The ancient myth of “El Dorado” speaks of a lost city made up entirely of gold. The very prospect of such a place inspired several unsuccessful expeditions throughout history, these were long, strenuous and reaped no rewards – “El Dorado” remains resigned to our imaginations.
Unlike El Dorado, there will be no struggle to locate to Hong Kong and, although the territory comprises of bricks and mortar rather than gold, the prosperity opportunities exist in abundance. It is a magnificent place to live with numerous benefits for individuals and businesses alike, including a straightforward tax system, inexpensive business start-up costs and access to an eclectic international business community.
Hong Kong is feasible for many through multiple friendly immigration routes with government visa fees costing a mere HK$230 (US$30)! So, what are some of these “friendly immigration routes” and how best to utilise them?
General Employment Policy
This carries two pathways, the Employment as Professionals route and the Investment as Entrepreneurs route.
- Employment as Professionals
Visa applicants need to show “good education background” (normally, but not always, a degree from a reputable university) and there must be a genuine job vacancy with a salary at market rate. Additionally (and perhaps most importantly), it must be shown that the foreign applicant will not be acquiring a job that could readily be taken up by a local.
The latter may be satisfied by showing genuine failed attempts to fill the role with the local workforce. We would recommend that strong evidence of attempts be shown (if possible), such as local job advertisements. Regardless, employers will need to have a good explanation as to why a certain foreign individual is necessary alongside evidence of the individual’s specialist skills/experience that are specifically required to fill the role.
The sponsorship process is relatively straightforward but, for first-time sponsors, involves providing extensive company information – proof of financial standing, details/evidence of company background and for newly incorporated companies – a detailed business plan (see Investment as Entrepreneurs below).
The good news is that, once the sponsorship hurdle has been overcome for one applicant, any future visa sponsorships will be much simpler (provided 2 years has not lapsed) as the reference number of the previous visa sponsorship can instead be provided.
- Investment as Entrepreneurs
You will need to provide a viable 2-year business plan.
We find that the importance of this element is often (surprisingly) overlooked by many clients. As goes with potential business investors, a half-hearted and undercooked plan is not going to win over the Immigration Department! Alongside the business plan, proof of the following will need to be provided:
- business turnover;
- number of jobs created locally;
- financial resources/investment sum; and
- introduction of technology or skills (if applicable).
Of course, many of the above elements can be contained within the business plan itself. This should produce an all-encompassing document and hopefully help to ensure that, commercially, you have all your ducks in a row.
There is a requirement to have a physical office premises in Hong Kong which often sparks panic as many new business ventures initially lack office space. However, in our experience renting a “WeWork” type workspace should suffice in the first instance – the main concern should be “selling” the business idea.
The sponsor stipulations for this visa type are simple and provide the choice of having a company or individual acting as the sponsor. The main requirements are standard for sponsors of any Hong Kong visa type, being that:
- they must be in some way acquainted with the applicant;
- an individual sponsor must be a Hong Kong resident over the age of 18; and
- a company sponsor should be registered in Hong Kong.
Sponsors of Investment as Entrepreneur visas do not need to provide widespread information – the sponsor’s main burden will be to take responsibility for the applicant’s repatriation should they violate their stay conditions.
Top Talent Pass Scheme
You must fulfil one of the following requirements:
- an annual income of at least HK$2.5 million;
- a degree from one of the world’s top universities with at least three years work experience over the past five years; or
- a degree from one of the world’s top universities within the last five years but less than three years work experience (annual quota of 10,000).
In our experience, an individual needs to demonstrate effectively why exactly they are a “top talent” that will benefit the Hong Kong economy. Work experience coupled with education should all be relevant to the “talent”.
If you have already secured employment in Hong Kong, it is likely that the Employment as Professionals route will be best for you as the eligibility requirements are less demanding and there is no quota.
However, the main benefit of this route is that no sponsorship is required. It may be that you lack sponsor options and/or can fulfil one of the requirements easily, in which case this will be a great option.
Individuals should be aware that this scheme could end in future, as it was originally introduced to fill the void caused by the exodus of foreign talent during the COVID-19 pandemic.
Quality Migrants Scheme
The Quality Migrant Scheme is similar in concept to the Top Talent Scheme and also possesses the benefit of having no sponsorship requirement. It is based on two separate points-based systems – one being the General Points Test Applicants where applicants need to score at least 80 points out of a possible 245 points in order to achieve a successful outcome. Points are awarded for work experience, education, age, language abilities, families education/background and more.
Alternatively, applicants can use the Achievement-based Points Test. 245 points may be awarded under this test if the applicant has received an award of exceptional achievement or can show that his/her work has been acknowledged by his/her peers or has contributed significantly to the development of his/her field.
If you think you can apply under one of the other visa routes, we will usually advise utilising these over the Quality Migrant Scheme as it is quota based and will involve a lot of scrutiny. Consequently, it usually takes several months for a visa to be issued via this scheme whereas with the Top Talent Pass Scheme, for example, it can sometimes take just several days.
Immigration Arrangements for Non-local Graduates (IANG)
This visa route is aimed at those who have studied in Hong Kong and wish to try secure local employment or have already secured local employment.
Applications without an offer of employment can only be made within six months of the individual graduating from a local Hong Kong university. Other non-local graduates will need to secure an offer of employment in order for their application to be considered – employers will need to provide company information similar to that required for employer sponsors of Employment as Professionals visas (see above).
If an option, this route usually should be utilised over other routes (such as the Employment as Professionals) as the process is simple, efficient and can be less demanding, particularly if you graduated from a local university within the preceding 6 months.
Dependants
If this visa route is an option, it will likely be the best visa route for you, regardless of whether you are eligible for another visa route or not. It offers the most freedom. Again, this always depend on the specific circumstances – for instance, you may not want your visa to be dependent on someone else.
You will be eligible for a Dependant Visa if you are a dependant of a Hong Kong local or someone who has a valid Hong Kong visa. Eligible dependants include spouses (including same-sex spouses), children under the age of 18 and parents over the age of 60.
This a great visa option if you are eligible as you will be free to take up employment as you please, as well as have the freedom to start your own business venture should you wish. The visa application process is also straightforward should you meet all the eligibility requirements.
Capital Investment Entrant Scheme
At the time of writing, the government have not provided full details but indicated that it is set to be introduced in mid-2024. However, the clue as to what will be needed is in the name – capital. We expect this route will not require any sponsorship and will be viable for investors willing to invest at least around HK$30 million into Hong Kong real estate and/or specified financial assets.
Conclusion
Hong Kong’s business opportunities are bountiful, and the territory actively welcomes talented and motived individuals. The advantages are two-fold, foreign talent can bear the fruits of what Hong Kong has to offer whilst local businesses can benefit from expertise overseas bringing about new insights.
Whilst the visa schemes are “friendly”, complications can arise if applications are blindly approached. Individuals and companies alike should research from the outset to be clear on what visa route is best.
The article was originally published on ISSUU – the magazine of The British Chamber of Commerce in Hong Kong
