As introduced on the last post, Importers and Exporters of Record are services established to provide a single organization to fulfill international trades’ requirements. IOR/EOR ensures faster, simpler and more reliable importing/exporting worldwide.
The company that provides Importer and Exporter of Record services can be the owner or the purchaser/seller of foreign merchandise. In the case of an IOR, it may also be a customs broker with a power of attorney (POA) to assume the activity of the importer.
What are IOR/EOR responsibilities?
In order to manage and supervise import and export operations, IOR/ EOR include some direct responsibilities as:
- Classification and valuation of the merchandise before the import;
- Overall review of the export processes;
- Compliance of the destination/source country regulations;
- Paying all the taxes upon an international trade;
- Presenting the specific declarations to government agencies;
- Prepared all the required documentation (certifications, permits and authorizations)
Why IOR/EOR services are so important?
To import and export any goods, it’s necessary to have an established business or a legal entity in the destination or source country. IOR/EOR can assume this role by taking the responsibility of import/export processes and all subsequent taxes until the delivery is fulfilled. They are officially recognized by the governments as part of a shipment transaction.
Importer and Exporter of Record ensure compliance with all necessary regulations and statutes to deal with a new country. These services also enable customers to export warranty or replacement stock to other countries. With an extensive freight network worldwide, GCE Logistics can easily provide all these IOR/EOR assignments.