Exporter of record
Exporter of record
Identifying the exporter of record for your shipment is a crucial part of the shipping process. This person will be the legal entity responsible for the ownership of the goods and will be liable for any duties or taxes.
What is an Exporter of record EOR service?
An EOR is an entity responsible for protecting smooth and compliant exports. This includes acquiring the necessary export clearance compliance requirements and following all export regulations.
Think of it as an Importer of Record (IOR), but for exports instead of imports.
What are Exporters of Record’s Responsibilities?
Like the IOR, the EOR is responsible for following customs processes.
To export with clearance, you will need the proper documentation, such as licenses and permits. In addition, you must be able to describe and value your goods accurately.
The exporter of record is responsible for the safety and timeliness of the shipment. If something happens to the shipment, including if it does not arrive or arrives late, then the exporter will be financially accountable.
Think of it as an Importer of Record IOR, but for exports instead of imports.
Who can be the Exporter of Record?
An exporter of record is the legal entity responsible for exporting goods from a country. Throughout many situations, the EOR also serves as the owner of goods and, in some situations, the shipper. The exporter could be a purchaser who is going to return goods to the supplier.
Reasons for hiring an Exporter of Record:
- To make sure that the exporter has the necessary authorization and the export requirements to export the goods from their home country while following international trade compliance regulations.
- To make sure that the exporter has complete information about the exported goods. Such as: The country of origin, product description, weight and dimensions, HS code, and data sheet.
- To make sure that the exporter has paid all applicable duties and taxes on the exported goods.
EOR vs IOR:
The Importer of Record (IOR) is responsible for making all the payments related to duties, tariffs, and fees for imported goods. In other words, it is the importer’s representative. The EOR has similar responsibilities, but for exported goods instead of imported ones.
Can a freight forwarder be the exporter of record
The average freight forwarder doesn’t provide EOR services because they lack the necessary resources and experience to properly take on such a role for goods that require export licenses and strict customs procedures.
What is Export Compliance?
Export compliance refers to an organization’s legal obligation to follow all export regulations and rules when exporting goods.