HongKongVisaCentre.com’s Stephen Barnes Gives Advice to Startups Seeking Business Investment Visas in Hong Kong

Hong Kong’s immigration environment is far from unfriendly.

According to the Immigration Department’s facts and statistics, almost 29,000 professionals from all sectors and nearly 100 countries received employment and investment visas in 2012. In the past, the Immigration Department has had a track record of introducing new initiatives to reflect the realities of Hong Kong’s economic circumstances.

But what if you’re an early stage startup bootstrapping and coding your way to glory? How does the immigration department view small companies with a big heart but only a modicum of cash?

The cold hard truth is that they’re usually viewed quite unfavorably.

According to Stephen Barnes, immigration expert and co-founder of the Hong Kong Visa Centre, in order to make the cut for a business investment visa (required for foreign nationals), startups have to first satisfy an approvability test which is proof that the company can make a substantial contribution to the economy of Hong Kong.

“The problem is most startups are operating on a lean philosophy,” says Stephen. “And you can’t reconcile the lean philosophy to making a substantial contribution to Hong Kong’s economy.” Stephen says that when vetting applications, the Immigration Department asks three questions: does the business create local employment opportunities? Are they operating out of suitable business premises? Do they have suitable funding resources?

“Even though the lean philosophy is the right philosophy, if you’re going to finance your business from credit card advances, you’re not going to be resourced enough from a funding perspective for the immigration department to say yes,” said Stephen.

While the good news is co-working spaces are considered “suitable business premises,” – the other two requirements might prove to be an unsurmountable challenge so early in the startup game.

As he often advises startup companies on immigration, Stephen’s advice to startups with limited resources is to manage their expectations. “It might be a matter of delaying an application until they have an MVP and some money in the bank, or if they have letters of intent from people who are interested in you,” said Stephen. He suggests that instead of jumping the gun on visa applications, startups should work on repositioning themselves until they’re able to satisfy the approvability test.

For more established startups, Stephen and the Hong Kong Visa Centre are there to lend a consulting hand. But for those early stage companies unable to afford consultancy fees, The Hong Kong Visa Centre is also a publishing resource that offers ‘free advice’ with comprehensive visa handbooks and kits that anyone can use.

Hong Kong Visa Centre on Startbase.HK: Hong Kong Visa Centre 

Stephen Barnes on Startbase.HK: Stephen Barnes