(Entry for Investment for foreign entrepreneurs)
OVERVIEW
For foreign business owners who want to relocate to Hong Kong to run their own business, the city has a specialized immigration visa programme called Entry for Investment. This entrepreneur visa programme essentially entitles the business owner to a work permit that allows them to work for their Hong Kong company as an employee.
ELIGIBILITY
- You shouldn’t have any security concerns or criminal histories.
- You need to have a strong educational foundation. Typically, having at least a bachelor’s degree in the pertinent discipline is preferred. In the absence of such a degree, however, official documentation of strong technical credentials, pertinent professional abilities, accomplishments, and experience may be sufficient.
- You must demonstrate that your business will employ local workers, that you will use local service providers, suppliers, manufacturers, etc., and that you will be able to make a significant contribution in the specific market that you are entering. This will show that you will significantly contribute to the economy of Hong Kong.
- You are required to incorporate your Hong Kong company prior to applying for the entrepreneur visa.
INVESTMENT REQUIREMENTS
When requesting an entrepreneur visa, there is no minimum investment amount imposed by the authorities. To determine whether your proposed investment is adequate for the business you intend to launch, the authorities will carefully review your proposed business plan when processing your application. In this regard, you must make sure that your desired investment will pay for your company’s beginning and ongoing operating costs for at least the first three to six months.
DOCUMENTS REQUIRED
A local sponsor, either a business or a person, is required to support an application for an entrepreneur visa. If the need arises, it is the sponsor’s obligation to assume responsibility for your repatriation. In order to apply for an entrepreneur visa in Hong Kong, you must have the following documents:
Documents required from the applicant:
- Completed Application Form
- A copy of the personal particulars page of your passport. If you are currently staying in Hong Kong, a copy of your passport page containing the latest arrival stamp/extension of stay label in Hong Kong.
- A copy of your Hong Kong identity card (if any)
- A copy of proof of academic qualifications and relevant working experience
- A copy of the company’s Employment Contract or Appointment Letter, detailing information about your post, salary, other fringe benefits and employment period (if applicable)
- A thorough and detailed two-year business plan which should provide information about your company’s proposed business activities, amount of investment, creation of local job posts, setting up of an office/showroom/warehouse, etc.
- A copy of the Business Registration Certificate obtained from the Inland Revenue Department and business registration particulars of the company you are going to invest in or have already invested in.
- A copy of proof of your overseas residence
Documents required from the sponsor:
- If the sponsor is a company
- Completed Application Form (Sponsor)
- A copy of the company’s Business Registration Certificate
- If the sponsor is an individual
- Completed Application Form (Sponsor)
- A copy of the sponsor’s Hong Kong identity card
- A copy of the personal particulars page of the sponsor’s passport.
All documents submitted must be in English or Chinese or translated into English or Chinese by a certified translation body. The Immigration authorities reserve the right to demand further documents from the applicant or sponsor as and when necessary.
COUNTRIES NOT ELIGIBLE TO THE ENTREPRENEUR VISA
The following nations are ineligible for the investment/entrepreneur visa: Afghanistan, Cuba, Laos, North Korea (also known as the Democratic People’s Republic of Korea), Nepal, and Vietnam.
PROCESSING TIME
From the date of filing, the visa application procedure typically takes 4 to 8 weeks.
VISA VALIDITY
As long as your firm is still viable, the entrepreneur visa is often initially granted for a one-year period and then renewed.
VISA RENEWALS
You must submit a renewal application at least four weeks before your limit of stay ends if you want to prolong your stay. Only if you continue to meet the requirements for eligibility and your business is still operating profitably will your renewal application be taken into account. The 2-2-3 years pattern will typically be followed by your extension of stay if your renewal application is approved.
PERMANENT RESIDENCE
You are entitled to apply for permanent residence, often known as “right of abode” in Hong Kong, if you have been granted an entrepreneur visa and have lived there continuously for at least seven years.
BUSINESS PLAN FOR HONGKONG ENTREPRENEUR VISA
As mentioned above, you must submit a 2-year business plan as part of your entrepreneur visa application. A good business plan is one of the most crucial aspects in the approval of entrepreneur visa application. You must convince the authorities by enclosing adequate information and proof that your business will benefit the economy of Hong Kong. Your investment plan will be scrutinized and the following factors will be taken into account by the authorities:
Business Plan: You must ensure that you have a sound business plan detailing your business idea, product or service, market analysis including the potential of your business to grow and contribute to the market in Hong Kong, your operational plan, administrative and management team etc.
Capital Investment: The authorities will examine if you have adequate capital investment or the necessary funding required to support your business. It is generally advisable to enclose documentary proof of your financial standing such as bank statements, loan papers, letters of credit etc. Although there is no minimum capital requirement, you must ensure that you have sufficient funds to cover your start-up costs and operational costs for a short to medium term period of three-six months.
Proposed Business Vehicle: Determinants such as your choice of business vehicle also plays a vital role in your application. Generally, a limited liability company incorporated in Hong Kong commands a better image than a sole proprietorship or a partnership firm, and will be taken more seriously by the authorities.
Suitable business premises: The authorities will consider if your chosen business premises is suitable for the nature of business activity you will be engaging in. For instance, an import/export company will require business space that offers storage facilities. It is advisable to enclose a copy of the existing or proposed tenancy agreement and photographs of your business premises.
What Should Be In The Business Plan?
Your business plan for immigration to HongKong is essential as one of the many supporting documents on which your application is judged.
The business plan includes:
- Executive Summary
- Mission Statement
- Company Background
- Product Description
- Marketing Plan
- Competitor Analysis
- SWOT Analysis
- Operations
- Financial Planning
- Timeline
Infocrest will assist you in establishing your business in order to obtain an entrepreneur visa in Hong Kong.