Launch Your Jewelry and Precious Metal Wholesale Business in Burnaby
This page offers a practical, step-by-step guide to launching a jewelry, watch, precious stone, and precious metal merchant wholesale business (NAICS 423940) in Burnaby. It breaks down the seven essential requirements you’ll need to meet before you open. You’ll also find a clear overview of permits and licenses, the costs you should budget for, and a realistic timeline from registration to your first wholesale order.
You’ll learn the seven requirements in plain language, including how to register your business in BC, obtain a Burnaby municipal license, register for GST/HST, ensure proper zoning and wholesale permits, set up essential insurance and security, and establish smart bookkeeping and tax compliance. We’ll outline typical costs to budget for—license and permit fees, insurance, security upgrades, and initial inventory—and share a realistic 4–8 week timeline from start to first order.
Burnaby offers a practical base for wholesale jewelry and precious metals, with proximity to Vancouver’s large market, strong logistics, and a growing business community. This combination supports faster sourcing, smoother import/export, and more efficient distribution for your customers.
Requirements Overview
The most critical requirement for operating a jewelry, watch, precious stone, and precious metal merchant wholesale business in Burnaby is Product Safety and Recall Obligations. This means you need a documented program to ensure every product meets safety standards and a clear plan for recalls if problems arise. This requirement is legally binding and non-negotiable—you cannot legally operate or sell products without meeting it, and penalties can follow non-compliance.
Beyond safety, you must cover health, safety, and permits as part of daily operations. Maintain WorkSafeBC coverage and registration to protect workers. Establish and maintain practical product safety and recall procedures (traceability, reporting, and corrective action). If you hire employees, you’ll also handle payroll deductions and related tax withholdings as part of compliant operations.
Business Registration & Tax: You’ll need a Business Number (BN) from the Canada Revenue Agency for tax accounts, and you should register your BC business name if you’re operating as a sole proprietorship or partnership. If you plan to import or export goods, an Import/Export Business Number may be required. For ongoing taxes, register for GST/HST, and set up payroll deductions registration if you employ staff.
Next steps: start with establishing your product-safety program and recall plan, then tackle registration basics and tax registrations. Gather the required documents (your business details, ownership structure, anticipated import/export activity). Consider talking to a local accountant or regulatory advisor, and check Burnaby and BC resources to confirm any city-specific licenses. You’ve got this—take it step by step and you’ll be ready to operate smoothly and legally.
Detailed Requirements
Here are the specific requirements for starting a jewelry, watch, precious stone, and precious metal merchant wholesalers in Burnaby:
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Product Safety and Recall Obligations RequiredWholesalers must ensure products meet Canadian safety standards and report serious incidents. Must participate in product recalls and maintain records for traceability. No registration - compliance law. Manufacturers/importers/sellers must ensure products are safe. MANDATORY REPORTING to Health Canada if: death/serious injury occurred or could occur, defects found, inadequate labeling, or recall in other jurisdiction. Keep records 6 years. Penalties: fines, seizure, criminal charges. Report incidents online or call 1-866-662-0666.
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Business Number (BN) Registration RequiredA 9-digit Business Number is required for most businesses operating in Canada. It is used to interact with the Canada Revenue Agency and other federal programs. Required for GST/HST, payroll, corporation income tax, and import/export accounts. Register FREE online through Business Registration Online (BRO) at canada.ca. Takes 15-30 minutes. As of November 3, 2025, online registration is MANDATORY for new BNs - phone registration no longer available. You'll need: business name, address, owner SIN, business type, and start date. BN (9-digit number) issued INSTANTLY online. Available 21 hours/day, 7 days/week (closed 3-6am ET for maintenance).
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BC Business Name Registration (Sole Proprietorship/Partnership) RequiredRegistration of sole proprietorship or partnership business names with BC Registries Register sole proprietorship or partnership at bcregistry.gov.bc.ca. Name reservation: $30 (standard) or $100 (priority 1-2 days). Registration fee: $40. Total: ~$70. Name reserved for 56 days after approval. Registration is continuous (no renewal required). No name protection for sole proprietorships. Personal names operating under own name do not require registration. Contact BC Registries: 1-877-526-1526.
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Import/Export Business Number ConditionalRequired for specific regulated activities. Wholesalers engaged in importing or exporting goods must register for an import/export account with Canada Border Services Agency (CBSA) in addition to their CRA Business Number. As of Oct 21, 2024, register RM account through CBSA's CARM Client Portal (not CRA). Need BN9 first - get via CARM or CRA's BRO. FREE registration. Required for importing/exporting commercial goods. Ensure all business names match exactly to avoid border delays. CBSA manages RM accounts; CRA issues BN9. Contact CBSA Border Information Service: 1-800-461-9999.
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GST/HST Registration ConditionalRequired if annual taxable revenue exceeds $30,000 (small supplier threshold). Taxi/ride-share drivers must register regardless of revenue. Businesses with gross revenues over $30,000 in any single quarter or over four consecutive quarters must register for, collect, and remit GST/HST. Small suppliers (under $30,000) may register voluntarily. Register FREE online through Business Registration Online (BRO) when your revenue exceeds $30,000 in any 4 consecutive quarters (small supplier threshold). Takes 15-30 minutes. You MUST register within 29 days of exceeding threshold and start charging GST/HST immediately on the sale that made you exceed it. Need your BN (or get one simultaneously). As of Nov 3, 2025, online registration is mandatory. Voluntary registration available anytime for input tax credits.
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Payroll Deductions Registration ConditionalRequired if you pay salaries, wages, or other remuneration to employees. Must register before first pay period. Required if you have employees. You must withhold Canada Pension Plan (CPP), Employment Insurance (EI), and income tax from employee wages and remit to CRA. Register FREE online through Business Registration Online (BRO) when you hire your first employee. Takes 15-20 minutes. You'll need your Business Number (BN) or can get one simultaneously. Payroll account (RP) added to your BN instantly. Register BEFORE your first pay date. Required to deduct CPP, EI, and income tax from employee wages. For 2025: CPP rate 5.95%, EI employee rate $1.66/$100 insurable earnings.
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WorkSafeBC Coverage and Registration ConditionalRequired if you have workers in BC. Workers compensation insurance coverage through WorkSafeBC for employers in British Columbia WorkSafeBC coverage required for most BC employers. Average base premium rate: 1.55% of assessable payroll ($1.55 per $100). Register online at worksafebc.com. Apply 30 days before starting business or hiring workers. Processing: ~10 business days. Premium rates vary by industry classification (514 classification units). COR certified employers eligible for 10% rebate. Contact: 604-276-3100 or 1-888-967-5377.
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