All You Need to Know About Third-Party Exports or 3rd Party Exports
When we look at imports and exports in their most basic sense, they appear pretty uncomplicated and simple. However, in the realm of logistics and shipping, imports and exports are layered with so many details that it’s not easy for any newbie to take hold of all of it.
EOR Exporter of Record and IOR Importer of Record services are there to help all such people who don’t want to deal with exports and imports on their own. Nevertheless, it is important that one must be aware of some of the elemental concepts of this domain.
For that matter, here we are going to discuss what third-party exports are. We will also touch upon how the services of exporter of record (EOR) can come in really handy in this regard.
What Is Third-Party Export?
Whenever an individual or entity (exporter) makes an export on the behalf of another individual entity or individual (exporter or manufacturer), it is called third-party exports.
Addresses of Both Entities Go into the Shipping Bill
The shipping bill needs to have the addresses of both the manufacturer and the third-party exporter (EOR in some cases). This legal compliance is more or less the same in the customs laws of every country.
Third-Party Exporter Obtains the Export Order
This is the most important aspect of third-party export. He (the third-party exporter) is responsible for obtaining export or purchase order even when he doesn’t have any of the items listed in the order. After securing an export order from the foreign consignee, they place the local purchase order.
FIRC Goes in the Name of the Third-Party Exporter
Foreign Inward Remittance Certificate (FIRC) is the legal document that shows that a certain individual or entity has received a remittance from outside the country. During third-party exports, the FIRC is furnished in the name of the said exporter (or EOR services) instead of the actual manufacturer/exporter of the shipment.
Third-Party Exporter and Manufacture Transact in Local Currency
Third-party exporters or EORs Exporter of Record and manufacturers usually deal in local currency.
EOR Services as Third-Party Exporters
Yes, EOR services can assume the role of a third-party exporter. This usually happens when an exporting manufacturer doesn’t want to embroil in the intricacies and red tapping of customs and other regulatory bodies that are associated with exports.
If you are looking for an entity that can procure an export order for you and can deal with all the phases of exportation, then get in touch with any experienced Exporter of Record (EOR) services. or you can connect with us so we can help you out.