Hong Kong Funding Visas: Sole proprietorships might obtain approval
We have not too long ago had a few fascinating Hong Kong funding visas that defy the oft-spoken mantra that the Hong Kong Immigration Division (the “HKID”) by no means approves one-man companies.
The next can’t be mentioned to use in all instances of a single-man funding visa utility for Hong Kong, however it does communicate to the truth that such firms might obtain the HKID approval, in case you solely have:
- A compelling cause to begin as a sole dealer.
- Funds out there to speculate at a stage barely greater than the minimal 6-month money move.
- A dynamic of your marketing strategy that’s compelling or in any other case provides enticing or scarce “human capital” within the HKSAR.
- A patently apparent intention to create native jobs ultimately, if not instantly.
- In any other case, your geese are utterly lined up!
With the information barely adjusted to guard our shoppers’ confidentiality, listed below are the important circumstances of two separate “one-man firms” that achieved HKID approval beneath our counsel and with us dealing with the functions.
The primary concerned an inside design companies skilled who had beforehand resided in Hong Kong as an worker for just a few years, however was altering careers utterly when becoming a member of his new enterprise. His enterprise was “him”, for all intents and functions, however he did have a “household IP” resulting in the enterprise, which his father had utilized to the same household enterprise within the UK for over 30 years. Though his father had retired just a few years earlier, he was appointed to the board of administrators of our consumer’s restricted legal responsibility firm and was clearly going to assist his son with recommendation and counsel. Bringing in 12 months of ready-to-invest funds, help from sure contacts in Hong Kong who indicated they’d carry enterprise to this initially one-man operation and a plan that clearly demonstrated that if the expansion trajectory was achieved , new jobs could be created. Certain night time follows day, the HKID accepted the argument and authorized the appliance with no extra fuss than could be anticipated when there are large-scale funding plans for Hong Kong.
The second occasion concerned a feminine psychological well being skilled in a career that doesn’t require formal registration within the HKSAR, who was seeking to arrange a brand new apply, having grown bored with working in a present job in Hong Kong that was not main. associated to their precise grades. Because it occurred, the enterprise rationale for beginning the enterprise was all the time going to be nebulous: she was the product, in spite of everything, and she or he solely had a finite period of time she might promote. Definitely at the very least one native job needed to be created inside 4 months of the marketing strategy and the money out there for funding was actually sufficient for the set up and 6 months money move. Nevertheless, his space of experience was so compelling and so scarce within the HKSAR, our recommendation was that the ‘substantial contribution’ component of the funding visa approval check needs to be argued within the context of the bailout for Hong Kong’s pressured bankers. and attorneys and that his apply was by no means going to be an enormous cash maker throwing new jobs proper and middle. It labored and his visa was authorized in double time.
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