All You Need to Know About Importer of Record IOR, In the formative days of goods shipping, people would make deals with each depending on their own goodwill and franchise. However, shipping operations have changed a lot. Now, individuals no longer steer the ship both figuratively and literally.
Besides technological progression, a lot of it has to do with the ever-expanding volume of imports and exports. Now, a single seaport handles hundreds and thousands of tons of cargo every year. We are talking about billions of dollars here. If you are foraying into any venture that involves import/export, then you must be aware of all the rules, regulations, and jargon associated with the field.
Let’s start with dissecting the role of Importers of Records IOR. If you are going to ship anything into the US, then you must know the answer to the question: ‘what is Importer of Record IOR?’
Definition of Importer of Record IOR
Let’s start with addressing the question: what is IOR? or what is the meaning of Importer of Record?. It is the person, a group of person or an organization that is responsible for all the documentation and official entry requirements for importing anything to any destination country.
The role of Importer of Record IOR entails these responsibilities:
- Guaranteeing that the imported goods are legal and in total compliance with the local laws of the land.
- Duly filling the customs entry form (declaration of information on imported items) and all other relevant documents.
- Taking care of the import levies and any other duty on the goods.
So Importers of Records are eligible to import anything for themselves and on behalf of others. In general, the role of IOR is to streamline shipment services for all those people and organizations that don’t want to go through the exhaustive process of customs dealing.
Want to import something into a country, but don’t have any corporate presence there? The simple solution to this issue is to become a foreign Importer of Record. The role of Importers of Records IOR extends beyond a single country.
It’s pretty simple to operate as a foreign IOR in the US. To act in such role of IOR, all one needs to do is to file for IOR number by the US Customs and Border Protection. Secondly, a customs bond has to be paid by a foreign importer to become an eligible IOR in the US.
The foreign IOR number is assigned after the provision of these documents.
- A document establishing the power of attorney
- ID scans of people filing on the behalf of the organization
- A copy of the Articles of Incorporation document
We hope that the above discussion has sufficiently answered the question what is Importer of Record IOR, and if you want to read more about Importer of record, you can read here, and if you want to get importer of record quotation, you can get it here