What is IOR (Importer of Record)?

An Importer of Record (IOR) is an entity or individual who ensures that all the goods are appropriately documented and valued as required by the Customs and Border Protection (CBP). Furthermore, the IOR is also responsible for paying duties, tariffs, and other fees related to the imported shipment.

The IOR plays an integral part in the import-export landscape. The CBP created the role of IOR to secure imports from terroristic threats and guarantee the payment of duties on all imported goods.

What tasks does an Importer of record perform?

● IOR is authorized to bear responsibility for importing a shipment.

● IOR is regarded as the consignee or the importer when it comes to documentation/shipping paperwork.

● IOR ensures that the shipment clears the compliance with all legal requirements, laws, and regulations of the place of import.

● IOR has temporary ownership over the imported items till the shipment is accepted for distribution and delivery.

Who can be the Importer of Record?

Importer of record can be the owners, purchasers, consignee, exporter, business entity, or customs broker.

● Owner and Purchaser : Person with a financial interest in the goods being imported or someone who imports the consignment.

● Exporter: Person realized by the customs and government authorities to export articles from one country to another.

● Consignee: The person who receives and owns the shipment. The consignee takes ownership of the shipment after the customs approves it. An individual or a business entity can act as the consignee in the process. A business entity can be both the importer and the consignee if it imports the products for internal use, storage, or distribution.

● Customs Broker: A broker or an agent or any legal entity at the place of import can be more beneficial as an IOR because they can take care of the paperwork.