For more than a decade, Hong Kong has stood out as an investment paradise. Because of its independence as Special Administrative Region of China, lack of land for agriculture and minerals, Hong Kong administration primary focus is advancing a business economy. For investors who want to enter and run their businesses, the administration recommends they use the entrepreneur visa Hong Kong.
Though Hong Kong operates as a business economy, it is interesting to note that very few entrepreneur visas are approved. Even though the Hong Kong administration never gives the numbers; the figure stands between 300-400 approvals. Well, if you compare this with approximately 25,000 employment visas issued annually, it means that something is not right.
A closer look at the entrepreneur visa Hong Kong reveals that the problem of low approval emanates from poor business plans. Here is a demonstration of why a good business plan is the biggest pillar to getting the entrepreneur visa approved.
What exactly is an entrepreneur visa Hong Kong?
Entrepreneur visa allows foreigners to enter Hong Kong and work as employees in their enterprises. However, the entrepreneur has to demonstrate how his business will be of significance to the Hong Kong economy before the visa is granted. This narrows down to one core item; the business plan.
The business plan and its role in getting your entrepreneur visa approved
A 2-year business plan is an important part of the entrepreneur visa application. The plan allows the immigration department and entire Hong Kong administration to look into the business proposal and approve the visa. At this point, you need to appreciate that the plan will be comprehensively evaluated by experts in the area of interest. This means that every concept’s workability and viability is put to test. Here are the concepts the immigration department is interested in from the plan;
- Ample capital investment: An entrepreneur can only be successful if he has ample capital investment. It is important to capture the investment that will go into driving the business. Make sure to capture the capital well based on bank statements, letters of credit and viable options that can be activated to expand the business at the right time.
- The profit and loss account: What is your business aspiration? The Hong Kong administration has closed the doors to most businesses that only have average targets. Instead, it targets businesses that have huge potential for growth. Therefore, the business plan has to demonstrate that it will be highly profitable to spur growth. It is very crucial to make the plan big and realistic.
- The business architecture: The design of your business correlates to the capital investment and targeted growth to establish the employment opportunities that will be created. The Hong Kong administration wants to see a business that is bringing jobs to the residents. If you prove that a business is a job spinner, the chances of getting the visa approved are very high.
The bottom line to getting your entrepreneur visa Hong Kong approved is demonstrating that your business has huge potential for growth and stimulating growth in the market. This can only be achieved by perfecting the business plan.