Starting a business in Hong Kong & the Hong Kong Business Investment Visa
Hong Kong is an attractive city for many foreign investors to start their businesses and/or to join existing businesses, the reasons being…
Hong Kong is situated in the heart of Asia, it is the gateway for establishing businesses in China and other Asian nations.
Hong Kong has one of the world’s most advanced business infrastructures where it has an efficient local and regional transportation system; it has a world-class standard telecommunication system; and it is world-leading in logistics especially in the sea and air cargo.
Hong Kong continues to be one of the freest economies in the world, as of 2020, Hong Kong ranks 2nd in the Index of Economic Freedom.
Hong Kong has a low corporate tax regime, there are no GST/VAT nor dividend sales taxes in the city, and the profits that are generated outside of the city are tax-free.
There are many talents and professionals in Hong Kong to help drive your businesses. They are expertise in professional fields such as in finance and technology, many are also multi-lingual whom are fluent in English, Cantonese and Mandarin.
Setting up a new business in Hong Kong is easy and inexpensive.
Foreigners can have 100% ownership of their companies in Hong Kong even when they are not residence.
Businesses can open multi-currencies bank accounts in Hong Kong.
When your new business in Hong Kong can demonstrate its substantial contributions to the Hong Kong economy, you may apply for the Hong Kong Business Investment Visa, in which the approved Investment Visa will allow you to live and work in Hong Kong.
The approved Investment Visa also allows you to be the sponsor of your legal children and spouses to apply for the Hong Kong Dependent Visa.
Incorporating a Company in Hong Kong
The process of opening a company in Hong Kong is simple, and here are the 3 key steps:
1. Register your company.
Choose a company name (can be an English name, a Chinese name, or both); or you may change the name of an existing company.
Submit the following documents to the 14th Floor of the Queensway Government Offices:
i. The completed Incorporation Form (Form NNC1 for company limited by shares or Form NNC1G for company not limited by shares);
ii. A copy of the company’s articles of association;
iii. A Notice to Business Registration Office (Form IRBR1);
iv. Pay the correct fees.
Download forms from https://www.cr.gov.hk/en/form.htm,
Alternatively, complete forms and pay fees online via https://www.eregistry.gov.hk/icris-ext/apps/por01a/index?m=n
i. Application delivered in electronic form – within 1 hour. A link to download e-Certificate will be emailed to you.
ii. Application delivered in hard copy form – within 4 working days. Certificate to be collected from the Queensway Government Offices.
2. Apply any necessary business permits and licenses.
Check if your business requires to apply for any kind of business permits and/or licenses, information are available from the Import and Export of Goods website.
3. Open a local business bank account.
Due to Hong Kong’s anti-money laundering rules, business bank accounts cannot be opened via online.
There is an exception, if your home bank has a presence in Hong Kong, you may be able to setup a Hong Kong business bank account from overseas. To find out if this is an option for your business, contact us here.
Contact one of our Consultants if you have any queries or need assistance with the processes of setting up your new businesses in Hong Kong.
Hong Kong Business Investment Visa
When you decided that you must be present in Hong Kong to run your businesses, you may look into applying for the Hong Kong Business Investment Visa.
The Hong Kong Business Investment Visa a type of Employment Visa that will allow you to operate and to continue to establish your businesses in Hong Kong. Visa holders are usually granted an initial stay of 2 years on employment conditions. And prior to the Visa expiration, visa holders can apply for a visa extension if business and employment statuses remain unchanged.
When you have lived in Hong Kong for 7 years consecutively, you have the opportunity to apply for Hong Kong permanent residency.
However, the Hong Kong Business Investment Visa application is one of the most complex visa applications. First of all, visa applicants must meet certain pre-requisites, also they will be asked by the Immigration Department to submit a long list of documentations, information and proofs.
Many foreign business owners do not have the time to research and study how to make a successful visa application, so this is where our Visa Application Consultants step in to assist. Our experienced Consultants are there:
to analyze your case;
to guide and to give advices;
to craft and build a strong case for you in order to increase the success rate of your visa application;
to check all your visa application documents prior to the application submission, to ensure that the information you are providing to the Immigration Department is clear and accurate, avoiding delays with the processes of your visa application by the Department;
to assist in answering any tricky questions asked by the Department;
to personally hand in any urgent documents to the Department, to avoid documents being lost in the mailing system.
The full list of items required for the preparation for the Hong Kong Business Investment Visa application can be found on our website https://www.visaservices.hk/hk-investment-visa.