Hey Nial, I can think of easier ways of filling the time! ;-)
Honestly, if you do it, go for it as a hobby, not for the bucks. Not sure if the money is in the US right now for vanity labels, the US economy being what it is, high gas prices, falling property prices, unemployment on the increase, etc. The way the USD is against almost every other currency at present it would take a brave man to start an import business now…… however, it can only get better when anyone (ANYONE!) else gets to occupy the WH … so there is hope.
CIF mentioned above is Cost Insurance Freight, BTW, not "Cash" i.e. price delivered to seaport of destination. Suggest you google “incoterms definitions” and you will get all that is necessary in trade terminology.
If you did not close down your old corp, re-activate it or create a new one. I would most definitely use a limited liability entity, be it LLC or other, as in the event of anything going wrong you do not want to lose the roof over your head (e.g. some nutter uses a 3” in a 2” out-of-proof chamber, has a problem and comes after you………) Downside of a new corp is that you will not yet have a credit rating so you will have to pay cash up front… or Letter of Credit, usually means the same thing. Find a bank that is used to foreign trade, most in the US have little idea of ILCs, etc., and create more work & generate more fees for themselves.
I’m looking at doing something in reverse (to benefit from the crappy USD rate)….. I’m examining the possibility of importing a boat from the US, want something that runs on diesel, not gas, say a 25 footer ocean fishing boat with a 120-150hp diesel and most I see are 5.7 Mercruiser gas guzzlers. The research is fun, though!
Let me know if I can help this side,
Rs
K.
