I contacted MD-RA they had the following to say:

Kurt:

In our terminology, we have builders and importers.

You are correct, in our in-house language “import” is a completed aircraft which had been registered and accumulated not less than 100 hours in its country of origin.

“Build” is just what it says-an aircraft started from raw materials or kit form and completed through the Canadian requirement for pre-cover and final inspection.

The FAA has not required a formal pre cover inspection since about 1983. Any project you acquire will have to undergo a pre-cover inspection by one of our delegates, which will mean the removal of some or all the coverings, as required.