Importer of Record (IOR)

What is an Importer of record (IOR) and why is it important?

 

The IOR is the party responsible for importation. The importer bears legal liability to pay duties, taxes and fees.

Additionally, the importer must comply with all governmental regulations related to their imports, particularly customs regulations.

The importer can be the party who is purchasing or receiving the imported goods, or an interested party in the transaction who has the right to facilitate entry under the jurisdiction of the relevant customs regulator.

GSG offer IOR across the globe

Before the Import

In Transit

Customs Clearance

Prepare all necessary documentation
 
Arrange delivery and tracking of the shipment by Air, Rail, Road or Sea
Ensure all customs standards compliance
Ensure that the shipment matches standard and laws of the delivery country
IOR Images
There is no need to have representatives in the country of import
Provide all necessary documentation and arrange payment of the taxes and customs fees
In shipping terms, an Importer of Record is the entity in the destination country responsible for:

Compliance – GSG will ensure that permits, licenses and import permissions are obtained.

Customs Declarations – GSG will make all necessary declarations regarding the shipment to local customs 

 

Submission – GSG will prepare and submit all filings relating to the importation process

Payments – GSG will manage the payment of duties and taxes to local customs

Depending on the local laws and regulations, the Importer of Record is open to be audited for any transactions that it has been party to for up to 7 years after the import is complete;

Audits can result in subsequent revaluations of the import resulting in larger tax bills and penalties relating to the import;

Non-compliance with import laws and regulations could result in the loss of import licences and, for the importing entity, legal action against the entity and its directors;

Improper importing procedures may result in the shipment being temporarily held or permanently seized by customs because of non-compliance with local import regulations.

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