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]

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

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.

Ditto!

Get legal advice.

is the item you plan to sell white and powdery?

Get legal advice. You will also need to consider taxation (VAT and tax on profits) and import duties etc.