Egypt is a complex destination country when it comes to importing regulations and customs clearance. An experienced importer of record (IOR) is the best solution when importing goods into Egypt.
Overview of the importer of record in Egypt:
An importer of record ensures compliance with the destination country’s laws and necessary regulations when importing goods. Check out everything you need to know about the importer of records’ role.
What is an importer of record?
The IOR, or importer of record, is the person in charge of the imported goods in the import process once they arrive in the destination country. When imported goods arrive at a foreign country’s customs, the IOR checks in with customs officials to document and value the goods and pay duties and taxes.
Who can act as importer of record?
The importer of record (IOR) can be any legal entity with a tax registration in the destination country. Including:
- The owner of the imported goods
- The purchaser of the goods
- An authorized customs broker
- A consignee that owns imported goods during the import process
Importer of record Responsibilities:
The importer of record (IOR) is responsible for the goods during the importation process. They are responsible for making sure that the goods comply with all laws and necessary regulations in the destination country.
The IOR service provider is also responsible for paying all the taxes and import duties.
The IOR will fill out the commercial invoice, known as the CI. classify and value the imported goods according to laws and regulations.
An IOR service provider will verify the following documentation during the import:
- Import and export licenses
- Taxes and duties
- Product classification
- Power of Attorney (POA)
Record keeping under the mod act:
The Customs Modernization Act (Mod Act), part of the Free Trade Agreement Act of 1993, created the importer of record. It created the IOR to secure imports from any threats and ensure the payment of duties.
Check further here: https://www.cbp.gov/sites/default/files/assets/documents/2016-Apr/icp027_3.pdf
What is the difference between a Customs Broker and Importer Of Record?
An importer of record is the temporary owner of the imported goods. The IOR is responsible for paying all taxes and duties. The customs broker is not responsible for all of the above.
How to apply for importer of record?
You will need an importer of record number to become a foreign importer of record.
what is importer of record number?
An IOR number is a unique registration number assigned to an importer of record who imports goods internationally.
Using an importer of record service:
- Will expand your reach to countries where you don’t have any offices
- Ultimate control of your supply chain
- Simple import process while remaining compliant
Do I need an IOR?
Companies like high-tech manufacturers, online service providers, gaming, banks, hotels, social media platforms, data centers, and telecom need an IOR solution when importing their goods internationally.
Does the importer of record have to own the goods?
When an IOR service provider acts as a third-party service provider, Importers of Record (IOR) Services are the temporary owners of the goods.
Managing your supply chain
Managing your international imports can be difficult as your company grows. We can help you ensure that imported goods comply with the laws of the destination country. With simple record-keeping and minimal effort, the chances of international compliance violations are minimal.
IT shipping: Import and export IT infrastructure into Egypt
Importing high-tech hardware into Egypt will need several approvals and licenses. The National Telecoms Regulatory Authority (NTRA) will regulate a lot of high-tech goods and is in charge of approving telecommunications equipment. If you are importing telecom equipment, Egypt IOR can ensure that all of your equipment is NTRA-approved.
Furthermore, all imported goods must include a Certificate of Origin (COO), a Declaration of Conformity (CoC), and a commercial invoice (CI). These documents enable Egyptian customs to ensure that all imported goods are from a reliable source and that the customer has the authority to import them.
Following that, you will need to obtain manufacturer letters in order to move your imported products.