Importer of record
What is an importer of record (IOR)?
An importer of record (IOR) is a person who is legally responsible for ensuring that imported goods comply with all laws and regulations of the destination country.
This includes paying any applicable taxes and duties and ensuring that the goods meet any safety, health, or environmental standards.
In some cases, the IOR may be the same as the person or company that is actually importing the goods, but in other cases, it may be a third party, such as a customs broker or freight forwarder. The IOR will differ depending on the shipment’s Incoterms. When using terms like EXA, FCA, FAS, and FOB, the buyer or consignee is responsible for all import requirements. The seller takes on this important task under other terms such as DDU, DPU, and DAP.
Importer of record responsibilities
The IOR is responsible for making sure all legal requirements are met and cleared, for all risks connected with clearing the goods, and for maintaining all initial assessments for an import’s supporting documents.
The most typical documents required are as follows:
Product classification will specify the type and value of the imported items, licenses for import and export, permits, fees, taxes, and duties, and powers of attorney (POA).
Countries may also demand compliance with local laws and regulations, which could necessitate more
paperwork and documentation.
Who can be the IOR?
The IOR can be the person or company that physically imports the goods, or it can be a customs broker or freight forwarder acting on their behalf. In some cases, the IOR may also be the manufacturer or supplier of the goods.
Purchaser: the organization that imports the goods and has a financial stake in doing so.
Consignee: the importer’s owner and intended recipient. Before customs has cleared the items, the consignee does not become the owner. Either an individual or a company might be the consignee. In cases where a company imports items for internal consumption, storage, or distribution, they may act as both the importer and the consignee.
IOR number: An IOR number is a number assigned to the IOR by the government of the country to which you are importing.
What do we require to start the importer of record service process?
- Commercial invoice (CI)
- Packing list
- Datasheet for the imported goods.
- Depending on the process, we may require additional documents for some countries.
Who is in charge of preparing the CI (Commercial invoice)?
The commercial invoice is typically created by the shipper.
Who could benefit from the importer of record service?
The importer of record is important for any company moving IT equipment that qualifies as dual-use or does not have a facility in the country to meet compliance standards. Egypt IOR Solutions are best for vendors, distributors, or resellers providing an extra level of value to their customers in the form of global trade compliance.
Egypt IOR Solutions is a world-class IOR, reducing the difficulty and uncertainty of global trade for you.