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What do you Know about Importer of Record?

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An importer of record (IOR) is an entity, or person providing permission to import your goods under their import license. Importer of record is a crucial service when planning to import high-tech IT and telecom goods into a country where you don’t have a legal entity or operation. What does an IOR Provider do? The Importer of record (IOR) is bound to make sure all legal and formal requirements are fulfilled when the goods are being imported and cleared through customs. An IOR provider ensures all import documents are filled out correctly. Product classification and product values are accurately described. The IOR will also pay all customs duties and taxes on behalf of your company. Another major responsibility of an IOR is to provide all import permits needed for that particular product. These import permits or approvals are needed in advance to ensure customs will clear the goods. Without this, the goods can be impounded into an offsite warehouse. The IOR is also responsible for any damage and risks associated with the goods throughout the entire clearance and delivery process. Documentation An extensive knowledge of customs requirement in each country is required to import goods. Additionally, understanding all the complicated documentation needed to get the goods cleared through customs can be very daunting. To ensure these tasks are done without any errors you must consult your IOR provider before moving the goods. Below are some of common documents needed while importing into any country: Product Classification: this document will list the value of and type of goodsExport and Import Licensing: this document proves you have the legal right to import these goods.Permits and Permissions: these are specific documents that indicate you are permitted to import these goods.Duties/Taxes: documents listing the details of duties and taxes being paid while importing the goods.Power of Attorney (POA): This document indicates who you have appointed to take full responsibility for importing your goods. Importing rules and regulations vary by country. Developed countries are more likely to have less import regulation as compared to underdeveloped countries. Further, it is also dependent on the type of goods you are importing. Some IT and telecom-related goods have more legal requirements no matter which country they are imported into. Depending on the country you are importing rules and regulations may vary. Developed countries are more likely to have less import regulation as compared to underdeveloped countries. Further, it is also dependent on the type of goods you are importing. Some IT and telecom-related goods are associated with more legal requirements no matter in which country they are imported. Who can Become an IOR Service Provider? Any local entity with a registered legal name along with the import license for that product can act as an importer of record. In most cases, the consignee acts as an importer and clears the goods but they can also choose to use a third-party customs brokers to get the goods cleared through customs. Appointing a company as the IOR provider removes any confusion and manages the responsibilities for each party. An importer of record provides the importer service, permits, pays duties/taxes, fulfills the custom formalities, and delivers them to the end-user who actually owns the goods. While importing you give the ownership of the goods to the IOR provider so they can fulfill all the import associated responsibilities. Some Important Definitions Customs Broker: An external agent or party acting as an importer responsible for handling all the legal paperwork associated with importing the goods. Consignee: The company or party that owns the goods until they are cleared from customs. It can be an individual or a business entity who is responsible for handling the import process. Once the goods are cleared from customs, the consignee hands them over to the end-user who is the actual owner of the goods. Exporter: The entity or company that is exporting the goods from the country of origin. This can be a company or an individual acting on behalf of the exporter. Owner/ End-User: The company or individual who owns the goods and the legal purchase/ user agreement. Why Should You Choose AGOL as your Importer of Record? Customs agent/brokers in more than 120 countries 10 years+ of providing IOR services into the most remote locations around the globe Trade and compliance specialist for the IT and telecom industry One-stop solution for door-to-door international deliveries For more details you can visit AGOL Importer Of Record Service Page

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Global Tech Industry and Significance of Importer of Record

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Global tech industry and significance of importer of record International trade is a tricky business that calls for big concerns like import regulation, compliance rules, and trunky supply chain processes. Trade across international borders is a big concern when it comes to tech companies, be it the manufacturers or service providers. At some points are for the hunt of good IOR service providers. As explained in our earlier blog post Importer of the record is a person or a company who is responsible for the goods imported in a particular country. So why is it so important for tech companies and why is it not so important for companies related to other sectors? IOR or Importer of the record is a term that refers to an organization that helps you import your tech equipment in accordance with the laws and regulations. In a nutshell, your IOR provider will be responsible for handling almost 95% of your logistics and supply chain process. In many cases, an IOR provider is doing the door-to-door service where it is handling the complete logistics of your tech deployments. So now we have understood what IOR is and how it can help you with your logistics and supply chain. So why do tech companies need an IOR provider so badly? The answer to this question is very simple if we bother to look around and observe the vast technological advancement. In the past 10 years, we have advanced way faster than we did in the past 40 years. This is because every country has been working hard and investing money in technology and selling everywhere in the world. Importer of Record and Tech Industry Tech companies do not just rely on the local market to grow their business. They reach out to their customers far beyond the border to sell their tech goods. That is why they need an IOR provider who can help them sell their goods around the globe. When we say sell it doesn’t mean that the IOR provider also gets engaged in selling, but without a good IOR provider company won’t be able to do so. Tech companies do not have their physical presence in every country neither they have import licenses to import goods in other countries. For instance, companies based in the USA cannot import goods in Uganda because both countries have different tax and customs rules. That is why an IOR provider plays a vital role in expanding the business of Tech companies beyond the borders. Compliance check and Permit requirements Every country has its own import rules with different structures of taxation. Especially when it comes to IT and Tech equipment almost every country has some strict import rules and permit requirements. An IOR service provider is aware of all these rules and regulations. They help prepare all the necessary documentation and permits well before goods are being moved to minimize the clearance time and expedite the delivery. An expert IOR service provider makes sure that the import is done in compliance with the local laws and regulations. Customs and Cargo Handling The IOR service provider will take full responsibility for handling your goods from the moment they are booked in the cargo. Being aware of the customs and cargo handling formalities they know how to get the goods cleared fast. Role of IOR and effective supply chain management Since the term is now understood and many of you have a good idea of what and how an IOR provider functions, their existence is merely forgotten due to the complicated trade process. But we just cannot neglect the importance of an IOR provider. In fact, Importer of Record is an integral part of an effective global supply chain process. Being streamlined by an entity in the supply chain an IOR provider can be the defining success factor. Using an IOR provider like AGOL Worldwide minimizes the risk of any compliance violation which in return saves money and time across all parties. We at AGOL take full responsibility and remain accountable for each import. So that whenever these goods are called back for replacement every import document is in place to fulfill the export process. To learn more about AGOL Worldwide’s end-to-end logistics solutions check out our services and seek expert advice to address all your logistics needs.

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Global Significance of Importer/Exporter of Record

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Global trade is shifting towards a digital age and tech companies across the globe want to get their tech around the world as fast as possible. That is when an importer of the record comes in handy who takes the full responsibility of moving, clearing, and delivering the goods. So, what is an importer of record? Who needs an importer of record and why an importer of record is handy for tech companies. Here we will go through each aspect in detail to bring awareness about this service and how AGOL IOR is making a difference.IOR or Importer of the record is a company or individual responsible for fulfilling all the legal and paperwork during an importation process. Along with importing the goods on its name, the importer of record is also responsible for paying all the duties and taxes applicable to the goods. Further to this IOR also make sure the goods are correctly recorded and accepted in the record of local customs authorities. An importer of record is a significantly important aspect of the logistic operation of a company. Through IOR, companies can import goods in countries where they do not have a legal or import entity. Companies with limited global access often let down a business opportunity just because they do not have a legal import entity in that country. That is where an importer of the record comes into play and empowers your business by extending your global reach. Why do you need an importer of Record? Every country has its own rules and tax regulations when it comes to imports. That is why expanding business on a global scale is a bit of a risky endeavor. Some countries have banned a specific range of IT and telecom equipment. While others ask you to import them with special permits and approvals from government authorities. Similarly in some countries, the import process is so much longer for a foreign importer that they give up the idea of expanding the business beyond borders. For IT and Telecom companies, the global distribution of their goods can become an overwhelming experience. As their core competency is to manufacture the products they find it hard to get it delivered to their customers sitting on the other side of the world. All these aspects lead to acquiring the services of a global Importer of record who is capable of delivering your goods to every corner of the world. Let us review what services you can get from an importer of record? Legal Import entity An importer of record is an organization with a legal import license to import goods in their name. An IOR will provide you with the name of a local importer entity for you to consign your shipping documents. Special Permits and requirements An IOR company will also help prepare any permits that are needed to get your goods imported into that country. The IOR will complete all the permits requirements to get the import requirements fulfilled. The IOR service provider makes sure that all the imports are as per the legal regulations and must not violate any local import rule. Handling Paperwork The IOR provider makes sure that the import of your goods is done in accordance with the local customs rules. That is why they take full responsibility for handling all the paperwork as well as the customs procedures. An IOR provider also makes sure that all the documents are reflecting the correct information of the goods that are being imported. Doorstep Delivery Companies who sell their goods globally look forward to a solution where they don’t need to worry about any step of their logistic operation. The IOR company will also get your goods delivered to the doorstep. Specifically, Tech and IT companies acquire IOR services to get their goods delivered to remote data centers and data warehouses. Real-Time Tracking and 24/7 customer service An IOR provider also makes sure that you get to know about your shipment at every single step of the import process. In a competitive market, good customer service defines the best IOR provider. In addition to managing the import process, the IOR provider also keeps you updated with every single step of the process. When choosing an Importer of record a good customer service is what makes it distinguished from its competitors. Why choose AGOL as your global IOR Provider? At AGOL we strive to provide you with the best and most competitive service. We have a global reputation for managing high-tech IT and telecom shipments in more than 60 countries. We have a partner network that expands up to 100 countries where we take full responsibility for doing doorstep deliveries. With our 10 years of exclusive experience in the IOR sector, we are well aware of the global trade compliance for the tech industry.

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