CentreO Blog

 

The HKImmD expects a foreigner, seeking an employment visa in Hong Kong to perform, at minimum, supervisory duties.

This calls for an employment that is valued at HKD 200,000 annually.

However, don’t take 200,000, divide it by 12 and aim for a monthly salary of HKD 16, 670.

No, the HKD 200, 000 amounts to the total value of the employment each year.

For example,

Salary  – XXXX

Employer MPF Contribution – XXXX

Guaranteed Bonus – XXXX

Medical Benefits – XXXX

Travel Allowance – XXXX

Meal Allowance – XXXX

Etc – XXXX

Total – 200,000

This provides more flexibility when the monthly cash salary is on the lower end of the scale, but the true cost of employment does reach the threshold for visa approval.

Applying for an investment visa can be quite nerve-wrecking. Naturally, you would want to do anything in your power to convince the HKIMMD that your business would benefit the economy of Hong Kong.

However, burning the midnight oil to compose “the ideal business plan” may….not be necessary at all.

Stephen Barnes points out:

“Certainly, every applicant for an investment visa needs to have a ‘planned business’ but it certainly doesn’t follow that, in order to get an approval, the Hong Kong Immigration Department insist on seeing a formal business plan as such”.

Most people, when considering applying for an investment visa, already have at least a basic document, which sets out how they see their business playing out over the first couple of years. This is just good planning and by no means a formal business plan.

This documented material does provide the essential elements of the argument underpinning the investment visa application and is an absolute gold mine of information for an immigration consultant .

Most definitely have your plans, intentions and money flows written down, but the HKID no more want to read a 60 page business plan in support of your application, than you want to write one. 

Remember! It is mandatory for companies to prepare and maintain accounts. Accounts must be audited annually by Certified Public Accountants in Hong Kong. The audited accounts together with tax return must be filed annually with the Inland Revenue Department.

Every company is required to file annual returns with the Companies Registry and pay the annual registration fee.

The Business Registration Certificate should be renewed, one month before expiry on an annual basis or once every three years, as the case may be.

An Annual General Meeting (AGM) should be held annually every calendar year. The AGM should be held within 18 months of the date of incorporation, after which no more than 15 months can elapse between one AGM and the next.

A written resolution in lieu of Annual General Meeting is permissible.

For more information, drop us a line at sales@centreo.hk

Appointing a company secretary is mandatory.

The secretary, if an individual, must ordinarily reside in Hong Kong; or if a body corporate, must have its registered office or a place of business in Hong Kong.

The secretary is responsible for maintaining the statutory books and records of the company and must ensure the company’s compliance with statutory requirements.

Note! If you are the sole director/shareholder of the company, you CAN NOT act as company secretary.

A nominee secretary can be appointed.