About BMI
Established in February 21, 2006, BorderTrade Management Inc. (BMI) is a consulting and training firm providing services to many multinational forwarding and logistics companies. It is a registered corporation under Philippine laws. Aside from consultancy, one of the services that BMI provides is the importer-of-record/exporter-of-record (IOR/EOR) arrangement for the clients of forwarding and logistics companies.
As an IOR/EOR, BMI is responsible for ensuring compliance with Customs laws in importing/exporting goods. BMI also ensures that all goods are appropriately documented and valued correctly. Furthermore, as an IOR/EOR, BMI is the responsible party for the payment of duties, taxes, and other fees of the imported/exported goods.
The following illustrates an IOR contract arrangement. As soon as an agreement is reached by BMI and a client of certain commodities (e.g. supplier of computers and warranty parts), BMI will act as the importer in behalf of the said client. Upon release of the goods by the Philippine Bureau of Customs (BOC), they will be stored in advance in the warehouse of the client to ensure that goods and warranty parts are immediately available when needed by customers in the Philippines. Defective parts will then be exported, with BMI acting as the exporter. Under this arrangement, ownership of the goods is retained with the client/supplier until such time that these are delivered to the end users.
BMI also extends assistance to clients in securing import permits from various government regulatory agencies.