Hong Kong has a migration visa system known as “Entry for Investment” for those foreigners who are willing to migrate and run their business in Hong Kong. This investment visa scheme is a work permit that allows business owners to work legally in Hong Kong as employees of his/her Hong Kong-registered company.
The main requirement to get an investment visa is to prove that your business will bring some value to the Hong Kong economy. This scheme permits you to take your spouse and unmarried dependent children below 18 years old to Hong Kong. You are also entitled to make an application for the right of abode in Hong Kong. The entrepreneur visa is normally valid for one year and can be extended at the end of each year as long as the business remains valid.
This article contains information on the requirements, the application process, the time frame, necessary documents, and other pertinent facts to apply for an entrepreneur visa to start or invest in a business in Hong Kong.
Content Outline
Investment Requirements
The regulations for the investment visa do not state any minimum amount of investment that has to be made. But when coming to process your application, there will be a thorough check on the business plan you have proposed to determine whether the investment you are planning to make is adequate for the business you wish to carry out. In this regard, you should be able to provide for the start-up and running costs of your business venture for at least the first three to six months of its operation.
Eligibility Criteria
- The applicant must not have any criminal records or any security issues.
- The applicant has to be well-educated in order to qualify. Usually, it is desirable to have at least a Bachelor’s degree in the related area of study. However, if the candidate does not possess such a degree, then documentary evidence of the candidate’s good technical qualifications, professional abilities, accomplishments, and experience may be sufficient.
- In order to show that the applicant will positively impact the economy of Hong Kong, the applicant must show that they will provide employment to the local people, show that they will be buying services and products from local service providers, suppliers, manufacturers, etc. and that they will be able to make a big difference in the particular market that you will be operating in.
- Hong Kong company incorporation is mandatory for the entrepreneur visa application.
What Kind Of Documents Will Be Required?
The entrepreneur visa application requires the applicant to have a sponsor either from a company or a local individual. The sponsor is liable for ensuring that you are repatriated in case of the occurrence of the above-stated incidents. The following are the documents that are needed when making an application for an entrepreneur visa in Hong Kong:
Required documents from the applicant :
- Completed Application Form
- A copy of the passport’s personal details page. Copy of the passport page with the latest arrival stamp/extension of stay label in Hong Kong for those who are still in the city.
- A scanned copy of your Hong Kong identity card if you have one.
- A copy of proof of academic qualification and relevant working experience.
- A copy of the company’s Employment Contract or Appointment Letter, showing your position, salary, other benefits accruing to you, and the period of your engagement if any.
- A detailed and comprehensive business plan for at least two years and contains information such as the business activities of the company, the investment proposal, employment of local people, and business premises such as the office showroom or warehouse among others. More specifics on the business plan are described below.
- A copy of the Business Registration Certificate from the Inland Revenue Department and the business registration details of the company that you are planning to invest in or have invested in.
- Copy of proof of your overseas residence
Required documents from the sponsor :
- If the sponsor is a company:
- Completed Application Form (Sponsor)
- A certified true 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 I.D. card
- The personal particulars page of the passport of the sponsor
All of the documents should be in English or Chinese or translated to English or Chinese by an authorized translator. The Immigration authorities may request further documents from the applicant or sponsor if necessary.
Preparing Business Plan
As already stated, you will be required to present a business plan for the next two years when applying for the entrepreneur visa. Therefore, a well-written business plan is one of the most valuable documents in the approval of an entrepreneur visa application.
Read How To Start A Business In Hong
You need to present enough information and evidence to the authorities to show that your business will be of advantage to the economy of Hong Kong. Your investment plan will come under a lot of review and the following aspects are likely to be considered by the authorities.
- Business Plan: Some of the things that you must consider include preparing a good business proposal on the idea you want to make your business, the product or service that you intend to offer, market analysis on the potential of the business and its ability to contribute to the Hong Kong market, operation strategy, management, and administration team among others.
- Capital Investment: The authorities will assess whether you have enough capital investment, or the sufficient funding necessary for your business. You are advised to submit documents that may support your financial capability like bank statements, loans, letters of credit, etc. Even though there is no minimum capital to invest, you must be able to have enough capital to manage your business start-up cost and operating expenses for the initial three to six months.
- Proposed Business Vehicle: Other factors that are equally important in your application include, your choice of business vehicle. In general, a limited liability company that is incorporated in Hong Kong is considered to have a better status than a sole trader or a partnership company and will be accepted by the authorities.
- Suitable business premises: The authorities will decide if the business premise that you want to use for your business is appropriate for the business activity that you intend to carry out. For instance, an import/export company will need business space that can provide storage. In this regard, it is recommended to include a copy of the current or intended tenancy agreement and photographs of the business premises.
Given the above factors, it is highly recommended that you pay a lot of attention to the aspects highlighted above when filling out your application form. A poorly developed business plan that only provides the basic information that is required can only mean one thing, it is likely to be rejected by the authorities than a well-thought-out investment proposal that portrays your confidence in business and the economy of Hong Kong.
Entry for Investment Application Procedure And Timeline
The completed application form together with other necessary documents has to be posted to Hong Kong Immigration Department. The processing of applications is usually done within three to five months. In case of approval, the Immigration Department shall provide a Visa/Entry Permit label which has to be picked from the immigration office by the applicant or a proxy. The Visa/Entry Permit label is to be stuck on a clean visa page on the passport of the applicant and must be produced by the Immigration Officer on arrival in Hong Kong. If the work permit application is denied then there is an option of appealing it to the concerned authorities. If the authorities are satisfied with your commitment to your business and the economy of Hong Kong, with your financial strength to support your business, and if you meet all the requirements of eligibility, then your investment visa application is likely to succeed. However, in case your application is rejected, you can seek an appeal from the authorities.
Dependant Visa for Family
This work permit scheme allows the applicants to bring their family members (spouse and unmarried dependent children under the age of 18) to Hong Kong. For this purpose, a dependant visa application must be filed for each family member. Their stay in Hong Kong is also contingent on the applicant’s stay in Hong Kong and dependant visa holders are allowed to work or study in Hong Kong. To get more information about dependent visas, please see the Hong Kong Family Visa guide.
Do You Need A Professional Firm?
It is usually preferred that you seek professional service in regard to your entrepreneur visa application. These are the reasons :
- Many professional firms will be well aware of the procedure that is required as this is likely to have been done before in numerous other cases. The firms are in a position to provide you with the right guidance owing to their experience.
- As you are aware, your proposed investment plan has received a lot of consideration from the Immigration authorities and therefore the firm shall assist in the preparation of a good business plan based on your submissions as expected by the authorities.
- The professional firm can help by acting as your local sponsor.
- The firm will ensure that your application is submitted and be in constant communication with the authorities at the right time to ensure that you do not have to be inconvenienced with follow-up and other bureaucratic procedures.
Visa Renewals
When applying for the Entry for Investment entrepreneur visa, you can also obtain the right to work in Hong Kong as an employee. To do this, you will have to apply for an extension at least four weeks before your limit of stay will expire. It is important to note that a renewal application will only be granted if one still fulfills the set requirements and the business is still operational. If your renewal application is granted, your extension of your stay will normally be by the 2-2-3 years pattern.
Read Getting Dependant Visa In Hong Kong
Permanent Residence
If you have been granted an entrepreneur visa and the period you have been staying in Hong Kong is not less than seven years consecutively, then you can apply for the Permanent Residence otherwise known as the ‘Right of Abode’ in Hong Kong.
Ready to start your business journey in Hong Kong? FastLane’s work visa services are here to guide you through every step of the investment visa process. Contact us today to make your entrepreneurial dreams a reality!
