IOR and EOR are terms commonly used for a service provided on behalf of a foreign company that lacks an own setup/ entity at the destination.

The meaning of IOR/EOR varies by country or can be interpreted differently. But fundamentally, an IOR/EOR takes full responsibility for tax and customs regulations and is liable to the relevant authorities for the payable customs duties and taxes. Moreover, it bears full responsibility for adhering to external trade restrictions, such as embargoes or licensing requirements.

Transpolar’s IOR/EOR Solutions in Bangladesh

For sending/importing any goods to & from Bangladesh an import /export licenses are to be obtained from the concerned department of Bangladesh Government that Transpolar Logistics have and can act as an IOR/EOR on behalf of a foreign company that having no presence or local entity in BD.

Transpolar, works as representative in Bangladesh and discharge responsibilities like logistics services including importer of record (IOR) /exporter of record (EOR) solutions, customs brokerage of FOC service parts imported in to Bangladesh and to accept defective service parts & export from Bangladesh to Customer’s authorize service parts center located in abroad.

By default, the IOR/EOR is fully responsible for tax and customs regulations and is accountable to the relevant authorities for paying customs duties and taxes.

Transpolar must never take ownership of the goods in this transaction. The ownership of the goods would always remain with the customers.

Transpolar’s IOR/EOR solution & Clients Benefit

Transpolar Logistics helps companies without a local presence by utilizing Transpolar as an entity. For this service, Transpolar will:

• •Act as the importer/exporter for customs and taxation declaration purposes at the time of import/export;
• •Be responsible to Customs, Tax and other regulatory authorities;
• •Apply for necessary import/export licenses or permits;
• •Maintain records for the minimum duration required under local law;
• •Complete all regular filing requirements associated with the payment of duties and taxes;
• •Simplifies the clearance of shipments;
• •Saves clients from the costs of establishing legal entities in countries; and
• •Reduces their exposures to corporate taxes.