What is an Importer of Record?

Of late, there has been an increased amount of international trade. The shipping of goods has become quite a viable business. Companies are now interested in shipping out and importing goods to meet the needs of a certain market.

To ensure that all international laws and regulations are adhered to, the United States sought to ensure that all goods entering the borders are accounted for. In 1993, there was the establishment of an Importer of Record. An Importer of Record was a person, entity, or company who was responsible for the imported goods. They would ensure that the goods adhere to all regulations, that the goods are properly described and assessed, and ensure that all duties and tariffs are paid. A tough task? Not if you have IOR Africa by your side.

IOR Africa is an international trade and logistics company that has handled a voluminous amount of goods ever since its establishment. You can rely on us to provide efficient IOR services with no hiccups. For more information on our services, follow this link. You can contact us with any of your inquiries.

Responsibilities of an IOR

·         The IOR is responsible for all documentation responsibilities of the shipment. Importation comes with quite a large volume of shipping documentation, paperwork, and also permits.

·         It is the IOR’s responsibility to report all value assessments to U.S. Customs for taxation purposes.

·         Payment of taxes and tariffs is another of the IOR’s responsibilities. This includes getting clearance certificates from the relevant authority.

·         The IOR is fundamentally the owner of the goods and is responsible for handling all inquiries from the U.S. Customs and Border Protection. As the client, you can rest easy knowing all queries on the shipment will be handled.  

Is an Importer of Record similar to a Customs Broker?

This is a very valid question and one which we have received many times. A customs broker is an expert who is knowledgeable in import and export procedures and global trading regulations. Qualifications with regards to custom brokers change from one nation to another. In the United States, customs brokers are licensed and regulated by the U.S. Customs and Border Protection. While in the European Union and other Scandinavian countries, there is no such regulation.

When comparing the differences in roles and responsibilities between an Importer of Record and a Customs Broker, it is important to note several issues. For starters, a customs broker is not mandated to pay the taxes and other tariffs of the imported goods. They are also not required to prepare all the necessary documentation and have them filed with the proper authorities. The same rationale applies to the permits. All that customs brokers are required to do is advise their clients on all the latest changes in international trade regulations.