller's premises or those of a carrier or freight forwarder. The place of delivery determines who is responsible for loading or unloading the goods. Once the goods are delivered the buyer bears all costs and risks.
Free circulation
Goods of wholly Customs Union origin (including component parts), or goods imported into the Union on which all the import formalities have been completed, and all the duty due has been paid and not repaid in whole or part.
Free in and out (FIO)
The freight rate covers the sea freight only. The costs of loading and discharging the cargo are not included.
Free on board (FOB)
An Incoterm, where the seller clears the goods for export and delivers when the goods are passed over the ship's rail at the specified port. From this point on the buyer bears all costs and risks.
Free trade zone
Port or area designated by a country's government for duty-free entry of non-prohibited goods.
Free zone
A designated and approved area where imported goods may be stored without payment of VAT or import duty.
Free zone goods
Goods within the designated free zone area which have met the necessary requirements to gain free zone status.
Free zone manager
The company authorised in the designation order as the responsible authority for controlling the free zone.
Freight forwarder
An intermediary who arranges for the carriage of goods and/or associated services on behalf of a shipper, importer or exporter.
Freight Transport Association (FTA)
Represents the transport interests of companies moving goods by road, rail, sea and air.
Frontier
Any place where goods are still to be notified formally to HM Revenue & Customs (HMRC) by placing them under a nominated customs procedure.