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11_53 - Importer on Record(TBD)
11_53 - Importer on Record(TBD)Business Management and Finance Courses » Udemy - International Logistics & Transportation in Supply Chain. 2023-5 |
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| 11 - International Trade Basics Udemy - International Logistics & Transportation in Supply Chain. 2023-5 0 00:00,050 --> 00:03,320 What is a importer on record in shipping? 1 00:03,350 --> 00:10,310 Has your cargo ever been stuck at the overseas customs because the documentations were incomplete or 2 00:10,340 --> 00:12,530 legalities were done incorrectly? 3 00:12,530 --> 00:18,620 This has been right with you or someone who has been importing goods from another country because importing 4 00:18,620 --> 00:25,880 goods is a specialized field that can be very complicated at times, and compliance, along with documentation, 5 00:25,880 --> 00:30,200 with legal formalities, play a very important role in shipping. 6 00:30,200 --> 00:36,290 And if the compliance and documentation are done correctly, it will lead to a timely sailing of goods 7 00:36,290 --> 00:43,130 from the port of origin to the port of discharge as the cargo has to be custom cleared at both the origin 8 00:43,130 --> 00:44,420 and at the discharge. 9 00:44,420 --> 00:52,010 So it is the collective responsibility of both the exporter and the importer or any third party agent 10 00:52,010 --> 00:58,610 which is appointed by the exporter or importer agents like the custom broker or the freight forwarder, 11 00:58,610 --> 01:05,160 to ensure that all the rules and regulations while exporting the products are followed correctly. 12 01:05,160 --> 01:13,320 So an importer on record is an organization comprising of legal experts in logistics, field of export 13 01:13,320 --> 01:15,030 and import from other country. 14 01:15,030 --> 01:21,930 So they are consultants who advise the importers on different customs rules and regulations to be followed 15 01:21,930 --> 01:25,410 so that the cargo can get custom cleared easily. 16 01:25,410 --> 01:32,340 And also this, who are known as importer on record, can make sure to arrange the logistics, storage 17 01:32,340 --> 01:34,620 and delivery of the product to the buyer. 18 01:34,650 --> 01:40,470 See, in countries like India, most of the goods that are not banned from imports according to the 19 01:40,470 --> 01:45,180 government policies, can be imported under the open general license. 20 01:45,180 --> 01:50,970 However, there are goods that may require extra licensing or extra documentations. 21 01:50,970 --> 01:58,050 This is where the importer on record can help importers as they are experts in dealing with special 22 01:58,050 --> 02:00,390 cargo who require special attention. 23 02:00,390 --> 02:04,500 So that they can be delivered to the buyer without any delays. 24 02:04,530 --> 02:12,450 Goods like food, certain pharmaceutical drugs, IT equipment's as a custom broker is familiar with only 25 02:12,450 --> 02:19,230 the local customs rule and regulations, whereas an importer on record is aware with both the local 26 02:19,230 --> 02:21,990 and the overseas rules and regulations. 27 02:22,020 --> 02:27,660 Now let's discuss the main role and the responsibilities of an importer on record. 28 02:27,660 --> 02:34,920 First of all, they make sure to control the import of banned substances and materials by following 29 02:34,920 --> 02:41,910 the right tariff and other fees, which has to be paid to the government so they know what is the correct 30 02:41,910 --> 02:50,520 import duty to be paid to the customs as they are responsible for the import and payment of all related 31 02:50,520 --> 02:53,550 duties and fees on behalf of the customers. 32 02:53,550 --> 03:01,980 So we can say that there is a temporary transfer and ownership of goods given to the IORs, whereas in 33 03:01,980 --> 03:06,900 case of custom brokers they just custom clear the cargo at the port of origin. 34 03:06,900 --> 03:15,030 So the IOR take the ownership of the cargo on behalf of the buyer and they make sure to pay the correct 35 03:15,030 --> 03:22,380 import duty to get all the important documentation done and comply with all the legalities related to 36 03:22,380 --> 03:23,190 customs. 37 03:23,220 --> 03:31,230 Also, in case if the buyer needs to get certain permits to import the product in a country, the importer 38 03:31,230 --> 03:37,110 on record on behalf of the buyer will get the permits and all the important documentation done. 39 03:37,110 --> 03:43,830 So from this we can say that all the responsibility of the buyer will be executed by the importer on 40 03:43,830 --> 03:47,430 record as he is the temporary owner of the cargo. 41 03:47,460 --> 03:53,460 Also, the importer on record will communicate with the buyer and the seller to collect all the important 42 03:53,460 --> 04:00,390 documents so that he can apply for the permit to import goods in the buyer's country. 43 04:00,420 --> 04:06,240 Now, you might be thinking when does the ownership of goods pass on to the importer on record? 44 04:06,240 --> 04:13,050 This usually happens at the port of loading when the goods are on board the ship, and this temporary 45 04:13,050 --> 04:18,930 transfer of ownership of goods lasts till the goods are handed over to the final owner of the goods. 46 04:18,930 --> 04:21,330 That is the actual buyer of the goods. 47 04:21,330 --> 04:27,240 So from this we can say that an importer on record plays a very important role when it comes to imports 48 04:27,240 --> 04:35,040 of cargo smoothly to get all the documentations done and usually importer on record are hired for specialized 49 04:35,040 --> 04:40,680 cargo who require lots of permits and documents for importing the goods in a said country. 50 04:40,680 --> 04:47,040 If you hired a custom broker, he would had helped you to file the documents, but he won't had taken 51 04:47,040 --> 04:53,730 the ownership of goods, whereas an importer on record will take total responsibility and get all the 52 04:53,730 --> 04:55,650 paperwork done on your behalf. 53 04:55,650 --> 04:59,480 Now, you might be thinking, can a custom broker become a importer on? 54 04:59,890 --> 05:06,460 Yes, this can be, but it would mean that they need to take all their responsibilities, which an importer 55 05:06,460 --> 05:12,880 on record may take, which includes pre-shipment paperwork to all the documentation until the cargo 56 05:12,880 --> 05:14,770 is delivered to the actual buyer. 57 05:14,800 --> 05:20,130 Now, the last question is our importer on record really required for import of goods? 58 05:20,140 --> 05:26,920 Yes, they are required in case if you are not familiar with all the import formalities for a said product, 59 05:26,920 --> 05:32,350 if you are dealing with general commodity and can be easily custom cleared, there is no need to hire 60 05:32,350 --> 05:39,640 a importer on record, but in case of special cargo you must go for a importer on record until and unless 61 05:39,640 --> 05:44,800 you don't gain some experience to move cargo from one port to another port. | ||||
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