Investors who want to open a jewelry business in Hong Kong have access to a developed sector, mainly targeted on precious jewelry, which Hong Kong is known for. However, production in this field encompasses both medium and high-priced products.
Investors who want to enter the jewelry manufacturing business will need to comply with the market requirements in terms of licensing but also to the local and international jewelry trends in order to stay competitive.
Jewelry is popular among the Hong Kong tourists who reportedly spend a large percentage of the total shopping they do while in the city on jewelry items.
Our company formation agents in Hong Kong can give you detailed information on the performance of the jewelry sector and the requirements for doing business in this field.
The jewelry industry in Hong Kong
The jewelry industry in Hong Kong is composed of both small and large companies, which typically work together under a subcontracting system: small and medium-sized companies and manufacturers provide services like molding, casting, gem setting, polishing, and others while larger companies are involved in retail, import, and export.
Hong Kong jewelers can build their own brand and register their trademark. When opening their own business, investors in this business field can also consider handling distribution or start an online shopping business.
Some rules and regulations that apply to jewelry distributors are the general trade measures. Hong Kong has a general low tax regime and has a tariff-free policy wit Mainland China.
Opening a jewelry business in Hong Kong
The type of company chosen by investors in the jewelry business will mostly depend on the activities the company will engage in and the available capital. For example, investors who only want to engage in online jewelry sale will have different requirements from those who want to export these products or who are engaged in some level along the production line.
All companies in Hong Kong are registered with the Companies Registry, operate within the scope of their business licenses and must observe the annual accounting and reporting requirements.
Hong Kong SAR-incorporated companies need to comply with the local accounting principles. This means that all companies prepare and file annual audited financial statements and, if they are public companies, they comply with more complex requirements. Our CPA in Hong Kong assists businesses with annual financial statements preparation, bookkeeping, tax filing and payment, and more.
Please contact us for more information on Hong Kong company formation.