locoboy
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| posted on 25/8/12 at 09:22 PM |
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trans continental business advice required
Guys,
I have had a money making idea where by I source an item over here that sells well in Australia. I send it to my mate in Aussie and he sells it and we
split the profits 50/50.
All sounds great but I'm looking for ideas on how to work the money/international trade side of things. For the first item that will be testing
the water with, we are planning on funding the UK purchase, shipping and import duty 50/50 just so we are both equally committed financially.
If things go our way there is the potential to make £30K GBP between us, leading to bigger and better things in year 2. We wouldn't be giving up
the day jobs, it's just a bit extra in the pocket/bank.
Any ideas on how to actually set it up/ manage the flow of money from continent to continent, should we form a small company to conduct all the
transactions through etc etc?.
Cheers
Col
[Edited on 25/8/12 by locoboy]
ATB
Locoboy
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JeffHs
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| posted on 26/8/12 at 11:48 AM |
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Some tips here.
http://www.moneysavingexpert.com/banking/foreign-currency-exchange
I tried to send money abroad via NatWest on-line banking but had to resort to in-branch service, easy enough but cost me about £15 IIRC
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MikeR
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| posted on 26/8/12 at 06:46 PM |
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get legal advice. your friends now but things do in wrong and friendships die. use to use a company ran by two blokes. they had a disagreement. it
grew. they ended up dissolving the company and now don't talk.
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designer
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| posted on 26/8/12 at 07:50 PM |
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Ditto!
Get legal advice.
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02GF74
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| posted on 29/8/12 at 04:43 PM |
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is the item you plan to sell white and powdery? 
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puma931
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| posted on 29/8/12 at 04:54 PM |
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Get legal advice. You will also need to consider taxation (VAT and tax on profits) and import duties etc.
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