Are you an employment visa holder contemplating leaving your job, or a dependent spouse recently out of a divorce? Are you wondering how you can remain in Hong Kong without the support of your current visa sponsor? This article might provide the assistance you need.

A little-known secret exists. Holders of employment and dependent visas under the General Employment Policy (GEP) actually have the option to establish a new company and use it to convert their existing visa category to an investment as entrepreneurs visa under GEP. For the applicant, the key criteria are the same as those for applying for a new entry investment as entrepreneurs visa application:

1. There is no security objection and no known record of serious crime in respect of the applicant.

2. The applicant has a good education background, typically a first degree in the relevant field. However, in special circumstances, good technical qualifications, proven professional abilities, and/or relevant experience and achievements supported by documentary evidence may also be accepted.

3. The applicant is in a position to make a substantial contribution to the economy of the Hong Kong Special Administrative Region (HKSAR), with consideration given to factors including, but not limited to, business plan, projected business turnover, financial resources, capital injection or investment sum, number of jobs to be created locally, and transfer of new technology or skills.

4. The applicant is able to secure sponsorship from a well-established Hong Kong company or an individual Hong Kong resident.

Necessary Documentation

Applicants will also be required to prepare and produce the following documents:

1. A two-year business plan outlining the nature of the business, the setup of an office, market analysis, market positioning, business direction, sales targets, and product marketing strategy. This should include a two-year forecast of the profit-and-loss account statement, cash flow statement, and balance sheet to demonstrate the feasibility of the business in terms of operation, finances, and development.

2. Proof of financial resources such as personal and company bank accounts to support the smooth operation and sustainable growth of the business.

3. A staff plan including the organizational structure of the business and the required number of staff and posts.

4. Company registration documents filed with the Companies Registry.

In our experience, the Immigration Department is generally more lenient towards GEP visa holders compared to non-visa holders when it comes to applying for an investment as entrepreneurs visa. For the former, the approval rate tends to be slightly higher, and solid proof of business activities is usually not required. However, visa holders will need to be present in Hong Kong during both the submission process of the application and the collection of the new visa.  Furthermore, upon applying for the extension of your investment as entrepreneurs visa, the Immigration will likely conduct a business review, ensuring that the planned business volume, job creations, office set up and economic contributions are fulfilled.

Detailed Steps for Converting Your Visa

To convert your existing GEP employment or dependent visa into an investment as entrepreneurs visa, follow these detailed steps:

1. Assess Your Eligibility: Ensure you meet the eligibility criteria mentioned above. This involves checking your education qualifications, criminal record status, and potential to contribute to Hong Kong's economy.
2. Develop a Comprehensive Business Plan: Your business plan is critical. It should cover every aspect of your proposed business, including the nature of the business, market analysis, and financial projections. Demonstrate how your business will contribute to the local economy, create jobs, and possibly introduce new technologies or skills to Hong Kong.
3. Secure Financial Resources: Gather evidence of your financial stability. This includes personal and corporate bank statements showing sufficient funds to support the establishment and growth of your business.
4. Organize Your Staff Plan: Outline the organizational structure of your business. Include details on the number of employees you plan to hire, their roles, and how they will contribute to your business's success.
5. Prepare Necessary Documentation: Collect all required documents, including your business plan, financial statements, staff plan, and company registration documents. Ensure all documents are up-to-date and accurately reflect your business intentions and capabilities.
6. Submit Your Application: Submit your complete application to the Immigration Department physically in Hong Kong. Be prepared to provide any additional information or documentation that may be requested during the application process.
7. Collect Your New Visa: If your application is approved, collect your new investment as entrepreneurs visa when you are in Hong Kong.

Benefits of Converting Your Visa

Conclusion

Reference:

Immigration Department of the Government of the Hong Kong Special Administrative Region. (n.d.). Guidebook for Entry for Investment as Entrepreneurs in Hong Kong. https://www.immd.gov.hk/pdforms/ID(E)1000.pdf

Related Topics: Navigating Your Path to Hong Kong (Part I): Tips for GEP and ASMTP Success

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