Some of you may see an importer of records as one who only import records (I guess it’s because of the name), but it’s really far from that. The importer of record was even created by the U.S. customs and border protection (CBP) to protect importers from terrorist threats and gives them full assurance of paying duties on all imported goods.
This post is attached with various roles as they are also responsible for carrying out legal responsibilities for the valuing, classifying, and assessing duties on U.S. imports. Though this may look a lot easier, most businesses still fail to notice the value of an importer of record and the impact these roles has got on global shipments. Fines may be incurred if the importer of record doesn’t carry out their job well. With that said, let’s look deeper at what this role entails.
WHAT’S AN IMPORTER OF RECORD?
An importer of record is said to be the main owner or buyer of products imported into a country. They make sure all goods imported are documented and also valued. He’s responsible for paying all duties, fees, and tariffs attached to imported goods.
Other responsibilities include ensuring the goods have proper custom records, i.e., the fulfillment of custom compliance on the goods to the importing country. They carry this out by providing the essential entry documents and the relevant importer’s data permits for clearance via ports of entry. In addition, they are also responsible for; payment of duties, levies or fines, product certification and classification, arrangement for the necessary customs clearance, and other responsibilities that may come upon the importer.
WHO’S RESPONSIBLE FOR APPOINTING THE IMPORTER THE IMPORTER OF RECORD?
In most cases, the importer of record is a body or individual who owns the imported goods at the time. This sense gets slightly more confusing when discussing suppliers, distributors, and end-users. When importing an already bought goods, the normal sense would be that the owner of the goods (that is, the end-user) will have to sort out any associated duties.
However, with a body like the importer of record, this confusion is quickly eliminated as they turn into the temporary owners of the goods until the distribution center fully accepts them.
Since the importer of record may look a bit more complicated when looking at international trade between multiple parties, their role is often neglected. To import any product to a country, a shipper will require a physical presence or an agent at the destination of import. This person will be fully in charge of catering to all the legal obligations levied by the destination country’s customs.
In a situation where the shipper has no representative in the importing country, it can hire the services of a representative or, better still, use its freight forward. They will ensure that the imported goods comply strictly with all local laws, pay import taxes for the goods, and file the necessary duty entry documents. That’s a lot better and stress-free