Everything you should know about an Importer of Record (IOR)

In order to import goods into a new country, businesses must understand their responsibilities as the importer of record (IOR). It’s important to be aware of the applicable regulations and duties that come with this role in order to avoid any costly penalties or delays.

The role of the Importer of Record (IOR) is a critical part of transacting international trade. It requires an understanding of the customs regulations and laws that apply to the country you are importing into, as well as specific procedures and processes. Click here for 5 benefits of hiring an Importer of Record.

Checklist before exporting your products to Canada

Site Licensed Facility

Ensure your product packaging and labelling is compliant with the NHP Regulations.

Quality Assurance Experts

Make sure you have Quality Assurance experts before importing NHPs to Canada.

GMP Compliant

Confirm your manufacturing units comply with NHP and GMP regulations.

Packaging Compliant

Ensure your product packaging and labelling is compliant with the NHP Regulations.

Shelf Life at Expiry

Confirm whether you collect evidence that your product meets its shelf life expiry.

Quality Technical Agreement

Check with an importer to ensure all sections of GMPs are covered by both parties.

Release Specifications

Be ready to provide written product release specifications according to NHP guides.

Addition of Buildings

Arrange for adding your building and supplements to the Canadian importer’s site.

Importer of Record (IOR) for Natural Health Products

Import Natural Health Products efficiently with our extensive network of distributors and brokers. Whether you would like to sell to independent health food stores or to the general public, we can act as your importer of record.  Natural Health Products (NHPs) are substances that fall under Schedule 1 of the Natural Health Products Regulations. NHPs can include traditional products, such as Traditional Chinese Medicine, Ayurvedic medicine, and Homeopathics (HM-DIN). Quality Import Solutions can help you meet the site licensing requirements of the Natural Health Product Regulations and act as your importer of record.

  • NHPs must meet the requirements of the Food and Drugs Act, including licensing, labeling and GMP
  • Obtaining a Natural Product Number (NPN) is a must for commercial importers of NHPs
  • The NPN license holder must have a business location in Canada
  • A Health Canada authorized importer should ensure quality assurance activities with the potency, identity, and purity of the health product
  • Key activities performed by the importer include product release, stability data reporting, and if required,  adverse event reporting
health canada importer of record clinical trials

What are the fundamentals of NHP Importing?

It is advisable to keep your import record for six years following the date of import as they can be audited by customs at any point during this time. Since you will be acting as the ‘Importer of Record’, you will be liable for the accuracy and completeness of the import declaration. Also, you will be responsible for the payment of applicable taxes and duties in Canada.

importing natural health products into canada
  • Tax and duty must be paid upon importation into Canada
  • The tariff, value, and origin of commodities being imported determine the rate of duty
  • At the port of entry, certain import documentation needs to be presented to the border services.
  • The import is subject to inspection, customs review, and audit prior to or after the importation.
  • The Government of Canada may levy extra fees for these services.

What is an Importer of Record (IOR)?

An Importer of Record (IOR) is the individual or business responsible for complying with all relevant customs regulations and other legal requirements in the territory they are importing into. They are also responsible for making payments on behalf of the exporter, such as duties and taxes. The IOR is usually specified at the time of the shipment by both parties.

Importer of Record IOR Everything to know
Importer of Record IOR Everything to know

How do I choose the right Importer of Record (IOR)?

It can be daunting to select the right provider for your IoR services. First, determine if you need an individual or a company with multiple employees. Find out how much experience your chosen provider has and how well they are equipped to handle different-size imports. Additionally, make sure that their services fit within your budget and are appropriate for the specific country you’re importing from or into. Finally, be sure that their staff is familiar with the global trade regulations in your country of origin and destination.

What are the benefits of using an Importer of Record?

By utilizing an IOR for cross-border shipping, companies can benefit from increased compliance with applicable laws and regulations, reduced risk of customs clearance delays, improved cost management and predictability, increased efficiency in the international shipping process, and access to expertise and experienced professionals. Additionally, businesses can take advantage of opportunities presented by foreign markets such as reduced tariffs or duty costs. An IOR is also able to offer a range of services customized to meet the specific needs of their client’s business. If we were your Importer of Record we’d help you; clear customs quickly/efficiently, complete documentation, manage regulatory requirements & monitor supplier performance.

Importer of Record IOR Everything to know
Importer of Record

What are the key steps for the IOR in Global Trade Compliance?

Working with an importer of record (IoR) provider is often a key step in global trade compliance. The service helps businesses adhere to international regulations, such as customs laws, embargoes, and, export missions on goods while ensuring their products are quickly and legally imported in compliance with their laws. An IoR provider will generally negotiate local taxes and duties due on the product, payment of shipping costs, any freight forwarding charges, and so on, to ensure compliance with all necessary laws and regulations. They can also ensure that all required paperwork is completed accurately and that appropriate certificates are obtained before shipping.

What documents and Information are required to be an Importer of Record?

Depending on the company, you may be required to provide certain documentation and information to complete your import. These documents include invoices, quotation letters, customs paperwork, transportation records, and more. Additionally, you will need to provide essential information about yourself, including a full name or registered business name as well as a billing address and contact details. Other pieces of information that may need to be provided can include the nature of the goods being imported, where they are being shipped from or to, and details about any associated taxes or levies.

Importer of Record IOR Everything to know
Importer of Record IOR Everything to know

How does the Importer of Record (IOR) work?

An Importer of Record IOR works by filing appropriate documentation, entering into contractual obligations, and managing the import process to ensure compliance with all relevant customs regulations. They are also responsible for making payments on behalf of the exporter, such as duties and taxes. In many cases, an IOR will also be expected to maintain accurate records of all shipments made into the territory. This includes creating and keeping updated a database of suppliers and customers, keeping track of shipment details (including invoices and manifests) as well as ensuring that transactions are based on commercial principles.

How can my business comply with IOR regulations?

When meeting the requirements of your importer of record, it’s important to make sure you have the proper documents filed and set up in advance. This includes filing release notifications with customs and tax authorities, submitting license or certificate applications as needed, and being aware of all deadlines associated with any regulatory requirements. Additionally, it’s important to understand the local customs codes in order to accurately evaluate tax liabilities as well as any other costs related to shipping and handling.

IOR regulations

How to choose the best IOR service provider?

Choosing the best Importer of Record service provider is an important step for businesses seeking to efficiently and cost-effectively import goods. When researching options, there are several factors to keep in mind, such as whether the service provided meets local regulations, the flexibility of their pricing structure, and their reputation for customer service. It’s also important to understand if they are able to provide additional services you may need, such as filing necessary paperwork or providing advice on potential regulatory issues.

Get Expert Help With Importing Natural Health Products

Leverage our site licensing services or use us as your Importer of Record. Call our customer care number or fill out the form below. We will respond to you soon.

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