Foreign Entrepreneurs willing to reside in Hong Kong by creating or joining a business must obtain a business investment visa before beginning to carry-on such commercial activity.
The business investment visa request
The Immigration Department which manages the population flows has a strict attitude on the business investment visa relief. It requires to pass an approvability test based on 2 general criteria:
• On the sustainable benefit of the business brought to the economy of Hong Kong
In general, the Immigration Department will assess the investment’s future and substantial economic profitability to the HK economy. The assessment will analyse the source and allocation of the invested capital, its transformation into a beneficial activity for the local economy in term of employment and local consumption as well as future growth. The application has to demonstrate a clear path for job creation, a detailed plan of the business installation, and a proof of the capital resources availability that will be deployed along the business development.
• On the investor’s capacity to establish and launch the business
At the submission of an application, the applicant will pledge that all necessary actions to create and established a profitable business for the HK economy will be taken. Therefore, the Immigration Department allows a necessary 3 to 6 months’ time for the applicant to materialize this demonstration with:
(i) The company creation and establishment with the official registration of the business; and
(ii) The immediate availability of the company’s financial resources in cash and allocated for the business in HK; and
(iii) The company’s first local employment made and employee(s) installed into the office premises; and
(iv) The company has confirmation from potential client(s) and created its basis for transforming its commercial opportunities into sustainable income(s)
The applicant may have accomplished these steps while being in HK, and potentially in breach of his/her initial visitor’s conditions of stay in HK that don’t allow for carrying a business in HK. Therefore, an appropriate timing is necessary for the submission of the visa application.
The application lasts 3 to 6 months and the immigration requires regular updates for taking its final decision.
When the visa request is accepted, this one is valid during one year; from the second year, it is possible for the applicant to ask for a two years visa.
Hong Kong ID Card
Every person who intends to stay in Hong-Kong for period overtaking 180 days has to make the request for HKID card with the Immigration Department, within 30 days following the delivery of its resident visa realized by its entry on the territory of Hong-Kong. The HKID Card is delivered has temporary title, and becomes permanent after 7 years.
If you need to register your business, open a new branch or subsidiary. Of if you are looking for more specicif services like bookkeeping services or withholding tax informations, you can contact us here.
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