IOR: Importer of Record

Is the Importer of Record also the owner?

When shipping goods across international borders, there are a number of factors to consider regarding ownership. The Importer of Record is typically the individual or organization responsible for importing goods and thus taking ownership of them, but there are some notable exceptions.

For instance, the shipping company may have different levels of responsibility; they could be just the shipping agent or they might involve themselves in various activities such as handling the customs paperwork and payment. Ultimately, it is up to the businesses involved to understand their responsibilities in shipping and owning the goods, so that all parties involved know their rights and obligations when dealing with shipping internationally.

Key Takeaways

• • What does it mean to be the importer of record? Ultimately, the importer of record, commonly abbreviated as IOR, is the party legally required by shipping authorities to take responsibility for the declaring and paying of taxes for the goods entering the shipping destination.

What’s the difference between an importer of record and a customs broker?

An importer of record is the legal party required by shipping authorities to take responsibility for the declaring and paying of taxes for the goods entering the shipping destination.

In contrast, a customs broker is a service provider who helps prepare shipping documents, classify goods being shipped and advises on other customs-related issues. This includes providing advice on laws, regulations and payment requirements pertaining to shipping goods internationally. Additionally, they also manage potential problems with shipping destinations concerning customs compliance. As such, an importer of record plays an integral role in shipping by ensuring that the party releasing goods meets all legal requirements while a customs broker provides assistance in those efforts.