Buying Business Property in a Foreign Country: A Comprehensive Guide
Thinking about buying business property in a foreign country? Explore key considerations, legal requirements, and tips for success.
Running a US based reselling business? You might have heard of the benefits of using Chinese wholesalers but be unsure how to get started. We’ve got you covered.
This article will help you find the best wholesaler for your needs and will guide you through the buying process step-by-step. We’ll also help you cut costs, and protect your profits when paying international suppliers, with Wise Business. Here’s all you need to know.
You have a range of different choices when choosing a China wholesale website. We’ll take a look in more detail at a few options in a moment. But first, some pointers about things to consider when choosing a site.
If you have the opportunity to travel to China, you could also consider visiting a trade fair to connect with wholesalers in person. This is a good opportunity to meet many different factory owners in one place, and see samples of the goods they produce first hand.
Here are some of the most popular options for Chinese wholesale websites - and some pros and cons to consider.
One of the biggest and most well known wholesale sites - you’ll find many different suppliers across pretty much every segment.¹
A popular wholesale site which is known for a supplier vetting process, leading to higher quality goods on offer overall.²
China Brands is a dropshipping website with millions of products on offer. Vetting processes should ensure goods are of relatively high quality.³
1688 might not be the first choice for new resellers, but is an interesting place to look if you speak Chinese, have a translator, or want to check pricing across different sites.⁴
Source a broad range of products from their manufacturing hubs in China, and access trade tools to support your business.⁵
Known for relatively robust buyer protection and supplier vetting, DHgate offers a broad range of products over many categories.⁶
This is a Hong Kong based site, which exists to promote trade there via trade fairs and helping buyers and factory owners to connect.⁷
The buying process will vary slightly according to which website you choose to use, and the type of products you require.
Here’s a broad outline of the kind of steps you’ll need to take:
We mentioned you’ll need to find a smart way to pay your suppliers to keep your costs down and maximize your potential profit. One great way to do this is by using Wise Business.
Most wholesale site accept USD payments so you wouldn’t have to convert your money to avoid conversion fees. With Wise, you can pay in USD via ACH direct debit, card or wire transfer which is cheaper than a regular international wire through traditional banks. Also, you can check the latest exchange rate for USD to RMB.
Wise also offers a multi-currency account where you can hold and send payments in 45+ different currencies including Chinese Yuan. Business customers can use the multi-currency account to receive payments in USD, EUR, GBP, AUD, NZD and PLN for free. That makes it easier to connect to suppliers, customers and employees, so you can grow your business much faster.
Wise use new technology to make it quicker to send secure international payments. This means your money could arrive faster using Wise, compared with your usual bank.
See how your business can save with Wise Business.
Sources:
1]Alibaba website
2]Global source website
3]Chinabrands FAQ
4]1688 website
5]Made-in-china website
6]DHgate website
7]HKTDC website
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Thinking about buying business property in a foreign country? Explore key considerations, legal requirements, and tips for success.
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