Guide for Hong Kong Visa for Entrepreneurs and Startups
With every other article telling you about the advantages of starting your business in Hong Kong, you may be impressed with the tax system and the chances of increasing your profit by setting a business in Hong Kong. So, if you are planning to expand your business or move to Hong Kong, it is vital to get a visa in Hong Kong.
Hong Kong has a unique migration visa scheme for entrepreneurs who wish to relocate and operate their business here. Hong Kong Visas for Entrepreneurs are basically the work permit that is issued to a business owner as an employee of his or her company.
Investment Requirements
When applying for an entrepreneur visa, there are no minimum investment requirements specified by the authorities. Your proposed business plan will be strictly considered at the time of processing to check if your proposed investment is sufficient for your planned business. So, whenever you propose a business plan, keep in mind that your investment covers all the operational and startup expenses of your business for a minimum period of 3–6 months.
Eligibility Criteria
To make sure that you get the Startup Visa in Hong Kong without any trouble, it is recommended to always check the eligibility requirements. Check the criteria here:
You must have a good educational background. Usually, it is preferred to have at least an undergraduate degree in the related field. But still, in the absence of such a degree, documentary evidence of proper technical qualifications, appropriate professional skills, accomplishments, and knowledge may suffice.
You should not have any criminal records or security risks.
It is important to prove that you will make a valuable contribution to the economy of Hong Kong. You can show this by explaining that your business will provide jobs for the local workforce, you will employ the services of local suppliers, service providers, manufacturers, etc., and can make a vital contribution in the particular market that you are entering into.
You are expected to incorporate your Hong Kong company before applying for the entrepreneur visa.
Documents Required
The entrepreneur visa application needs to be sponsored by a local sponsor, a company or an individual. With this sponsorship, comes the assuming responsibility for your repatriation if any such circumstances arise. To apply for an entrepreneur visa in Hong Kong, the following documents are required:
Documents required from the applicant:
A completed application form
A copy of your Hong Kong identity card (if any)
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 proof of academic qualifications and any relevant working experience
A copy of the company’s employment contract or appointment letter, having all the details about your job post, previous salary, other fringe benefits and if applicable, the details about your employment period.
A comprehensive and detailed two-year business plan that provides information about your company’s various business activities, proposed 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 (IRD) and business registration essentials of the company you are going to invest in or have already invested in.
A copy of proof of your overseas residence
Depending on your business type, you can apply for any of the below-mentioned visas upon deciding to start your new venture in Hong Kong.
Investment as Entrepreneurs
Are you a foreign entrepreneur looking to start a business and relocate to Hong Kong? This visa initially grants you a stay of about 24 months.
To apply for this, a 2-year business plan, financial projections, and personal bank statements are mandatory. The most important thing to show about your business is its ability to contribute considerably to the Hong Kong economy (For e.g. by producing more local jobs).
Advantages
If you have lived in Hong Kong for at least 3 years and now hold an employment visa, it will be easier to get a business investment visa for your new adventure.
Startups under a government-accredited incubator programme will be always given a leg-up.
If you hold an employment visa and your employer allows you to run a side business, getting a business investment visa will become comparatively easier.
The same scheme allows a person’s spouse and child to go to Hong Kong with them on a dependent policy. Note that the child must not be more than 18 years of age.
Disadvantages
It is one of the most difficult Hong Kong Visas for Entrepreneurs to obtain, with approx 300–400 granted each year.
This visa demands the most number of forms to be attached along, including company registration, annual returns, and sponsorship forms.
New businesses and startups, which will have a little to show financially, may strive to get this visa.
Applicants must be able to show that they are partners/sole-proprietors/key personnel of the business.
Employee Visas
In case you’re intending to hire some employees for your startup in Hong Kong or if your team in Hong Kong comprises of non-citizens and existing inhabitants, you may need to apply for the important visas for your workers.
According to the rules, foreign citizens require a visa to enter, work and live in Hong Kong. In spite of the fact that there are special cases, always check the nationality of your employee to guarantee that you are getting the correct visa for them.
The General Employment Policy (GEP) — Professionals
Other than getting the GEP plot (Entrepreneurs), you may apply for work visas for your employees under this plan. Furthermore, this enables candidates to remain in Hong Kong for around two years.
Top-level GEP participants might be allowed a 6-year expansion time to stay without restriction only if they qualify for the required eligibility criteria. This may be better if you plan to keep your employees around for a longer time frame as compared with the normal GEP plot (Entrepreneurs), which allows an extension of 3 months.
Employees who fulfill these conditions may apply for the GEP scheme:
They need to have a confirmed job offer.
They should acquire a graduate degree and the required professional experience in their field.
Their salary and the other working conditions are comparable to local standards.
They will equally contribute to the local economy in general.
They are a good replacement of a local, as no local can be found to do that specific job.
Advantages
The GEP scheme allows for a person’s spouse and child. The child must not be more than 18 years of age to go to Hong Kong with them on a dependent policy.
Applicants do not need to show the authorities that they are sole-proprietors,partners or key personnel of the business.
Disadvantages
Very lengthy forms need to be submitted and hard copies are required to be mailed by both the employer and the applicant, such as the application for entry for Employment as Professionals (ID 990A) and Application for Employing Professionals (ID 990B).
It is time consuming as it takes about 4–6 weeks to process.
Admission Scheme for Mainland Talents and Professionals (ASMTP)
This visa is perfect for those planning to attract qualified Mainland (Mainland of China) professionals. Just like the GEP scheme, the applicant is required to show that they have the required skills and expertise to work in the local economy and for the specific job they are applying for.
Advantages
The ASMTP scheme is quota-free and non-sector specific.
Applicants from managerial or professional positions can use this scheme to serve for the training and start of the operations in Hong Kong, even before the business has started.
The ASMTP scheme enables for a person’s spouse and child to live in Hong Kong. Condition being, that the child must not be more than 18 years of age to go to Hong Kong with them on a dependent policy.
Disadvantages
Quite lengthy forms need to be submitted and hard copies are required to mail (or deliver in person) by both the applicant and the employer, such as the Application for Entry for Employment as Professionals (ID 990A) and Application for Employing Professionals (ID 990B).
Takes about 4–6 weeks to process.
Quality Migrant Admission Scheme (QMAS)
This is suitable for individuals who are highly skilled and are experts in their field. However, they are first required to pass either one of two point-based tests,
1) General Points Test (GPT) — this test is mainly for professional qualifications, and
2) Achievement-based Points Test (APT) — this test focuses on outstanding achievements and awards. It is usually non-work related.
Advantages
The ASMTP scheme is quota-free and non-sector specific.
Successful applicants under the GPT or APT may get an extension of up to 6 years and 8 years respectively.
The QMAS scheme grants a visa for the person’s spouse and child. The child must not be more than 18 years of age to go to Hong Kong with them on a dependent policy.
Disadvantages
The scheme is quota-based, which means only a limited applicants succeed in obtaining the visa.
It is not applicable to countries like Afghanistan, Cambodia, Cuba, Laos, Korea (Democratic People’s Republic of), Nepal and Vietnam.
Application Procedure and Timeline
To continue the process quickly, the finished application forms must be submitted to Hong Kong Immigration Department by post. The application handling time is around 3–5 months. If the application is accepted, the Immigration Department will issue a Visa/Entry Permit mark which must be collected from the Immigration office face to face by the candidate or by an approved agent. The Visa/Entry Permit mark must be clearly marked on the blank visa page of the candidate’s travel permit and displayed to the Immigration Officer upon landing in Hong Kong. If by chance, the work permit application is rejected, an appeal can be documented with the authorities. If the experts find that your commitment regarding your business and the economy of Hong Kong is honest and you have the satisfactory cash-flow to help your strategies for success, and that you are fulfilling all the eligibility criteria, it is very unlikely that your investment visa application will be rejected. However, in case of your application gets rejected, you can always approach the experts for the same.
Should You Hire A Professional Firm to get Hong Kong Visa?
It is always recommended to get professional help in order to fulfill the Hong Kong Business Visa Requirements. The reasons for it are explained below:
The professional firm can act as your local sponsor.
Most of the professional firms are acquainted with all the procedures required to get the Hong Kong Visa as they are expert in handling such cases. With their experience, they can provide you with the right guidance.
After checking the proposed investment plan that the immigration authorities had approved, the firm will assist you in drafting a business plan that will entirely focus on the inputs and will consider what the authorities are expecting.
The firm will submit your application and deal with the designated authorities to save you follow up time and any other matter related to administration.
Visa Renewals
If you have been allowed entry for an investment entrepreneur visa, you can move and settle in Hong Kong. If you are willing to extend your stay, you are required to file a renewal application no less than a month before your stay expires. Your renewal application will be taken into consideration only if you meet the eligibility criteria and your business stays reasonable. If your renewal application is accepted, you can extend your stay according to the 2–2–3 year design.
Permanent Residence
If you have been given an entrepreneur visa and you have remained in Hong Kong for consecutively seven years, you are qualified to apply for permanent residence, generally known as “Right of Abode” in Hong Kong.
Conclusion
Time is vital to a business, and no one would want to spend hours in the immigration office. Try to apply for a visa well ahead of time of your arranged departure. Have complete understanding about which kinds of visa you would require, depending on your nationality and the reason to travel. If it is required, call the experts to know about your entry into Hong Kong.
As far as foreign representatives are concerned, ensure they have the important skills and information for an occupation that is not able to be filled by a local in Hong Kong. Give them the important documents, for example, NDAs and employment offer letters before continuing with the visa application.
In case any help is needed, it is recommended to hire a professional for obtaining Hong Kong Visas for Entrepreneurs.
