CENTRAL: Trade with Hong Kong is booming. In such an energised marketplace, it is important to understand the legal parameters for importing and exporting. Local expertise can support your business expansion in the region and help you navigate the appropriate regulations.
Trade with Hong Kong is booming. January 2018 saw a 21% increase in total trade compared with the same month a year ago, and much of the increase was due to growing imports.
With a natural, deep water harbour, Hong Kong has long been a vibrant centre for trade, particularly within Asia Pacific but nowadays around the globe.
In such an energised marketplace, it is important to understand the legal parameters for trade. Local expertise can support your business expansion in the region and help you navigate the appropriate regulations.
Hong Kong is a free port with no restrictions on the right to import and export goods. Any Hong Kong company or individual has the right to handle goods import and export, but even so, such businesses must comply with certain regulations. Companies set up by mainland enterprises in Hong Kong can also enjoy the same right.
There is no customs tariff on goods imported into the country. The HKSAR Government collects an excise duty on only four types of goods, irrespective of whether they are imported or locally manufactured: tobacco, hydrocarbon oil, alcoholic beverages, and methyl alcohol.
Usually, all cargo imported into or exported from HKSAR via air, land and sea is subject to Customs control, which is carried out primarily through inspection of documentation such as manifests. Physical examination of goods, if necessary, is mainly carried out on a selective basis.
For goods entering Hong Kong, the importer must complete customs clearance and declaration formalities with the Hong Kong Customs and Excise Department. Charges are based on the value and nature of goods imported, except for articles exempted from declaration charge.
