In the modern world, trade is an increasingly global proposition. Handling the seamless delivery of goods across vast distances is a great logistical challenge – with a variety of different aspects that suppliers and retailers are forced to juggle, including cross-border regulations, security concerns and legal stipulations – that companies of all sizes face. In this environment, Importers of Record (IOR) serve a necessary function as knowledgeable and experienced third party intermediaries. They help importers to navigate issues with local customs officials, laws and taxes in order to ensure that unscheduled issues can be resolved as quickly as possible, guaranteeing timely delivery.
How Importers of Record Work
In most countries, applicable laws state the only parties who are allowed to act as IORs are either purchasers or owners of the goods being shipped, with the only exception being licensed customs brokers. Given the authority of the purchaser or owner of goods, the latter is the area independent Importers of Record occupy.
The duties of an Importer of Record include completion and filing of necessary import documentation, accurate valuation of imported goods in line with local laws and the audit and implementation of necessary compliance tools. These services are rendered alongside assessment, payment and possible avoidance of applicable import duties or potential monetary fines.
When appointed, the Importer of Record takes on the temporary responsibility for the goods in question. They will take care of any storage or warehousing requirements after the goods have been accepted as delivery is confirmed with the end-user.
Advantages of Importers of Record
An Importer of Record provides companies with a reliable on-hand presence to deal with logistical issues — usually a key person will be assigned to handle any communication between you and customs officials. They will act as your advocate in all matters, providing a wealth of shipment expertise that you can call upon at any time.
They will help you track the status of your imported goods at every step in the shipment process, optimizing time and processing so that you can focus on your core competencies without worrying about costly delays. Instead of having to deal with a number of different brokers you can instead, trust your daily shipping needs to one entity that provides consistent transactions and reliable delivery worldwide. Many countries will stipulate that in order to accept goods in a foreign entity, your company must establish a legal entity in that location. IORs will obtain any necessary authorizations, licenses and permits on your behalf, acting as an extension of your firm in all import matters.
What does it Mean for Your Company?
Engaging the help of an IOR means your firm has a powerful partner at each step in the shipment process.
Imagine being able to shop worldwide for high-quality equipment, goods and components without having to worry about complex regulations or time sensitivity. An IOR would be able to complete clearing in time for any deadlines you need to meet, which means you don’t have to waste time trying to source inferior or more expensive local alternatives.
An IOR will save your organization time and money while improving the accuracy of your scheduling and planning. When tiny margins can make the difference between customer retention and growth or failure, you can’t afford to take chances with your logistical requirements.