Hong Kong is considered an excellent location for business people who want to invest their money in new businesses. Hong Kong offers many facilities for entrepreneurs to work in a well-established business environment.
That’s why Hong Kong came up with a particular migrant visas scheme known as the entry for investment for foreign entrepreneurs. With the help of getting an investment visa, entrepreneurs can efficiently operate their businesses.
This type of investment visa scheme is a type of work permit which is issued by the owners of the business one choose to work in hong kong company. There are various criteria for getting a hong kong business investment visa application process.
First of all, as a businessman, you have to prove that either your business will work out and offer profit to the hong kong government or not. If your business can work out efficiently, you will be eligible to get an investment visa application.
Once you get the investment visa for working in hong kong, you are also eligible for bringing your family, including kids and spouse. This scheme refers to bringing the children only below the age of 18. Additionally, this scheme also enables you to get permanent residence overseas in hong kong.
There are various things that you should know before applying for the investment visa application process in the Hong Kong immigration department. So without wasting any time, let’s move toward the things required in this regard.
Mostly when you want to relocate your business as a foreign entrepreneur in a new country, they require some investment money, at least for a startup business. But Hong kong offers you relief in this thing also as it has no condition of minimum investment when you apply for an investment visa.
The only thing that the inland revenue department of hong kong will check is that either your business investment is enough to keep the work up or not. In this case, you must satisfy the immigration department of hong kong that your financial resources are enough to work at least in the initial period of starting a business.
First, the authorities need an entrepreneur visa application without any criminal record in any other country. If the history of your personal particulars has some security objections, then the applicant’s business plan will not work out to get an investment visa.
To start up a business in hong kong, one should have an excellent educational background. Usually, the hong kong investment visa is issued to those people who have a minimum education of undergraduate degree in the field you want to start their business.
Suppose your documents have lacked good technical qualifications in a particular field. In that case, the authorities will not approve your application process for getting an investment visa for a specific business plan.
Other things that needed to be approved by authorities are that one would prove professional abilities in the particular field and offer a substantial contribution to hong kong’s economy while making business deals there.
Moreover, you have to prove that your business direction will make job offers for the local residents of hong kong and you will use hong kong’s manufacturers and suppliers to get your work done. When you enter a particular market in hong kong, your business activities will make a great approach to the local sponsor.
Before applying for an investment visa, you have to incorporate your company limited in hong kong. Relevant business and business activities will enable you to have higher chances of getting approved by the business registration particulars.
The cultural and creative industries of country hong kong said that the entrepreneur visa application should be approved when they have the back of a local sponsor. The local sponsor can be a company or a single person.
The reason behind the local sponsorship is that they will be responsible for the company’s proposed business activities along with the company’s financial standing. If any circumstances arise within the company’s business activities, they will be reported to the immigration department.
Documents for an investment visa in a hong kong company prior to two things; one is from the applicant’s business belongs to the person, and the other is from the sponsor.
It has various categories through which the sponsor provides the required documents.
During the submission of these documents, you should remember that all the copies should be in English or Chinese language. If you have investment documents in any other language, then translate them.
The immigration department has the power to call the sponsor and applicant again if they require any other documents to proceed with the investment visa process.
In order to get the investment visa, you have to provide the immigration department with a detailed two-year business plan because it is an essential part of the investment visa application process.
In the business plan, you need to convince the authorities by providing complete information about your business and how it will be beneficial for the hong kong economy. Hong Kong investment visa requires the creation of local job posts and the company’s employment contract.
Your business plan should have the following points:
First of all, the authorities will need to check on the capital investment. They will see whether your new business has sufficient financial resources to proceed appropriately in hong kong or not. Then, the sufficient funds will analyze the situation of your suitable business premises.
Normal immigration requirements include the applicant’s financial standing, including bank statements, letters of credit and loan papers, etc., if you have enough financial resources for operational costs, minimum for the first three to six months.
Your business plan should have every detail, including market analysis and balance sheet and the potential that your business will grow and contribute to hong kong’s market. It should also contain a management scheme and how you will administrate the private limited company.
The choice of your business vehicle also plays an essential role in the application for a dependant visa from the HK immigration department. Typically the limited liability company in hong kong presents a better image than a simple partnership firm.
If your business plan suits the nature of your business activities, it will catch the eye of the authorities by involving local employees under a mandatory provident fund scheme. Add the photos of the business premises with the business plan.
It is highly recommended to consider these factors carefully while preparing a business plan for the employment period. Your business plan will picturise the ability and potential of your investment in hong kong.
After completing the application and supporting documents such as a hong kong identity card, business registration certificate, market analysis, etc., you will submit this application to the immigration department of hong kong.
The processing time for application is almost 3 to 5 months after submitting the application to the immigration department of hong kong. After that, if your application is approved, they will issue an entry permit that you can get from the immigration office in person.
So when you get your entry permit, you will attach it with a blank visa page and show it to the hong kong government upon arrival. If your application gets rejected by the authorities even though you think that your business has the potential, you will have an option for appeal.
The Chinese residents from mainland China cannot apply for hong kong visas for investment purposes. Likewise, the democratic people’s republic residents are not eligible for applying for investment visas in hong kong. These countries include Nepal, India, Vietnam, Cuba, etc.
Once you get the investment visa in hong kong, you can apply for hong kong permanent residence according to the innovation and technology commission. In addition, the government-backed program enabled the entrepreneur visa application for market positioning.
Moreover, suppose you have spent seven years continuously in hong kong. In that case, you are automatically eligible for getting permanent residence in Hong Kong, where you can create jobs created locally.
The business turnover with investment visas enables you to bring your family to hong kong for a living. If your family has spouses and children under the age of 18, then you can get them under this scheme. Each person will submit the dependant visa application under the government-backed program.
It includes the following things:
On the employment period status, you will get the investment visa in a hong kong company prior to staying further. Then, if you want to extend your employment session in hong kong, you can apply for the renewal process.
You can apply for the renewal process of your visa before four weeks of the expiry date of your stay limit from the immigration department of hong kong. Moreover, you can renew your visa only if your business direction in hong kong remains suitable for the country and it proves itself eligible.
After submitting the renewal application to the hong kong company’s financial standing, they have the authority to approve it or not by considering various factors. If they agree to the application, your stay will be extended to two to three years more in hong kong.
Yes, it is usually advised for foreigners that hire a professional firm to help them get an entrepreneur visa in hong kong. There are various advantages the professional firm will offer you, which are given below:
Most of the professional firms in hong kong are specially made for helping overseas people who want to relocate their business deals to hong kong. These firms know the procedure because they have solved the cases before.
Moreover, these firms will guide you properly for every step you should take while applying for hong kong company’s business activities visas. Additionally, they will also help you draft the business plan you have to show to the authorities.
They know which business plan will attract the eye of authorities dealing with providing working visas in hong kong. These firms can also act as local sponsors to your hong kong company limited as it is imperative.
These firms will save your time as they will proceed with the application process independently without your presence in hong kong. Once all the procedures are done, they will post you the entry permit through which you can enter hong kong quickly.
Hong Kong investment visa has an easy process, and it doesn’t demand a lot of things to settle down in hong kong. Hong Kong welcomes foreigners to their country for investment without any condition of minimum capital investment.
Moreover, Hong Kong offers an excellent business environment to work with a wide range of opportunities, including education, employment, cultural activities, etc. So you can come to hong kong for every purpose with very feasible requirements to settle down.
Hong Kong visas offer great investment opportunities to relocate your new business with a well-established business community and excellent banking system. Therefore, Hong Kong should be your priority if you want to grow your new business in foreign.
We hope this article will satisfy your queries about getting an investment visa process in hong kong. Best of luck!