The Hong Kong Visa for entrepreneurs is an investment scheme created to help foreign entrepreneurs who want to operate their businesses in the jurisdiction. It is a form of work permit because the investor is considered an employee of the company he creates. However, getting approved for the investment visa has become increasingly difficult for many people who want to start operations in Hong Kong. Here is all investors need to know before applying for an investment visa.
The Hong Kong investment visa application requirements
Hong Kong investment visa does not have a minimum requirement for investment. However, every investment will no doubt require ample capital. The immigration department closely reviews the business plan to establish whether the proposed investment is actually sufficient for the enterprise. It is important to ensure the investment covers the following;
- Startup cost.
- Expenses for the business for 6 or more months.
- Capacity to mobilize more funds to grow the venture.
Eligibility for Investment Visa
Hong Kong targets bringing people with special knowledge that can help to spur the entire economy to faster growth. Here are the requirements.
- Have no criminal records.
- Good educational background (preferably masters level in the field of specialization).
- Demonstrate that you will make a significant contribution to the economy.
- Must have incorporated a company in Hong Kong.
Documents required for Hong Kong investment Visa
To get an entrepreneur visa, the applicant is required to have a local sponsor. This is an individual or company that commits to the entire responsibility of repatriation if the need arises. You will need the following documents.
- Duly completed application form.
- Copy of your passport.
- Proof of academic qualification and experience.
- A detailed 2-year balance sheet of the venture being started.
- Copy of business registration certificate.
- Proof of overseas residence.
The sponsor will also be required to submit a duly completed application form and a copy of business registration certificate. If the sponsor is an individual, he will need to provide a copy of personal ID.
Once you apply with all the documents, it will take about 3-5 months before approval/decline is released. If the investment visa is approved, you are allowed to bring dependants (spouse and children under age of 18 years) to stay with you. Note that you will also need to get dependant visa for them. The dependant visa remains valid as long as the sponsor’s visa is valid.