Transfer of my Visa to own business

Posted by scorp_ian7 (141 days ago)

I'm a Canadian currently in HK for 3 years under an employment visa from my company who brought me here. I decided I hate doing what I'm doing for them and can make a hell of a lot more doing it for myself. Here are my questions -

1. I want to setup and register a Limited consulting company then try and have my visa transferred from my employer to my own company. I don't know if that's possible according to immigration dept and am a bit afraid to ask

2. I would register the company with a virtual office address service and work from there as needed but would be on the road through Asia anyway.

3. Can I do this and still stay in HKG, quit my job and finish out my 7 years for permanent residency? Something I'd really like to do since this is a wonderful place (rare thing to hear these days).

I might even ask my employer or some of my customers to hire me back as a consultant which they may consider doing.

Thanks for any advice or PM me if you need more info. Would pay for a service to handle this for me incl immigration if it was reasonable and legit.

(I am based in Hong Kong)

Posted by Shoe Girl (140 days ago)

You can't transfer your visa, you must apply for a new one, as you will be changing your status from employment visa to business visa. It's not as easy as it sounds, and you need to have plenty of money. You will have to set up a company and then provide the immigration department with BR certificates, Certificate of Incorporaiton, Memorandum of Articles of Association, etc, etc. But most importantly, you have to satisfy the Immigration Department that your business venture will be beneficial to the economy of HKG, meaning in relation to the employment of local staff.

(I am based in Hong Kong)

Posted by scorp_ian7 (140 days ago)

Thanks for replying. Nothing worth having ever came easy or cheap. You sound like you're speaking from experience so wonder if you can clarify a few points from your message:

- when you say 'have a lot of money' are you referring to the setup cost (thought that was pretty low in the $10-20K range). OR do you mean I need to inject a minimum investment into the business required by immigration?

- realize I would need the docs you mentioned plus a solid biz plan with few years projection. Wonder if I could show gradual employment of local HKG staff vs. the need to hire people immediately

- Pretty sure I can structure a biz plan which would satisfy HKG economic benefit and needs (let's assume so), wonder how I would have to show income capability (might take me a year to get things off the ground with enough clients or consulting projects to warrant hiring others).

Thanks again.

(I am based in Hong Kong)

Posted by Shoe Girl (139 days ago)

I am not referring to set up costs, but the costs of investing into the business. You will not see it anywhere in black and white from the Imm Dep, but you need at least a couple of million HK dollars. Also, the sort of business you're thinking of going into can make a difference. The Imm Department can refuse your application if they feel that there are already enough businesses in HKG providing the same service. So that is also a factor. You can show gradual employment of local staff, but your business plan has to be solid enough to show that the employment of local staff is realistic. Basically, they're not going to give you a visa so you can make lots of money in HKG; they will give you a visa if you can show that your business will help the economy of HKG.

If you have sufficient capital, another possible way would be to get a Capital Investment Visa. But you need HK$6.5 million to be eligible for that.

If you have other queries, can you send me an email and I can discuss this further with you.

(I am based in Hong Kong)

Posted by beancurd (139 days ago)

scorp_ian7
If you want to form your own company, you better consult an accountant, three years ago, my husband paid about HK$8,000.00. The accountant helped him to form his company, My husband opened a company bank account w/ initial deposit of HK$10,000.00. My husband's job is more in maintenance service, therefore, he does not need so much money. We got all the required list of documents from Immigration and we prepared the supporting letter and made a very brief description of the company and how my husband's company can contribute to the economy of HK. The immigration will also ask you the income of the company, you do not have yet, so you can just make your own breakdown about how much earnings you can get
from your business less your housing, accomodation, phone bills and other expenses that will be related to your business. No need to exaggerate to your business proposal, just be honest and realistic. To our surprised, my husband was granted an Investment visa which the Immigration told to my husband is very rare to be granted because the line of business my husband was involved is not easy to find in Hong Kong. However, when we presented my husband's documents for visa application, he already had a contract from clients. It would be better, if you can start looking for a prospective client before presenting your case to Immigration.

If you need further details, I am very willing to share the details with you. But mostly, I mentioned above. By the way, my husband is also an employee before and then applied for business visa, then back to be employee again with the same company.

If you are interested, I can refer you the accountant, he is reliable and I am not sure now how much he is charging..His name is Mr. Andrew Lai, his office no. 25814032/91995082

(I am based in Hong Kong)

Posted by scorp_ian7 (139 days ago)

Dear Beancurd and Shoe Girl,
thanks a lot for your replies and information. Its very helpful and has provided some clarity and perspective on some key points.

I'm going to give this some deep thought over the weekend and then I might have more questions so I may drop you both an email. Cheers.

(I am based in Hong Kong)