What is an Importer of Record?
An Importer of Record(IOR) is an entity or individual who ensures that all the goods are appropriately documented and valued as required by the Customs and Border Protection (CBP). Furthermore, the IOR is also responsible for paying duties, tariffs, and other fees related to the imported shipment.
Why is IOR needed?
In order to import and export goods smoothly, enterprises need to have a legal registered company or place in local to conduct goods transactions, and the importer of record is this compliant company or place.
In the process of import and export, because the laws and regulations of various countries and regions are different, there are naturally different documents and normative requirements. What IOR wants to ensure is that the whole process are carried out in accordance with international and local norms.
What are the Responsibilities of the Importer of Record?
1. Assessment of duties on imports based on the value and classification of imports.
2. Secure and provide payment for duties, fees, and taxes on imported goods.
3. Import and export licenses – evidence that you have the permission to import goods.
4. Permits – specific documentation relating to your importing activities.
5. Power of Attorney (POA) – An authorization from the importer or exporter to authorize the broker to go through the procedures.
6. Make custom declarations with various nations regarding the imported goods.
Who Can be IOR?
Any locally registered entity can act as the IOR. The importer of record must have a presence within the destination country or region to act as such.
Buyer/Purchaser：The entity who imports the consignment and has a financial stake in the importing of the goods.
The consignee: The person who receives and takes possession of the goods. The consignee takes ownership of the goods after customs approval. Individuals or business entities can act as consignees in the process.
Exporter: A person approved by customs and government authorities to export items from one country to another.
Customs Broker: An agent or broker external to the business, who acts as the importer of record, taking on the legal responsibility for documentation, fees and compliance. Therefore, it may be more beneficial to be an IOR as they can handle the paperwork.
How to Become an Importer of Record？
To become an importer of record, you will pay for applying for an importer of record number. And you will need to provide documentation such as a power of attorney declaration and identity card.
What is an Exporter of Record? What’s the Difference Between an IOR & EOR?
An exporter of record (EOR) covers the same points as the IOR but applies to exports rather than imports. An exporter of record is responsible for all steps of the export process from the country the product is leaving. An exporter is a person or company that is authorized by customs and government authorities to export goods from one country into another.
Choose us
At present, our logistics offices are distributed in various regions of the world. There are registered entities in Southeast Asia, East Asia, North America, Latin America, Asia, Europe, and Oceania. Our team will be responsible for customs clearance, providing effective solutions and professional services in order to minimize risk, and maximize profit, and continue to create maximum value for customers.
At the same time, based on our rich experience in international logistics, we are also looking for more opportunities for international cooperation and expanding our market. What’s more, our partners are all over the world, we will provide you with a one-stop comprehensive service.
