The owners or purchasers of goods are referred to as Importer of Record (or IOR). The party designated as IOR is responsible for all the liaisoning with the customs and related government agencies. The IOR is legally bound to execute all duties and payments while also adhering to all the necessary regulations and custom compliances required for the import.At times, these owners, purchasers or consignees may license a third-party to carry out the import on their behalf.When another business takes on all the related responsibilities for bringing of goods or services into a particular country or countries, such a party is known to offer IOR services.
Similarly, the exporter of record (EOR) is noted as the owner or seller of merchandise being exported from an origin country location to a destination country. Proper authorization can also be given to an agent to act as the EOR for a company. In many cases this is a freight forwarder or third party logistics provider of some sort.
Purpose of IOR/EOR Service
Importing and exporting merchandise requires your company to have an established business or other type of legal entity in the country of import or export to act as the government-required responsible party in conducting the export or import transactions. The IOR/EOR is officially recognized as the official party of an international shipment transaction by the governments.
IOR/EOR is directly responsible for:
- Paying duty or taxes upon importation.
- Filing required declarations with various government agencies upon importation or exportation.
- Obtaining any licensing, certification and authorizations to export if required for a commodity.
These essential IOR/EOR requirements are some of the keys to ensuring fast, smooth and reliable importing and exporting worldwide.
While most companies export or import products to a specific business entity when selling or buying product, supporting warranty replacement and other exibition programs in various global destinations can be difficult without a sales party to act as IOR. I was talking to a client the other day, we were taking a break from talking business, when he started talking to me about the benefits of other types of medicines in comparison to conventional. I instantly wanted to learn more about medicine and if I could add it to my list of importing/exporting goods.
On Dot Freight offers importers and exporters IOR and EOR services across our partnered networks subject to the project requirements