When your business is global, there are international rules and regulations that you have to play by. To streamline your intercontinental business, Rahi Systems can be your go-to Importer of Record (IOR). An IOR is an entity or a single person, responsible for the import/ export of goods in compliance with the laws of the respective countries.

Importer or Exporter of Record technically have similar responsibilities. Governments around the world consider the Importer of Record (IOR) as the official owner or purchaser of goods being imported into a destination country. The IOR can be the owner, purchaser or a customs broker with the right authorization.

Under the Customs Modernization Act of 1993, the Importer of Record was created by the Customs and Border Protection (CBP) to scrutinize imports/ exports thoroughly to prevent any terroristic acts and to ensure payment of Import/ Export Duty. An Importer of Record (IOR) has various responsibilities from filing the right documents, maintaining the paperwork, providing any additional documentation of initial assessment for an import.

Why You Need An IOR?

Importing and exporting goods requires your company to have an established business or a legal entity in the country of import or export to act as the government-required responsible party in conducting the export or import transactions. There is a lot of paperwork involved and the IOR can ensure all the operations are done according to the international rules and regulations of each country involved. Here’s how an IOR will help in your global transactions:

  • A single go-to entity for all your international transactions
  • An accountable way to do business worldwide
  • Avoid penalties for lack of knowing/ following the Customs and Border Protection rules and regulations
  • Local resources who can operate on the ground
  • Trackable import/ export process of your goods
  • Optimize time and process and lets you focus on your day-to-day operations of your core business
  • Thorough compliance with local and U.S. rules, to provide ease of transaction.

The Importer of Record is directly responsible for:

  • Paying duty/taxes on import/ export based on the accurate value of goods
  • Filing specific declarations with various government agencies upon import or export
  • Procuring licensing, certification and authorizations to export beforehand, for a commodity. Most of the times, these authorizations are needed before exporting to the destination country location. These IOR/EOR requirements ensure fast, smooth and reliable importing/ exporting worldwide.

With offices in five continents, Rahi Systems can offer you the following advantages as your IOR:

  • Sites located in key logistics hubs across the world
  • Customs Clearing is in-house versus third party
  • Key Logistics person assigned and involved in every stage of clearing
  • Consistent transactions for different types of products
  • Deliver on daily international transactions, worldwide
  • Clear asset ownership and transaction definitions, compliant with Customs
  • Local currency transaction for the customer

When you appoint Rahi Systems as your IOR, we take full responsibility for all the processes until your products reach their destination. This greatly minimizes the errors in compliance regulations. Rahi Systems will take the onus of accuracy and accountability of the goods and records according to the Customs and Border Protection guidelines.

For other tips and questions, click: https://help.cbp.gov/app/answers/list/search/1/kw/Changing%20Importer%20of%20Record/suggested/1

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