Hong Kong is a world-famous international business and financial hub. Let’s take a closer look at the visa specificities.
Despite the tumultuous recent years due to the social unrests followed by the pandemic, Hong Kong remains one of the most business-friendly jurisdictions attracting a multitude of businesses and foreign investments. To maintain its economic growth and competitiveness in the new global economy, a strong international workforce is inescapable. Hong Kong has been able to maintain a free flow of highly skilled and educated talents and professionals from around the globe thanks to its business-friendly immigration policy, designed to accommodate investors, business entrepreneurs and professionals alike.
To be able to work in one of the world’s most exciting cities, you need a Hong Kong work permit and temporary residency. The government encourages foreigners to apply for positions and move to Hong Kong to take up residency, but an applicant needs to prove that he/she has what it takes to contribute to Hong Kong’s established economy by fulfilling the eligibility criteria of any one of the employment or business visa options. To obtain a work status and residency in Hong Kong, you may apply either an Investment as Entrepreneur or Employment visa. Let’s take a closer look at their respective specificities.
The Employment Visa is meant for persons who will be employed by a Hong Kong company and residing in Hong Kong. It can only be applied for after the person has secured an employment with a Hong Kong company.
Being a well-educated professional is something that can be proven by having received a first degree in the field he/she will be working in once in Hong Kong. In some cases, good technical qualifications combined with evidence of professional abilities, relevant experience and/or track records may be enough even without a bachelor’s degree.
Being a unique professional means there are no experts in Hong Kong who could fill the position; this alone may sometimes be sufficient to justify the grant of the Hong Kong work visa. To prove that he/she is uniquely qualified, an applicant should enclose as much evidence of his/her relevant competence and relevant professional experience as possible.
Even if a company has operations in Hong Kong, applicants must ensure that their employer has a Hong Kong business registration license and is able to demonstrate a good reason why a local candidate cannot fill the job opening. Some of the documents that could support this are job advertisements, resumes of unsuccessful candidates and interview records. In addition, the sponsoring company should maintain a good ratio between local and foreign hires (the more local employees the better).
If you have a decent business idea and you want to establish a business in Hong Kong, then Hong Kong welcomes you. Under the Investment as Entrepreneur Visa, foreign entrepreneurs can stay in Hong Kong on employment status under their own company. The Investment as Entrepreneur Visa is a form of employment visa, and it was meant for foreign entrepreneurs and business owners who wish to relocate to Hong Kong to start and/or manage their own business. “Manage” means actively participate in the daily business operations.
Hong Kong craves for foreigners with exceptional talents and business experience to build lucrative businesses in its region and stimulate economic growth. When a foreign professional is capable of making substantial contribution to Hong Kong’s economy, this foreigner may be favorably considered as a candidate for the investment as entrepreneur visa. The actual potential contribution can be evaluated through a business plan and evidence of the business turnover, financial resources, investment sum, number of jobs created locally for Hong Kong residents, and the introduction of new technology, knowledge, or skills.
The Hong Kong Immigration Department may consider whether the applicant’s business belongs to or is able to complement existing industries that Hong Kong benefits from. These industries include the traditional pillar industries, i.e., trading and logistics, transportation, convention and exhibition industries, tourism, cultural and creative industries, manufacturing, innovative technologies, financial services, and professional services.
For applicants who wish to “join in business” or establish a new business in Hong Kong, they must submit a 2-year business plan. It should include but not limiting to the nature of the business, business direction, marketing strategy, SWOT analysis, positioning, and sales targets. The business plan must also include a 2-year forecast of the profit-and-loss account statement, cash flow statement and balance sheet. An audit report of the existing foreign business, if any, should also be submitted. In a nutshell, the document checklist is designed geared toward a demonstration that the intended business is suitable for and capable of developing in Hong Kong.
At the time of processing your application, the authorities will closely examine your proposed business plan to assess whether your proposed investment is sufficient for the business you plan to set up. In this regard, you must ensure that your proposed investment covers the startup and operational expenses of your business for at least the initial 12 to 18-month period.
Although the Investment as Entrepreneur visa is a subcategory of employment visa, both programs aim at attracting working persons who can bring “value” to Hong Kong. The consideration by the Immigration Department on these two programs are based upon different criteria.
As a general rule, for a successful Investment as Entrepreneur application, the applicant must be able to show his ability to make a considerable and tangible monetary contribution to Hong Kong and operate a sustainable business, while the applicant of an Employment Visa must contribute his abilities to benefit the sponsoring company.
1)Documents for submission
The documents checklists of both programs are rather similar. One key difference lies in the fact that, for the Investment as Entrepreneur visa— as its name suggests –, the applicant must provide proof of a capital injection (and of company share acquisition if any) to the Immigration Department to demonstrate the involvement of a personal investment.
2)Processing time
The Immigration Department takes 4–8 weeks to process the Employment Visa application, upon submission of a complete application file.
As for the Investment as Entrepreneur Visa, if the officer finds that the applicant’s commitment to his/her business and the economy of Hong Kong is genuine and strong, that he/she has the adequate capital to support the business plans and that the applicant satisfies all the eligibility criteria, the application processing time can take up to 8–12 weeks.
3)Factors of Consideration
Sponsor:
An Entrepreneur Visa application must be sponsored by a local sponsor — either a company or an individual. The sponsor takes the onus of assuming the responsibility of your repatriation should the circumstances so require. While the Employment Visa applicant must be sponsored by the employing company.
Suitable business premises:
The authorities will consider if the company has chosen business premises that are 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 (or property ownership documents, i.e., land search documents from land registry) along with photographs of the business premises. Serviced office with limited workspace is usually not recommended for the purpose of an Investment as Entrepreneur visa application.
4)Financial Status
An applicant for Investment as Entrepreneur visa has to provide his/her personal bank statements to the Immigration Department to show that the applicant is financially stable and has sufficient capital for the operation of the company. Clear documentary evidence of the capital injection — from his/her personal bank account to the company bank account — is mandatory. This is not necessary for the applicant of an Employment Visa.
Moreover, the company might have to provide the details of other shareholder(s) (copy of travel documents, HKID, etc.) if any.
5)Visa Renewal
The extension of stay for the Employment visa is straight forward; an extension letter issued by the sponsoring company with a filled application form will do.
The Investment as Entrepreneur visa extension, on the other hand, will be scrutinized by Immigration Department, which will evaluate the company’s eligibility through the business plan initially submitted with the original visa application and verify whether the applicant has adhered to the planned agenda for his/her company in terms of number of employees, office size, etc. Mandatory Provident Fund (MPF) statements and bank statements will therefore be required to corroborate these figures with respect to human resource details and company capital flow.
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