Guess what? You might be stunned to learn that, for an entrepreneurial driven economy this kind of as Hong Kong’s, there are only comparatively number of investment visas granted annually.
The 200-three hundred approvals recorded are very modest matched from the twenty five,000 function visas issued annually and certainly, the one,three hundred Funds Investment visas which were granted in 2010. As the HKID will not offer stats on the amount of applications acquired, it does show up risk-free to say that the reduced amount of investment visa approvals is much less a recommendation of the desire of overseas nationals who want to generate or sign up for in a enterprise in hence portion of China but more a reflection of the actuality that receiving an expense visa authorized is amongst the most challenging of all the HKSAR visa procedures.
Even in spite of this, foreign nationals arrive in droves to consider portion in the wonderful business opportunities which the metropolis has to supply and, normally ample, the Director of Immigration doesn’t discourage programs from folks to start off up new, or join in current, corporations in the HKSAR. The most substantial difference among the two kinds of visa lies in the character of the approvability tests and the fundamental concern of whether or not the applicant has received price at danger in the agency seeking to deploy his function in their business functions. Consequently the HKID search closely at the shareholding construction of the organization that applicant will be engaged in and, as a basic manual, anything at all higher than a 10-fifteen% inventory holing place in the fingers of the visa applicant will steer the HKID toward the making use of of the a lot more burdensome business investment decision visa approvability examination fairly than the operate visa approvability examination.
Masking up the shareholding to try to locate a way around this general rule is laden with difficulty as the Immigration Department will peer below every nook and cranny in an try to fully understand the enterprise ownership preparations. Therefore, the utilisation of nominees exclusively for immigration purposes just isn’t encouraged. If the company is a totally new begin up, a totally fledged prepare for the enterprise is mission-vital to visa acceptance. Hong Kong investment decision visas usually consider amongst four and 6 months for official approval to eventuate (in comparison with the optimum 6-eight weeks for out and out work visas) and the clarification for this is to permit the new business to generate early industrial final results and avail the chance for the HKID to appraise if the company strategy is a useful 1 as calculated by new ‘facts on the ground’ ensuing right from the tangible implementation of business activities.
Couple of Hong Kong investment visas are granted based just on a paper strategy in fact this kind of approvals are customarily limited to quite nicely resourced organisation extending their functions into Hong Kong from abroad. But exactly where the enterprise-trader- visa-applicant is in-place, often as a visitor, even though occasionally intending to alter visa standing from employment, the HKID anticipate to see the organization moving forward prior to they will authorize a company expense visa. This creates a Catch 22 scenario: you cannot be part of in a business until the approval of the HKID is secured. You can not secure the arrangement of the HKID without demonstrating contribution to Hong Kong. You cant display contribution to Hong Kong without joining in a organization!
The Immigration Division is really effectively informed about this maze and are useful in their work -close to.
Basically, if you produced an application for an expense visa they’ll shut their eyes to the technical breach of problems of continue to be implicit in operating a model new business prior to having experienced your investment visa authorized. The danger lies in not possessing an application in the system.
So to provide by yourself with safety from the risk of prosecution, you want to sanction the HKID to take an early view of your actions and indication up for your Hong Kong investment decision visa appropriate at the outset, of your commercial endeavours, not later on on soon after ‘its all transferring forward’.
A graduate of the London School of Economics, Stephen started his 1st focused Hong Kong immigration practice, LL.B Consultancy, in Kowloon in 1993 straight out of regulation faculty. In 1996, Stephen wrote, then revealed, the very first version of the Hong Kong Visa Handbook on the world wide web – which went on to be the foremost Do-it-yourself manual to the Hong Kong visa and immigration procedure. www.fastlanehr.hk is an acknowledged specialist in all matters relating to Hong Kong immigration and for several many years has delivered CPD programmes to the legal and accounting group of the HKSAR. Often invited to converse on the subject matter of Hong Kong visas, Stephen is widely sought soon after for commentary from the Hong Kong press, to provide talks to organization and HR organisations and seems often on Govt owned RTHK Radio 3 answering visa and immigration queries dwell on air.