What is Importer of Record (IOR)?
An Importer of Record (IOR) is the entity or person who is responsible for all entry documents required by customs and is in charge of the product classification, payment of duties, taxes and any other fees related to the imported goods.
The Importer of Record is officially recognized by many governments as the owner or purchaser of the products being imported into the destinated country. The IOR can, in fact, be the owner, purchaser, or a customs broker with the proper authorization for the imported goods. The IOR must ensure all goods are appropriately documented and valued.
Benefits of using IOR Services
IOR Services can remove importation hassle and complications. If your company does not have a physical presence in the country of import, this can cause many unwanted complications and expenses. IOR Services provided by Servbridge can act on your company’s behalf as the official recognized legal entity.
IOR Responsibilities
- Ensuring compliance with the import regulations with the destinated country
- Payment of relevant taxes, duties and other fees for the imported goods
- Filing of relevant documentations, import permits and licensing
Many countries require the application and approval of licenses to import goods, just like the requirement of applying for an entry visa to enter a country. For example; an ESTA for the US and a tourist visa for Vietnam. Depending on the country, the application for an import license can be done physically, via paper application, or virtually, via an online portal, by the Importer of Record.
Exporter of Record
The Exporter of Record (EOR) carries out a valuable service, not only helping businesses to meet trade compliance rules and regulations when moving goods around the world, but also ensuring accountability for global shipments.
To recap on the main objectives of international trade compliance; goods entering (or leaving) a country must be accurately described and valued, shipments must conform to all local import and export requirements, laws, regulations, licenses, restrictions and payment of taxes and duties where applicable. This includes the requirement for an Exporter of Record to be listed on all shipments.
What is an Exporter of Record?
In a similar way that an Importer of Record is usually recognised as being the owner or purchaser of imported goods, an Exporter of Record is noted as the owner or seller of goods being exported internationally.
The EOR is an entity or organisation with the responsibility of ensuring all exported goods comply with the international and local export legislation of the destinated country. The EOR completes all legally required export compliance documentations, processes, permits and payment of all duties and taxes.
Exporter of Record’s responsibilities
- With similar responsibilities to the Importer of Record, the Exporter of Record is responsible for adhering to the customs processes required in that country for the export of goods.
- To ensure that the goods being transported arrive at its destination safely and on time.
Global IT Hardware Fulfilment
As a global IT Partner, Servbridge help organizations by fulfilling and delivering IT hardware and equipment through our worldwide coverage while meeting every country’s compliance requirements.
The international shipping of IT equipment is highly regulated and involves complex processes, which is why we are here to help. With the knowledge and expertise gained through many years’ experiences, our team is able to navigate your IT hardware delivery with the preparations of international documents and customs procedures.
With our help, you can rely on fast, efficient and reliable IT hardware deliveries to countries all around the world.
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