When you decide to invest in Hong Kong, the immigrations department provides a wide array of Visa options to ensure you can enter fast and settle down. In particular, there is a preference to those who are emigrating for investment.
Just like Hong Kong, USA encourages investors to apply and take business there because they support economic growth and development. In this post, USA- American citizen how to apply for a visa in Hong Kong, we explore the different types of visas that you can apply and use to get citizenship.
A closer look at visas changes in in Hong Kong and USA
The Capital Investment Scheme was scrapped
In 2015, Hong Kong scrapped the Capital Investment Scheme because it did not meet the key objectives of reinvigorating the economy. While this was a disappointment to many people, it is still possible to enter Hong Kong using entrepreneur visa. Unlike the previous Capital Investment Scheme, the entrepreneur visa does not require applicants to meet a minimum amount of money to be allowed entry. Rather, they have an obligation to provide a business plan and demonstrate that they will make significant contribution to the Hong Kong economy.
Once a person enters Hong Kong using this visa, he can also bring dependants (spouse and children below 18 years) under the dependant visa. Both the entrepreneur visa and dependant visa will provide for the right of abode after 7 years.
The US added new restrictions to EB-5 Visa
As Hong Kong was scrapping the Capital Investment Scheme, the US was also enacting limitations on its EB-5 visa program. For the first time, a minimum of US $500,000 worth of investment was required because of the emerging demand from rich Chinese individuals. Because of this, the US also limited the number of EB-5 visas to only 700 in 2015. It would also determine the numbers in subsequent years.
The US Visa programs in Hong Kong
Business and worker visas
The main Visa programs for investors include business programs and workers visas. Unlike in other countries, these programs do not come with a lot of limitations. Besides, the US does not put limitations on the number of Visas it can issue.
The business and workers visas are assessed based on viability of the business to enter and make an impact. While the immigration department provides limited information on the assessment done to establish those eligible or deny others, the scrutiny is comprehensive. The applicant’s ability to handle the business and previous performance are carefully reviewed by experts to ensure that only highly viable companies are approved.
Notably, the US administration, just like other countries encourages businesses in the tech sector to apply. Technology has demonstrated that it can help drive the economy in the same way that the current internet, mobile phone, and artificial intelligence niches are fast advancing. More importantly, technology touches on all areas of a country’s economy.
This is a unique visa program that allows people to take their businesses to the US. The visa only focuses on the business environment to ensure that your investment will thrive and does not host myriads of restrictions in the operational capital. Under the L-1A visa, you are allowed to bring several employees to assist you in the business operations. This is a very useful premise because an entrepreneur might require technical people conversant with the production line or handling of equipment.
It is the view of various experts in the US that L-1A visa helps entrepreneurs to pre-test the market and decide to stay if the environment is right. Most entrepreneurs have a keen eye for spotting the right window of opportunity and will go to great length to assess whether it is the right one. If the entrepreneur finds that the business environment is okay, he/she has the freedom to extend to 7 years and get full citizenship.
This is a unique visa that targets attracting those with unique capabilities especially in the fields of arts, sciences, and sports. The visa is aimed at attracting great talents and offering them entry and citizenship at the end. To get the O-1 visa, the applicant needs to qualify at least in 3 of the main 8 criteria set by the US government. Some of these criteria include being features in top media, making pioneer discovery in an area such as science, or working in a critical capacity in a globally renowned company.
This visa has been credited with encouraging people to look inwards and explore their talents in order to outshine others. For example, many scientists have been given the visa to go and continue with their discoveries in the US. Under the visa, the applicant is allowed to stay for the first 3 years that can be extended for additional 3 years until the holder gets citizenship at 7 years. Note that the visa requires that you fulfil all the requirements for renewal.
The investment visas have become a great attraction because emigrants come to a country to bring value. Though previous entrepreneur visas had a lot of restrictions, the new ones are less stringent and only require the applicant to demonstrate the capability to drive the business subject. The most important thing is the ability to demonstrate you can start and run the business profitably.
Despite the less stringent restrictions, the US and Hong Kong administrations are always on the lookout for those with better plans that can help their economies to move to the next level.
As you apply for the entrepreneur visa, it is important to ensure that your business plan, structure, and future projections are carefully outlined. Besides, it is important to ensure that the business has enough capital to cater for start-up and all expenses until it breaks even and profit starts streaming.
To raise your chances of success in getting your visa, it is recommended that you consider using expert assistance. Top professionals understand the current Hong Kong laws, US immigration policies, and other requirements that people must adhere to for faster approval.