I find it pretty fun to juggle balance.

[enharu]

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@w20031424 wrote:

They do charge duties, I do pay them, it's 20%. Even factoring in the duty, it's still highly profitable. Because Coach bag is twice or third the price their in China. 

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Oh okay....because earlier you said:

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@w20031424 wrote:

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@enharu wrote:

So no duties, and no import / export license required?

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No, nothing. Just buy and sell.

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So I was confused.......

Just so I'm clear, so there's duties, right? I'm asking for my own personal knowledge. It was very tempting when I read no duties involved......

And one last question, so you manage to import 10-40k worth of goods despite not being the authorized reseller. And all they do is to charge you duties? No other docs or verification required, such as documents regarding origin of goods?

[w20031424]

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@Open123 wrote:

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@w20031424 wrote:

They do charge duties, I do pay them, it's 20%. Even factoring in the duty, it's still highly profitable. Because Coach bag is twice or third the price their in China. 

---

Given your robust profit margin, I'd suggest you use a strict Letter of Credit with your buyers.  This way, you mitigate the risk of lost merchandise leaving yourself a $30K unpaid invoice.

---

I explained this to biz CC analyst, they still can't do this because I only have six months of biz history. They're just a normal lender, they do not provide venture fund.

[myjourney]

OP correct me if i'm wrong but according to one of your post you are a full time student with an income of  $50,000 

So my question what are you listing on apps?

[enharu]

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@myjourney wrote:

OP correct me if i'm wrong but according to one of your post you are a full time student with an income of  $50,000 

So my question what are you listing on apps?

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According to OP: 80k.

Here you go as reference:

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@w20031424 wrote:

With last month's apping spree, I have five new cards now. So it's time to grow my credit line. I'm charging my business expense in the amount of 3X-4X  CL through each card I have,which you can see in my sig, except the Cap One card. I asked each card issuer's CSR in advance and read the T&C of each card thoroughly, and it seems fine to put business charge on personal card. Actually I have 90K+ business expense each month that I can charge through credit cards. But I think 4X of CL is the limit, anything beyond that can look suspicious and raise a red flag. So I have to finish the rest of these transactions with debit card or check.

The only thing is that my credit history is short, oldest account is 1 year and 10 month, AAOA about 5 months now. 30 inquiries on each report. Annual income 80K.

Does anyone have any idea of the approximate CL I may eventually get after six months?  Do you know some other way I can use to increase CL fast? Maybe show the bank a large amount CD or fax them my tax return? Thank you. 

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Just curious, again. (I seem to be exceptionally curious today)

How much are your business expenses?

Because this says:

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@w20031424 wrote:

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@myjourney wrote:

How much are you running through business purchases per month?

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About $20K-$30K. I started this about six months ago.

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[w20031424]

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@enharu wrote:

---

@w20031424 wrote:

They do charge duties, I do pay them, it's 20%. Even factoring in the duty, it's still highly profitable. Because Coach bag is twice or third the price their in China. 

---

Oh okay....because earlier you said:

---

@w20031424 wrote:

---

@enharu wrote:

So no duties, and no import / export license required?

---

No, nothing. Just buy and sell.

---

So I was confused.......

Just so I'm clear, so there's duties, right? I'm asking for my own personal knowledge. It was very tempting when I read no duties involved......

And one last question, so you manage to import 10-40k worth of goods despite not being the authorized reseller. And all they do is to charge you duties? No other docs or verification required, such as documents regarding origin of goods?

---

Because I was assuming you were saying the duties for export.

And you're talking about China, so a lot of laws from developed country don't apply or wokr in the same way.

[Open123]

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@w20031424 wrote:

Given your robust profit margin, I'd suggest you use a strict Letter of Credit with your buyers.  This way, you mitigate the risk of lost merchandise leaving yourself a $30K unpaid invoice.

---

I explained this to biz CC analyst, they still can't do this because I only have six months of biz history. They're just a normal lender, they do not provide venture fund.

---

I meant you should request the buyer's bank issue you a Letter of Credit, and you can agree to pay or share in the costs, since your profits margins are high enough. An irrevocable LC from the buyer's bank will insure timely payment once you deliver your merchandise in good order.

If you are engaging in import/exporting (and, not just some scatalogical bovine to pass the time), you really should look into requesting an LC from your buyers.  

[enharu]

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@w20031424 wrote:

And you're talking about China, so a lot of laws from developed country don't apply or wokr in the same way.

---

So may I ask, you manage to import 10-90k (changed the number according to your quote) of goods each month, and no docs or verification required at all? All they require is that you pay duties? I'm just curious about the import / export process.

[w20031424]

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@Open123 wrote:

---

@w20031424 wrote:

Given your robust profit margin, I'd suggest you use a strict Letter of Credit with your buyers.  This way, you mitigate the risk of lost merchandise leaving yourself a $30K unpaid invoice.

---

I explained this to biz CC analyst, they still can't do this because I only have six months of biz history. They're just a normal lender, they do not provide venture fund.

---

I meant you should request the buyer's bank issue you a Letter of Credit, and you can agree to pay or share in the costs, since your profits margins are high enough. An irrevocable LC from the buyer's bank will insure timely payment once you deliver your merchandise in good order.

If you are engaging in import/exporting (and, not just some scatalogical bovine to pass the time), you really should look into requesting an LC from your buyers.  

---

OK. Thanks. I'll study about that.

[09Lexie]

How much more rope are you going to give?

[w20031424]

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@enharu wrote:

---

@w20031424 wrote:

And you're talking about China, so a lot of laws from developed country don't apply or wokr in the same way.

---

So may I ask, you manage to import 10-90k (changed the number according to your quote) of goods each month, and no docs or verification required at all? All they require is that you pay duties? I'm just curious about the import / export process.

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You need to file a (pretty simple) custom declaration to show them what you get, the price, use, etc. And as long as you pay your duties, there's no reason for them to stop you.