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what is a Trading Company?

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tuk boy
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what is a Trading Company?

Postby tuk boy » Sun, 19 Nov 2006 11:13 pm

can anyone explain what does a Trading Company do?

i want to set up an import and export company, is it the same as a Trading Company?

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ksl
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Re: what is a Trading Company?

Postby ksl » Mon, 20 Nov 2006 3:28 am

tuk boy wrote:can anyone explain what does a Trading Company do?

i want to set up an import and export company, is it the same as a Trading Company?


Basically yes! However you don't have to import or export. trading means to deal, transact, buy and sell; barter, exchange; purchase.

Import/Export is international trading, which is much more complexed due to international laws and custom controls, all good coming into a country and leaving are monitored, also risk maybe a problem, you need to assess, depending on many variables.

It is a specialised area, however if you do your research and follow the check list, it is possible, mistakes will be made, but you will gather the knowledge required to overcome the pitfalls. especially doing overseas transactions concerning money and goods.

There are many crooks, that set up false banks, never mind false cheques, professional criminals are everywhere.

Although if you research Singapore Cheamber of Commerce you may get the help you need. You will get much valuable information, and they probably have their own trade library and books where you can do your research.

Never do any overseas deal without a irrevocable letter of credit, of which you pay for ( So you must also use common sense ) until you learn to trust your business partner, and even then you he may walk away with your money, your job is to minimise this risk. Like the infamous Singaporean lawyer who disappeared with millions, you can never trust anyone.

http://www.sicc.com.sg/

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ksl
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Postby ksl » Mon, 20 Nov 2006 4:56 am

As an examined International Exporter, you have the benefit to offer ones experience, which is normally a documented examination on a structured International Trading Course full fime intensive study involving theory and hands on practice for an allotted company, interested in exporting their products to international markets.

This kind of course is exceptional in the way, you can work on your own import/export projects, if one wants to.

I do Know that SMU have a simular kind of course, where for a fee companies are allowed to hire these people to evaluate your potential for export/import or new product evaluation, it is run along with OBUC bank I think its called. Companies get upto 90% discount. however I did look into the programme, and I felt the Bank and University are wrong to charge Companies anything, because the students are in a learning phase and the quality of work done by students leaves much to be desired.

Althouth this type of course would benefit you, to give you insight, although I have not searched for international trade institutions in Singapore, it would be worth your while looking into it.

The reason being, they are normally pretty good at evaluating the potential of students, and many post graduates on my course never made it to the exams, in other words, they really didn't have the insight into business, and/or the commonsense to evaluate a Companies readiness for export, and if you cannot do that, then you may has well walk away from it, or lose alot of money.

On the other hand, if it's a small amount of money, it could be a cheap learning experience.

To give you an example, it takes around 80 to 100,000 pounds to open an Export office within a Company, with just one guy, and that guy has got to be worth every penny and more to be successful.

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AdamC
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Postby AdamC » Mon, 20 Nov 2006 6:08 am

more detail on products n type of market You are looking at?


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