• The Quality Migrant Admission Scheme (QMAS) aims to attract highly proficient or gifted individuals who will settle in Hong Kong. Applicants must meet a set of prerequisites before they can earn points in one of the two point-based tests below (qualified individuals from the Talent List are entitled to extra points under the QMAS):
• The General Points Test — Requires a passing score of 80/225 and includes five categories: age, academic or professional credentials, work experience, language proficiency, and family background.
• The Achievement-Based Points Test — For candidates who have received a distinction for exceptional performance (such as Nobel Prizes, Olympic medals, national or international awards) or candidates who can demonstrate that their work has been recognized by their peers or has played a role in the advancement of their field (for instance, a lifetime achievement award from their industry).
• Applicants who have fulfilled one of the criteria under this test will receive 225 points; otherwise, no points will be granted, and the application will be refused.

The General Employment Policy

The General Employment Policy (GEP) outlines the admission prerequisites for individuals who desire to come or continue their stay in the HKSAR for work as specialists. Candidates with distinctive abilities, expertise, or knowledge of worth that is not effortlessly accessible in Hong Kong can petition to work under the GEP given that they fulfil the following conditions:

• The candidate has a strong academic record, typically a bachelor’s degree in an appropriate employment field.
• There exists a legitimate job opening.
• The candidate has a verified employment offer and is working in a position related to their academic credentials or job experience that local workers cannot fill.
• The compensation plan, encompassing salary, housing, healthcare, or additional perks, is generally comparable to the current market standards for experts in Hong Kong.

Investment as Entrepreneurs

• The Investment as Business Owners category outlines the eligibility criteria for individuals who want to enter or remain in the HKSAR as entrepreneurs under the GEP, meaning to establish or join a company in the HKSAR.
• Candidates must have a remarkable academic background, commonly a primary degree in a related area. They must establish or join a fledgling enterprise and have the ability to make a significant contribution to Hong Kong’s economy, taking into account factors such as business plan, business revenue, financial resources, number of locally created jobs, and the introduction of new technology or skills.
• Chinese ex-pats who hold passports from the People’s Republic of China and satisfy the aforementioned requirements and the standard immigration prerequisites may apply for the HKSAR Investment as Business Owners visas if they have permanent residency abroad or have lived overseas for at least a year immediately prior to submitting the application. (‘Overseas’ excludes mainland China, the Hong Kong Special Administrative Region, and the Special Administrative Region of Macao.)

Procedures and time frame

The applicant must submit all the relevant application forms and supporting documents to obtain any of the above visas. Upon the Immigration Department’s receipt of all the required documents, it usually takes four to eight months to process the visa or entry permit applications.

Endorsement of requests is wholly optional and is susceptible to alterations in governmental regulations. The head of migration holds complete authority to deny any request, notwithstanding meeting all eligibility standards. Victorious supplicants will typically receive a restricted elongated residency of 24 months (solely without other stay limitations upon admission). Petitioners can put forward a request for extending their stay in the HKSAR before their time restriction concludes. Such solicitations will only be evaluated if the claimants still fulfil the qualifications criteria under the entry for investment, the QMAS, or the General Employment Policy.

Tax in Hong Kong

Taxation in Hong Kong is based on a territorial source principle. Hong Kong firms solely incur tax on earnings obtained in Hong Kong, and the percentage of taxation currently is 17.5% on taxable income. There are no withholding taxes on interest or dividends and no taxes on capital gains. However, withholding tax on royalties applies, presently at 5.25%. It’s solely levied on royalties paid to non-local recipients not connected to the payers. 

A tax rate of 16.5% is relevant if they are connected parties. Hong Kong firms are perfect vehicles for global trading or consulting actions that necessitate connections in Hong Kong. These businesses can therefore be conducted without tax. The same applies to companies that possess real estate outside Hong Kong. No capital gains tax and dividends received or distributed by a Hong Kong firm are tax-exempt. Even the standard rate of profits tax relevant to Hong Kong-sourced income is very competitive, at 16.5%.