IOR Services

Streamline your import process with our IOR service – Expand your business effortlessly as we navigate your intricacies.

When using our IOR services, the clearance and filing are done. As a result, all tax payments and associated risk lies on us. It’s our business to ensure complete Import Compliance to guarantee smooth and efficient trading, Customs Clearance, and Importer of record solutions each time.

The import regulations are different from country to country and you will need your professional consultant (having physical presence and other type of Legal Entity in the country of import or export) who will act as an Importer and Exporter of Record for companies not having a direct presence in the country the goods will be imported to or Exported from.

This is to act as the required responsible party in conducting the export or import transactions in front of the Government.

What is an Importer of Record?

An IOR is a person or entity responsible for ensuring that imported goods comply with customs regulations, handling documentation, and paying applicable duties and taxes. They facilitate smooth import processes and ensure compliance with legal requirements.

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Importer of Record Responsibilities

When engaging in the importation of goods, adherence to the customs requirements of the destination country is essential. These requirements typically encompass the following documentation:

  • Product Classification: This entails providing detailed information about the type and value of the imported goods.
  • Import and Export Licenses: These licenses prove that you possess the necessary authorization to import goods.
  • Permits: Specific documentation is required for certain import activities following applicable regulations.
  • Fees/Taxes/Duties: To fulfill obligations related to associated fees, taxes, or duties, relevant paperwork must be completed.
  • Power of Attorney (POA): This documentation appoints a representative to assume legal responsibilities on behalf of the importer of record in their absence.

Moreover, additional paperwork and documentation may be necessary to comply with local regulations and rules established by the destination country.

Does the IOR own the goods?

The Importer of Record does not own the goods. It ensures compliance with customs regulations, documentation, and legally importing goods into a specific country, it acts as the official entity accountable for fulfilling customs requirements on behalf of the owner or consignee of the goods. It primarily focuses on managing the import process and ensuring adherence to relevant laws and regulations rather than owning the goods themselves.

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What’s the Difference Between an IOR & EOR?

The main difference between an Importer of Record and an Exporter of Record (EOR) lies in their roles and responsibilities. The IOR services actively manages customs compliance and documentation for importing goods into a country. In contrast, the EOR services actively handles customs requirements and documentation for exporting goods out of a country. The IOR focuses on imports, ensuring legal compliance and facilitating the smooth movement of goods across international borders. Similarly, the EOR concentrates on exports, actively ensuring compliance and facilitating the efficient exportation of goods.

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FAQs

Consignee: The recipient or receiver of goods, responsible for accepting and taking ownership of the shipment upon delivery.

On a DDP (Delivered Duty Paid) shipment, the Importer of Record is typically the seller or the party actively responsible for arranging and covering all import duties, taxes, and customs clearance for the goods being delivered.

The Importer of Record can be the buyer, seller, or designated party responsible for customs compliance and documentation during the import process.

Appointing an Importer of Record comes with several benefits. Firstly, it ensures smooth compliance with complex import regulations, reducing the risk of legal complications. Additionally, it efficiently manages the necessary documentation, streamlining the customs clearance process. By taking on the legal responsibilities for imported goods, it provides a reliable solution, allowing businesses to focus on their core operations.

An IOR agent, short for Importer of Record agent, is an individual or entity appointed to represent and fulfill the responsibilities of the Importer of Record. This includes handling the legal and compliance aspects of importing goods into a specific country. The IOR agent ensures that the importation process adheres to all regulations and requirements, providing a valuable service for businesses engaged in international trade.

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