Importing goods into international markets can be an arduous process. Succeeding is difficult for many companies. You must have familiarity with foreign laws, bureaucratic organizations, compliance requirements and more. Lacking a locally-registered business entity also makes success difficult. There are many moving parts that can prevent the successful import of goods. There’s nothing worse than your shipment being held or delayed in customs due to avoidable mistakes made along the way.
When faced with solving a complicated international logistics puzzle, you don’t have to go at it alone. Your logistics partner should be capable of managing all import/export requirements on your behalf. This will make a complex international deployment feel like a simple domestic shipment. An importer of record service is a key component to making this a reality. This useful, but often overlooked service, will resolve many of your issues.
What is an Importer of Record?
An importer of record, is an authorized person or entity that manages the responsibility for goods during an import. Put another way, an Importer of Record can enable a business to import into a country where they lack the ability to do so on their own.
The responsibility of an IOR, includes the proper management of the following tasks:
- Detailed Documentation of Cargo/Goods
- Accurate Declaration of Harmonized Tariff Codes
- Timely Remittance of Duties & Taxes Payable
- Compliance with local laws and regulations
To be an Importer of Record, the recipient of the shipment must be one of the following:
- 1) A Registered Entity: A legal entity recognized by the local government holding a tax ID or equivalent registration number.
- 2) Authorized to Import: When the entity owns a government-issued license and/ or permit to import into their country.
It’s important to note, different countries may have varying requirements and procedures. As an example: in Brazil, being a registered entity is only the beginning. You still need the proper import licenses, as well as a RADAR Registration.
Why would you need an Importer of Record?
- If the business cannot legally import into a country.
For many companies looking to expand, being a registered entity or having the authorization to import is not a reality. In this case, the Importer of Record can become the consignee allowing them to import the goods on the company’s behalf.
- If the business does not have experience importing into a foreign country.
Even in cases where the company does own a registered business, the company may not be familiar with the local regulations. Hiring an IOR can get rid of the headaches associated with customs clearance.
Hiring an IOR is only one piece of the import process and typically doesn’t include customs brokerage, logistical handling, and delivery to the final destination. FGX handles the IOR and door-to-door logistics process ensuring your shipment arrives on time.
Integrating a trusted Importer of Record partner into your logistics solution can be a game-changer. By finding the confidence to ship into complicated destinations, businesses gain access to new global markets.
At FGX, we expand upon Import of Record Services to provide a full-service door-to-door solution. Our service is purpose-built to deliver technology hardware into all global markets. As a trusted partner, we walk our clients through the entire logistical & customs clearance process. If you’re supporting a global hardware infrastructure, we recommend procuring your IT equipment in the US; then exporting hardware to all of your international destinations. This proven model helps lower costs while maintaining a high standard of service.
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