Why Importer of Record is needed?
The process of importing goods worldwide can be highly complex, and ensuring its smooth execution is a crucial responsibility of the importer of record. With the involvement of suppliers, distributors, and end users, there is a risk of overlooking important details, which can lead to shipments getting stuck, and incurring penalties and fines.
Opting for an entity like AGOL Worldwide as the importer of record can streamline the supply chain efficiently. With us, you can delegate all the required tasks of importing goods, resulting in seamless customs clearance. This reduces the likelihood of complications, ultimately saving you valuable time and money.
Having a committed importer of record on board instills confidence that nothing important will be overlooked. The other parties involved in the supply chain may have diverse responsibilities, which can pose a challenge in obtaining the requisite documentation. Utilizing importer of record services enhances precision and effectiveness, ensuring peace of mind.
Procedure to become an Importer of Record
To qualify as an importer of record, you must submit an application for an importer of record number, which involves paying a fee. Additionally, you are required to furnish documents that prove your identity and a declaration of power of attorney.
In order to become an importer of record, you must possess a strong understanding of the importing process, have a presence in the importing country, and be willing to comply with the legal obligations associated with customs clearance. Failure to meet the requirements may result in fines and penalties that the IOR will be accountable for paying. Additionally, shipments may get held up at customs, resulting in demurrage charges.
Benefits of an Importer of Record for Your Business
Importing and exporting goods globally involves extensive documentation, and an Importer of Record (IOR) can ensure that all regulations and rules specific to a country are adhered to. Here are several advantages of having an IOR for your global trade transactions:
- Avoid penalties for non-compliance with Customs and Border Protection regulations
- Access to local resources with comprehensive knowledge of regulations and ability to facilitate transactions on-site
- Tracking of the export/import process for your goods
- Streamlining and expediting customs clearance procedures
- The ability to focus on your core business operations without worrying about costly delays.
The Function of IOR Service Providers
IOR service providers are companies that offer various import-related services, such as serving as the Importer of Record, filing pertinent documentation, paying customs duties and tariffs, and facilitating customs clearance. When selecting an IOR service provider, it is crucial to choose one with significant expertise and knowledge of the goods you intend to import or export, as well as additional logistics services you may need. Ideally, an IOR service provider should be able to:
- Advise you on whether an IOR service is necessary
- Compile a comprehensive list of requirements for a successful import, including necessary documents
- Assist you in managing logistics and customs brokerage services to accomplish a successful import.
The Importer of Record’s Responsibilities
An Importer of Record (IOR) has numerous critical duties that must be completed, necessitating comprehensive knowledge of the import process. Here is a list of the IOR’s duties:
- Assess the payment of duties on imports based on the exact shipment value
- Accurately classify the goods being imported into appropriate HTS codes
- Verify if the trade is eligible for any Free Trade Agreement and ensure proper tariffs are levied
- Pay tariffs and duties on imported goods
- Explicitly declare the country of origin of the goods in the shipment
- Ensure that the shipment adheres to the laws and standards of the US
- Ensure that the required documentation, including the Border Protection Form, is appropriately filed with the CBP
- Comply with all the licenses, certificates, and authorizations required by regulatory agencies such as the FDA (Food and Drug Administration), EPA (the United States Environmental Protection Agency), etc., for importing goods
- Maintain accountability of the goods during the import process
- Appoint a Power of Attorney (POA) if the IOR is unable to be present at the time of importation.
How AGOL Worldwide Inc Can Help You As A Global Importer of Record
By having an IOR for your business, you have a reliable partner at every stage of the shipment process. Although you can complete all the documentation and clearance procedures independently, there is no harm in seeking the assistance of experts for enhanced reliability. Contact us to learn more about AGOL Worldwide and how you can leverage global trade data intelligence to expand your business across the globe.
