As permanent residents, foreign entrepreneurs will enjoy the freedom to reside and work in Hong Kong without constraints.
Permanent residence is typically granted for an initial period of 1 years. Residents have the opportunity to apply for further extensions, usually granted in multiple-year increments, subject to ongoing fulfillment of the scheme’s requirements and conditions.
It’s also a gateway on the path to obtaining citizenship in Hong Kong.
Unlocking business prospects in HK through the Entry for Investment Scheme offers a gateway to economic stability and worldwide connectivity. This article delves into the prerequisites, advantages, and step-by-step process for foreign entrepreneurs aspiring to secure permanent residence in this thriving region.
In this article you will know about benefits, restricted nationalities, eligibility criteria, documents required, business plan, application procedure and timeline of this procedure.
Benefits of haveing a permanent visa
There are many personal and business-related advantages to gaining permanent residence via this visa scheme:
- Economic and political stability, offering security and strategic positioning.
- A well-established legal system, transparent regulations, and a solid English common law foundation.
- A key gateway for trade and investment, linking you to mainland China.
- A global communication hub with excellent infrastructure.
- Logistics excellence, boasting a world-class airport and the busiest container port.
- A favorable taxation system benefits individuals and businesses.
Restricted nationalities
With very few exceptions, Hong Kong’s entry for investment schemes is extremely open.
Unfortunately, these entry arrangements do not apply to:
- Chinese residents of the Mainland
- Nationals of Afghanistan, Cuba, and Korea (Democratic People’s Republic of).
While the entry by investment scheme is generally not available to citizens of the People’s Republic of China (PRC), there are provisions under which this is possible:
- Permanent residence overseas: Overseas Chinese nationals who hold PRC passports and have permanent residence in a foreign country can apply for the HKSAR Investment as Entrepreneurs visa.
- One-year residency overseas: Applicants can also apply if they have been residing in a foreign country for at least one year immediately before submitting their visa application.
Other than the above, submissions are open to individuals of all demographics, careers, or industry verticals.
Eligibility criteria to be considered
Foreign entrepreneurs seeking to enter Hong Kong for investment under the General Employment Policy (GEP) must meet specific eligibility criteria to be considered for a visa or entry permit:
- Security and criminal record: Applicants must have no security objections and no known record of serious criminal activity.
- Education and experience: While a first degree in the relevant field is the norm, in exceptional cases, good technical qualifications, professional abilities, and relevant experience, supported by documented evidence, may also be accepted.
- Contribution to the economy: This contribution is evaluated based on various factors, including the business plan, business turnover, financial resources, investment amount, the number of locally generated jobs, and the introduction of new technology or skills.
- Business plan: A two-year business plan is required, detailing key aspects of the business (more on this below).
- Business turnover: Those already involved in relevant business overseas or in Hong Kong must provide profit-and-loss account statements and balance sheets from the previous year.
- Financial resources: Applicants must prove they possess sufficient personal and company financial resources to support their business in Hong Kong and ensure its smooth and sustainable growth.
- Investment amount: Documentary proof of the capital investment in Hong Kong. There is no fixed minimum amount that will guarantee approval.
- Local job creation: Applicants need to specify the organizational structure of their business and the number of staff (and roles) required based on the business’s nature and scale.
- Introduction of new technology or skills: Entrepreneurs should demonstrate how the introduction of new technology or skills could boost high-value-added industries in Hong Kong.
Keep in mind that eligibility criteria can change, so staying informed about the latest updates is crucial for aspiring entrepreneurs.
Documents for applicant
When applying for getting started for investment as entrepreneurs in Hong Kong, a comprehensive set of documents is essential to support your application under the General Employment Policy:
Applicant:
- Application form. Complete application form ID 999A. These forms are available free of charge from various locations, including Immigration Department offices, Overseas Chinese Diplomatic and Consular Missions, and HKSAR Government offices abroad.
- Photograph. Attach a recent photograph to page 2 of application form ID 999A.
- Travel document. Provide a photocopy of your valid travel document, including all important information. If you’re already in Hong Kong, include a copy of your latest arrival stamp, landing slip, extension of stay label, and the latest issued “e-Visa” (if applicable).
- Hong Kong identity card (if applicable). Include a photocopy of your Hong Kong identity card.
- Academic qualifications and work experience. Submit copies of all relevant documents verifying your qualifications and experience.
- Financial standing. Include proof of your financial standing, such as bank statements.
- Employment contract or letter. A photocopy of the company’s employment contract or letter of appointment to you, detailing post, salary, benefits, and employment periods.
- 2-year investment plan. A detailed two-year investment plan outlining proposed business activities, investment amount, local job creation, and establishment of office/showroom/warehouse.
- Proof of business activities. For example, contracts, invoices, or documents related to ongoing business deals.
- Financial documents. Such as the latest audited financial report, trading profit and loss account, or profits tax return.
- Company background. For example, business activities, mode of operation, product ranges, sources, markets, and chamber of commerce membership.
- Tenancy agreements. Photocopies of tenancy agreements or supporting documents related to your office setup.
- Mandatory provident fund contributions: Submit evidence of posts created for local employees, such as records of monthly contributions to the Mandatory Provident Fund Scheme.
- Business registration. Include your Business Registration Certificate and business registration particulars.
- Company registration documents. Submit photocopies of documents filed with the Companies Registry, such as Certificate of Incorporation, latest annual return, Incorporation Form, Memorandum of Association, and Articles of Association.
- Licences or Certificates. If applicable, provide photocopies of relevant licences or certificates.
- Support letter from government-backed program. If applicable, enclose a letter indicating valid support.
Sponsor (Company or Individual):
- Application form: Complete application form ID 999B.
- If the Sponsor is a company: Attach a photocopy of Business Registration Certificate.
- If the Sponsor is an individual: Attach a photocopy of Hong Kong permanent identity card/Hong Kong identity card or valid travel document (for non-permanent residents of the HKSAR only).
Accompanying dependants:
- Application form: Complete application form Part B of ID 999A.
- Photographs: Attach recent photographs to page 2 of the application form ID 999A.
- Travel documents: Provide photocopies of valid travel documents.
- Evidence of relationship: Such as marriage certificates, birth certificates, family photographs, and family letters.
- Additional documents for specific regions (e.g. Macao and Taiwan): Provide relevant identity cards, household registration details, and other applicable documents.
- Extension of stay: If seeking an extension of stay, complete application form ID 91 and provide the required documents.
Please note that while these documents are necessary, additional supporting documentation may be requested when deemed necessary. Ensure that all non-English or non-Chinese documents are accompanied by certified translations.
Preparing Business Plan
As the scheme is primarily designed for entrepreneurs who wish to establish or join a business in Hong Kong, a compelling business plan is essential to the success of your application.
Want to open a company in Hong Kong? In this article you can read how YouReg can help you with this.
Here is everything that your business plan should cover:
- Comprehensive overview: Create a detailed business plan outlining market analysis, business direction, sales targets, and product marketing strategies.
- Two-year financial forecasts: Include profit-and-loss accounts, cash flow statements, and balance sheets for the next two years to demonstrate financial feasibility.
- Alignment with Hong Kong’s advantages: Ensure your business complements industries advantageous to Hong Kong’s economy, such as trading and logistics, tourism, financial services, and professional services.
- Clear economic viability: Highlight how your business will contribute substantially to Hong Kong’s economic growth, covering aspects like job creation and investment amount.
- Supporting documents: Include documents such as contracts, invoices, and proof of business deals.
Application procedure and timeline
Once you understand the eligibility criteria and have your documents in order, the application process is fairly straightforward.
- Complete the required forms and gather the necessary documents.
- Nominate a local sponsor.
- Submit your application to the Immigration Department.
- Online submission: Apply online and upload supporting documents.
- Other means of submission: Completed forms and documents can be submitted by mail to the Hong Kong Immigration Department in the HKSAR or in person at Chinese diplomatic and consular missions overseas. Foreign passport holders in mainland China can submit their documents to designated offices in Beijing or Shanghai.
- The Immigration Department assesses your eligibility and business plan.
- Upon approval, the department will send you a payment link.
- After payment, applicants could instantly download or print the “e-Visa” by themselves.
The processing time is typically 4 weeks.
Requirements
Here is a brief overview of the requirements:
- Business Plan
- Hong Kong Sponsor (optional, but highly recommended)
- Proof of Business Activities (if applicable)
- Tenancy Agreements/Office Setup Documentation
- Business Registration Certificate and Certificate of Incorporation (if applicable)
- Valid Government-Backed Program Support (if applicable)
- Application fee of several hundred HKD to several thousand HKD (can vary greatly, depending on your unique application)
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