Hong Kong Immigration Department requires full business plan for investor visa applicants

The Immigration Department will demand full business plans from people applying for Hong Kong visas through a new investment scheme aimed at genuine entrepreneurs instead of stock market and property investors.

A range of relaxed immigration admission arrangements - aimed at attracting more young, talented professionals to replenish the declining workforce - will come into force on May 4, according to Law Chun-nam, the department's assistant director of visa and policies.

The investment stream under the General Employment Policy was not a replacement for the Capital Investment Entrant Scheme, which mainly attracted mainland millionaires who invested in stocks in exchange for a Hong Kong identity card, Law stressed. The latter scheme was shelved indefinitely in January.

"You cannot just put down a stack of money and then leave it. There needs to be a business plan - business turnover, number of jobs created and financial backup - in order to apply under the … investment stream," Law said.

He said the scheme also welcomed start-ups if they were supported by a government-backed programme with a "rigorous vetting and selection process".

David Hui, managing director of Centaline Immigration Consultants, said he expected more inquiries about the investment scheme, but if mainlanders were barred, the response would decline. Immigration chiefs have not said whether the scheme will be open only to holders of foreign passports.

"The fact is the biggest migration tide is from the mainland these days, and many have business investment plans," he said.