Guess what? You may possibly be stunned to learn that, for an entrepreneurial pushed economic climate this sort of as Hong Kong’s, there are only comparatively number of investment decision visas granted each year.
The two hundred-three hundred approvals recorded are extremely modest matched from the 25,000 work visas issued yearly and certainly, the one,300 Cash Investment visas which had been granted in 2010. As the HKID don’t supply stats on the sum of apps received, it does show up protected to say that the minimal variety of expense visa approvals is much less a suggestion of the fascination of foreign nationals who want to generate or sign up for in a enterprise in therefore component of China but more a reflection of the actuality that acquiring an expense visa accepted is among the most tough of all the HKSAR visa procedures.
Even in spite of this, international nationals arrive in droves to get part in the wonderful company chances which the metropolis has to offer and, naturally ample, the Director of Immigration will not deter apps from people to commence up new, or sign up for in existing, corporations in the HKSAR. The most significant difference in between the two kinds of visa lies in the character of the approvability checks and the fundamental problem of regardless of whether the prospect has received value at risk in the firm wanting to deploy his work in their enterprise operations. Hence the HKID look closely at the shareholding construction of the firm that applicant will be engaged in and, as a common guide, anything greater than a 10-15% inventory holing position in the palms of the visa applicant will steer the HKID toward the making use of of the much more burdensome organization expense visa approvability take a look at relatively than the perform visa approvability test.
Masking up the shareholding to attempt to find a way around this standard rule is laden with difficulty as the Immigration Division will peer below every nook and cranny in an try to totally recognize the company ownership preparations. Consequently, the utilisation of nominees entirely for immigration reasons is not recommended. If the business is a completely new commence up, a totally fledged prepare for the organization is mission-crucial to visa acceptance. Hong Kong expenditure visas usually consider among four and 6 months for official acceptance to eventuate (in comparison with the greatest 6-eight months for out and out operate visas) and the clarification for this is to permit the new company to make early professional outcomes and avail the opportunity for the HKID to appraise if the enterprise prepare is a sensible 1 as measured by new ‘facts on the ground’ ensuing proper from the tangible implementation of enterprise pursuits.
Number of Hong Kong expense visas are granted based just on a paper strategy indeed this kind of approvals are customarily limited to quite properly resourced organisation extending their functions into Hong Kong from abroad. But exactly where the organization-investor- visa-applicant is in-nation, occasionally as a visitor, although from time to time intending to alter visa status from work, the HKID expect to see the enterprise relocating forward before they will authorize a company expense visa. This produces a Catch 22 situation: you are unable to sign up for in a enterprise until the approval of the HKID is secured. You are not able to protected the agreement of the HKID with out exhibiting contribution to Hong Kong. You cant present contribution to Hong Kong without having joining in a enterprise!
The Immigration Department is extremely properly informed about this maze and are sensible in their work -around.
Fundamentally, if you made an software for an expenditure visa they’re going to near their eyes to the specialized breach of problems of keep implicit in working a model new enterprise ahead of obtaining experienced your expenditure visa accepted. The threat lies in not possessing an application in the system.
So to provide www.fastlanehr.hk with safety from the threat of prosecution, you want to sanction the HKID to take an early check out of your actions and signal up for your Hong Kong investment visa appropriate at the outset, of your professional endeavours, not later on following ‘its all shifting forward’.
A graduate of the London School of Economics, Stephen started out his 1st focused Hong Kong immigration exercise, LL.B Consultancy, in Kowloon in 1993 straight out of legislation college. In 1996, Stephen wrote, then printed, the 1st version of the Hong Kong Visa Handbook on the world wide web – which went on to be the major Do-it-yourself guidebook to the Hong Kong visa and immigration method. Stephen is an acknowledged skilled in all issues relating to Hong Kong immigration and for many many years has delivered CPD programmes to the authorized and accounting neighborhood of the HKSAR. Usually invited to converse on the topic of Hong Kong visas, Stephen is commonly sought after for commentary from the Hong Kong push, to produce talks to business and HR organisations and seems routinely on Government owned RTHK Radio 3 answering visa and immigration questions dwell on air.