Compliance with Laws and Regulations: The IOR must ensure that the imported goods meet all applicable local, state, and federal regulations. This includes customs laws, import duties, taxes, and any other regulations specific to the type of goods being imported.
Customs Clearance: The IOR handles all the necessary documentation required for customs clearance. This includes providing accurate product classifications, valuations, and any required certifications or licenses.
Payment of Duties and Taxes: The IOR is responsible for calculating and paying all applicable duties and taxes. Failure to accurately do so can result in penalties, fines, or delays in goods clearance.
Record Keeping: They must maintain detailed records of the transactions, including payments of duties and taxes, for a specified period as required by the importing country’s laws. These records might be needed for audits or future reference.

Importance of the Importer of Record

Legal Accountability: The IOR serves as the legal point of contact for the importing country’s customs authorities. They are accountable for any legal issues that may arise from the importation of goods.
Facilitates International Trade: By fulfilling the role of IOR, companies can streamline the import process, making international trade more accessible and efficient. It is particularly useful for companies that do not have a physical presence in the importing country.
Risk Management: The IOR helps mitigate risks by ensuring compliance with all regulatory requirements, thus avoiding potential legal penalties and disruptions in supply chains.
Considerations for Choosing an IOR
Expertise and Reliability: It’s crucial to choose an IOR who is knowledgeable about the customs procedures and regulations of the country into which goods are being imported.
Local Presence: Often, it’s beneficial for the IOR to have a physical presence in or a deep understanding of the importing country to navigate local regulations more effectively.
Financial Responsibility: Since the IOR is responsible for duties and taxes, they must be capable of managing these financial aspects reliably.