- Importer of record
What is an importer of record, and who can act as an importer of record in import trade, are frequently asked questions when importing goods. We will discuss the importer of record in detail, and also briefly discuss the consignee and the exporter.
What is an Importer of Record (IOR)?
An importer of record is the responsible party for importation. The IOR can be a custom’s broker, an entity, or a shipping company. They make sure that the imported goods are of the correct value, payment of taxes, and relevant duties’ compliance, and all export documents and permits are in order. The IOR can either be the purchaser, owner of the goods, or an international shipping entity. Such shipping entities are subject to civil and monetary penalties, documentation audits, and investigations. The IOR also operates under government agencies. When imports and exports regulations compliance fails, the Government agencies and customs regulatory body may fail to authorize imports.
A consignee is the receiver of the goods from the exporter. Consignees must comply with the payment of duties and other customs clearance procedures.
Who Can Act as the Importer of Record?
There are different requirements for companies that can act as an importer of record in various countries. Research can help you identify an importer of record licensed in your country. But in most cases, the consignee or an entity acts as the importer of record. In complex transactions that involve suppliers, distributors, and end-users, appointing an entity as the importer of record helps to save time and money. IOR entities understand the border protection CBP procedures and adhere to them there is no time wastage
Some of the major international shipping companies also play the role of importer of record in ensuring compliance to payment of duties, customs bond, and entry documents.
IOR Africa is a licensed importer of record entity that aims at providing logistics for the fast delivery of imports and exports. They mainly deal with IT equipment imports. There are many reasons why IOR Africa is a leading IOR service provider, as highlighted below;
- The company has a global coverage to import products into Africa.
- Offers competitive prices to their clients
- Provides low-risk and timely delivery of goods
- Experts handling international trade procedures.
- Assists in getting a national or international license where it is an import requirement
What Are the Responsibilities of the Importer of Record?
Most responsibilities when one is importing goods lies with the importer of record. That makes international trade easy.
The responsibilities of an importer of record are;
- Applying for the import licenses, permits, and any other entry documents, Preparation of trade certificates such as a certificate of origin if it is a requirement by the customs authority
- Acting as the importer for customs protocol and procedures can sometimes be challenging to traders
- Ensures compliance to imports regulations in the country of import
- Payment of duties, taxes, or other fines on behalf of the consignee
- Record keeping and relevant documentation filing
Services Offered by the Importer of Record Entities
Professional importers of record companies offer additional services that make importing goods easy and convenient. When choosing an importer of record service provider, it is good to opt for an entity that offers the following services as well;
- Storage and warehousing facilities
- Delivery to end-users services
- Offering channels to clear shipment faster
- Giving clients reports on shipment tracking and status of the goods
Why Should There Be an Importer of Record for Imports?
Through a customs modernization act, the customs and border protection found it necessary to have the importer record. The main reason is to secure imports, but it is also an effort to ensure payment of all relevant import taxes and duties.
The importer of record must ensure accuracy and accountability during the import process. Managing the global supply chain can be challenging. But having an Importer of Record such as IOR Africa makes it less challenging since there are minimal or no chances of violations of customs clearance regulations and procedures.