What is an Exporter of Record
An Exporter of Record (EOR) is an entity that is responsible for ensuring goods are exported successfully. This includes acquiring and accurately documenting the necessary export compliance requirements. Furthermore, the EOR ensures that all export regulations and laws are followed.
It is much like an Importer of Record (IOR) but applies to exports rather than imports.
What are an Exporter of Record’s Responsibilities?
Similarly to the Importer of Record, the Exporter of Record faces the same levels of responsibilities. Above all, they must ensure that the customs processes required by each country are adhered to.
This includes obtaining all the necessary documentation for export clearance, such as licenses and permits, as well as ensuring a clear and accurate description and valuation of the goods being exported.
If this is done incorrectly and there is a breach in regulations, the exporter of record could face financial penalties or criminal liability. This is also the case if the EOR fails to report known negligence.
The Exporter of Record is also responsible if the goods being exported do not arrive at their destination. This includes if delivery is not made, or the shipment isn’t delivered on time. It is in these situations that the exporter of record bears the responsibility for any financial consequences to the recipient.
The Benefits of an EOR Service
Using an Exporter of Record service will save your business time, money and will give you peace of mind.
An Exporter of Record allows you to export to countries in which you currently do not have a presence, or have never previously exported to. You can do this with complete confidence by using the expert TecEx team.
We take complete legal responsibility for the export of your goods, ensuring customs compliance and the requirements of each country are met.
Why Should I Use an Exporter of Record?
Not only can using an EOR save your business time and money, it gives you the confidence that your exporting needs are being handled by professionals who do it every single day. A professional EOR service will reduce complications with shipments, and will ensure that they reach their destination efficiently. This will reduce the risks to your company and streamline export efforts.
Outsourcing your EOR also means you can export out of new destinations without extensive research and development efforts. A global EOR like TecEx will open a world of new business possibilities.
When is an Exporter of Record Needed?
An EOR is frequently needed in Return Merchandise Authorization (RMA) transactions. Those affected by Brexit and EU Export legislation also commonly require an Exporter of Record. Further instances include when:
- You do not have a registered entity in the foreign destination;
- You have a registered entity but are not registered to export;
- You are registered to export but do not have specific licenses and permits;
- You are registered for all the above but do not have the knowledge of local compliance or do not want to take on the risks.
How Does TecEx Exporter of Record Service Work?
When using our Exporter of Record services, the clearance and filings are done in TecEx’s name. As a result, all associated risks lie with us. We will also:
- Secure export clearance for your goods and ensure compliance with export regulations;
- Fulfill all financial obligations;
- Determine the time of export;
- Stand accountable for the release of goods; and
- Maintain EOR documentation for audit purposes.