For those interested in joining the export and import business, there cannot be a better time. The world is now a global village and market thanks to the introduction of the internet and improved relations between countries. But like everything under the sun, there must be laws and regulations that keep everything in order and the chaos at bay. If you are shipping goods and products into the U.S., you must be knowledgeable of the different customs and regulations that are to be adhered to. Violation of any law means that you will be on the wrong side of U.S. Customs and Border Protection. That is a scenario that you would not want to unfold.
You need an expert who is aware of the multi-layered requirements that come with international trade and customs. An Importer of Record, also known as an IOR, is a professional who could be the difference between a successful importation and a hefty amount of fines and penalties. For more information on the responsibilities of an IOR, please visit our website.
The Importer of Record
The Importer of Record (IOR) is the person, entity, or company responsible for shipping a particular amount of goods and services into a country. The shipment must adhere to all the legal requirements and regulations of the destination country. . It also can be simply the purchaser or goods broker. The IOR is tasked with ensuring that are the goods in his or her care are documented and also properly valued. With regards to paperwork, the IOR must ensure that all relevant documents are filed with the proper authorities and all permits acquired. Imported goods are usually paid for import duties, tariffs, and other fees. The IOR is responsible for this as well.
Who can act as your IOR?
Most times, if the goods or product being shipped in is being used for individual or personal use, the consignee can act as the IOR. The consignee is the receiver of the imported goods and can be the owner of the goods. A business could also have imported goods for internal use or distribution on a scheduled later date. As long as the business has a Tax ID, the business can act as the IOR. Here, the business will act as both the importer and the IOR.
In the case whereby the importer doesn’t have a local presence in the destination country, it will be vital that you hire an IOR. A professional Importer of Recorder is up-to-date with the current customs and regulations. They can ensure that the arrival and possible future departure of shipments are all streamlined.
If you want to read more about our IOR and EOR services, you can click on the following link.