Managing International Cashflow & Business Lessons with Attila

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Today’s episode is at the tail end of my 1 month USA road trip (sorry I missed last week, too much traveling!) and I was able to get some juicy inside information about how my friend Attila runs his international business, dealing with international banking, cash flows , import and export headaches for consumer electronics in and out of China, and some business lessons with business partners. Enjoy!

Topics Covered in this Episode

• Introduction of Attila
• His process of going Retail, into Hong Kong, then Mainland china, then to wholesale
• What kinds of products he has experience in selling
• Financial flow (cash-flow) of money in Asia
• Receiving money from customers (b2c and b2b) examples and flow
• Receiving Paypal in Hong Kong
• Corporate structure examples of what he has done or advised
• Getting benefits of a Hong Kong bank without a Hong Kong company
• Logistics of cash-flow – balancing USA merchant account and offshore merchant account
• Limits or flags merchants put on batches
• Why banks have these limits and risk controls
• Rates of USA merchant banks and offshore merchant banks
• Dealing with goods – Importing into Hong Kong vs importing into China and invoices protocol cross-border
• VAT / Fapiao – taxes and duties in China, components or finished goods
• Why goods in China are not always cheaper than in America or other countries
• Case study of bringing in IC chips from Hong Kong into Shenzhen (mainland China)
• Dealing with legal issues in China
• Breakup with his business partner over this legal issue.
• Strains of having business partners in Asia and USA at the same time and dealing with cultural differences
• Importance of having shareholder contracts with business partners
• Advice for new business people looking to get involved with buying and selling consumer electronics in Asia / China

People / Companies / Resources Mentioned in this Episode

• Worldpay international merchant bank
• HSBC bank
• Emailing Attila – attila @ attila.com

Episode Length: 24:26

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