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Thinking of Importing for the First Time?

Discussion in 'Import & Export' started by Import Expert, Jan 6, 2012.

  1. yorkymax

    yorkymax

    Joined:
    Mar 26, 2013
    Messages:
    4
    If you don't sell in UK,you can register a Off shore company,for example, BVI company.
  2. Alissa75

    Alissa75

    Joined:
    Jul 22, 2013
    Messages:
    4
    Thanks for the tip, however for a start up business, an off shore company requires quite a few expenses... Therefore, I am staying in the UK, at least for a couple of years until the business is big enough.
    I have another financial question. Since I won't trade within the UK, most of my financial transactions will be in Euros. Therefore, I was wondering whether it was possible to register a company in the UK and open a bank account abroad (France). Is having a business bank account in the country of company registration compulsory? (Clearly, having a foreign currency account in the UK has a few drawbacks. It would be much easier to open one in the Eurozone).
    Thank you!
  3. GraemeL

    GraemeL

    Joined:
    Nov 3, 2011
    Messages:
    103

    Yes you can. In fact it is a requirement for a UK company who wants to sell through Amazon Es or Amazon It to open a bank account in the respective countries.

    G
  4. Alissa75

    Alissa75

    Joined:
    Jul 22, 2013
    Messages:
    4
    I think my question was not clear enough... Let me put it this way: I was wondering whether it was possible not to open a bank account in the country of registration. In other words, is a business bank account in the country of company registration compulsory?
    Thank u!
  5. GraemeL

    GraemeL

    Joined:
    Nov 3, 2011
    Messages:
    103

    OK!
    If you are a sole trader and you do not open a separate bank account for the business, then any personal bank account you have is in effect the businesses. So you will have a UK bank account in some form, like it or not. (assuming you have a personal account)

    If you start a Ltd Co, the business belongs to the shareholders, not to you. (You can of course be a shareholder.) It could be hard to deal with the various minor costs and assets the business will have, including shareholders funds, without a UK business account. Using a personal account is not appropriate. You will need to file annual accounts and your Accountant will want to see your bank statements to prepare these - even if they are zero.

    You may well find it easier to first open a UK business bank account with (say) Barclays as they will then help you set up Euro accounts in other countries. Moving monies between accounts is then much easier.

    G
  6. Alissa75

    Alissa75

    Joined:
    Jul 22, 2013
    Messages:
    4
    Thank you for the reply!
    I have sent an email to an accountant for advice. Will see what he says.
  7. nayar ali

    nayar ali

    Joined:
    Oct 30, 2013
    Messages:
    13
    great post so much information
    i am a newbie and am looking to star an importing business, main import areas being china pakistan and india possibly looking to vietnam etc
    i am looking to sell items on ebay and then axpanding to my own website and possibly becoming a wholesaler (long way to go though)
    anyways i have no business background whatsoever infact ive been a science nerd lol
    so my question is that haing read various importing threads and articles am i correct in thinking the step by step of importing is along the lines of


    1. finding a supplier for your product and asking for FOB price
    2. FOB will cover costs to port in china and insurance?
    3. if small order i.e. sample we can ask supplier to arrange courier such as dhl/fedex etc who will deliver by air mail?? and deliver to your door after which you pay the customs charges
    4. if large order (once established) we organise a freight forwarder from her in the uk to pick up goods from china port and bring to uk to our door
    5. fright company brings to uk port (which ever required) and deals with the hmrc and clears goods and send us an invoice for the bill
    once we have paid they deliver goods to door

    now my questions are
    1, do freight company need any documents from us to clear goods
    2. if we order containers but work from home can we get freight company to deliver in a van /trailer as i dont think a container would fit in my street
    3. how do we know the total cost as we would need that to work out if a certain product would even work out profitiable or not BEFORE any thing is ordered!!
    4. and if we order different items from different suppliers then how does that work ?? do we tell the suppliers to consolidate or do we tell the freight forwarder that we will have many shipments please can you consolidate into one container


    sorry for so many qestions but just trying to get out of the rat race and bring ideas to life hehe
    any help would be appreciated
  8. Power Forwarding

    Power Forwarding

    Joined:
    Jun 13, 2011
    Messages:
    556
    1) Yes, would need a copy commercial invoice and packing list as well as an EORI number.
    2) Containers would typically be delivered as is and you would unpack but it can arranged to be unpacked at a depot and then delivered on but this is likely to be fairly expensive.
    3) Contact a freight forwarder such as ourselves for prices, factor in duty / VAT and you should have a good idea of overall cost.
    4) You would advise the forwarder to ship all items together.
  9. nayar ali

    nayar ali

    Joined:
    Oct 30, 2013
    Messages:
    13

    hi
    thanks
    btw what is a cop commercial invoice? is that basically the invoice from the supplier and the packing list aswell?
    also if container comes to my street do they leave it there and pick up after a set time or do they wait and we can unload goods adn then they leave??
    thanks
  10. Power Forwarding

    Power Forwarding

    Joined:
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    556
    The commercial invoice is the invoice from supplier to yourself for the goods and no they will not drop off the container, they will wait for you to unload.
  11. nayar ali

    nayar ali

    Joined:
    Oct 30, 2013
    Messages:
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    great thanks alot for your help
    much appreciated
  12. nayar ali

    nayar ali

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    Oct 30, 2013
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    Last edited by a moderator: Nov 12, 2013
  13. amy2013

    amy2013

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    Oct 15, 2013
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    Good advice, thanks. It better for us to pick some unique design, avoiding direct competition with the Chinese seller on Ebay, never thinking of beating them with price, but unique and fantastic design. Also, I prefer more styles but less quantity, stock need to be updated quickly.
  14. wasn't_me

    wasn't_me

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    Oct 6, 2013
    Messages:
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    Thanks Darren and all, a fair bit of reading a but lot of good info.
    Import Expert likes this.
  15. DirkChesterton

    DirkChesterton

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    Jan 13, 2013
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    Thank you experts, great thread, really useful information.
    Import Expert likes this.
  16. purpleronnie

    purpleronnie

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    Jun 28, 2008
    Messages:
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    I read a while ago that import duty isnt paid (or reduced) if you import from bangledesh, is this still true?
  17. Import Expert

    Import Expert

    Joined:
    Oct 6, 2011
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    3,331
    From Bangladesh if your supplier can issue a GSP Certificate (A form of certificate of origin), Duty will be reduced or zero rated.
  18. dazhaz

    dazhaz

    Joined:
    Mar 25, 2014
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    Hi, I'm pleased i found this forum, it's got some great discussions on it.

    I have a dilemma - can anyone please help!

    I've negotiated a FOB price for some sample items from a reputable Chinese manufacturer, I just need to figure out how to get the items to me, I don't want to use an expensive courier also I don't want to use a slow sea freight service. Can anyone recommend or point me in the right direction, the name of a few companies would be helpful?

    Regards,

    Darren
  19. Import Expert

    Import Expert

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    Oct 6, 2011
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    Hi Darren - What is the approximate weight and cube?
  20. dazhaz

    dazhaz

    Joined:
    Mar 25, 2014
    Messages:
    4
    I should have mentioned that it is approx 80x80x60 cm and weighs 8 kg.
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