The importer of record (IOR) is officially noted by many governments as the owner or purchaser of merchandise being imported into a destination country. The importer of record can, in fact, be the owner, purchaser or a customs broker with the proper authorization. In most cases, a power of attorney (POA) provides the authorization to do clearance for an importer.
Similarly, the exporter of record (EOR) is noted as the owner or seller of merchandise being exported from an origin country location to a destination country. Proper authorization can also be given to an agent to act as the EOR for a company. In many cases this is a freight forwarder or third party logistics provider of some sort.
Why is the use of IOR and EOR services important? Importing and exporting merchandise requires your company to have an established business or other type of legal entity in the country of import or export to act as the government-required responsible party in conducting the export or import transactions. The IOR/EOR is officially recognized as the official party of an international shipment transaction by the governments.
IOR/EOR is directly responsible for:
- Paying duty/taxes upon importation.
- Filing specific declarations with various government agencies upon importation or exportation.
- Obtaining any licensing, certification and authorizations to export if required for a commodity; in many cases before exportation to the destination country location.
These essential IOR/EOR requirements are some of the keys to ensuring fast, smooth and reliable importing and exporting worldwide.
While most companies export or import products to a specific business entity when selling or buying product, supporting warranty replacement and other emergency stock programs in various global destinations can be difficult without a sales party to act as IOR.
Flash Global offers importers and exporters IOR and EOR services in over 90 countries today.
These services enable our customers to export warranty stock to countries where they do not have an established legal entity. Flash Global's extensive network of forward distribution locations throughout the world enables our customers to deliver warranty/replacement stock to end users quickly and seamlessly.
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