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Starting business on IANG visa and how much turnover should be required to extend IANG visa after one and half year.

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  1. #1

    Post Starting business on IANG visa and how much turnover should be required to extend IANG visa after one and half year.

    Hi everyone,

    I am having IANG visa here in Hong Kong. I have more than 2 years working experience now. I would like to open my own trading company here in hk. My supplier’s will be from China. And I will send out the goods from China to the customers directly, will it be okay if I directly send Goods from China to the customer or I need to send through hk everytime.? And I will keep the record for taxation purposes. Can anyone guide on this.

    And after one and half year I will extend my IANG visa, how much turnover would be required when I apply for extension of the visa. Do I need to hire local employee in my company to make extension process easy ?

    Could anyone provide the guidance on this. Thanks


  2. #2

    Join Date
    Dec 2016
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    278

    Based on my knowledge, all you have to show is you are running a sustainable business and paying taxes?

    mkusafzai likes this.

  3. #3

    Join Date
    Dec 2002
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    Persons admitted under the IANG will normally be granted an initial stay of 12 months on time limitation only without other conditions of stay upon entry. They may apply for extension of stay in the HKSAR within four weeks before their limit of stay expires. Upon applying for extension, non-local graduates are required to have secured an offer of employment which is at a level commonly taken up by degree holders and the remuneration package is at market level. For those who have established or joined in business in the HKSAR, they are required to produce proof of their business. Successful applicants will normally be permitted to remain on time limitation only without other conditions of stay on the 2-2-3 years pattern.
    I would make sure that you have a proper company, audited accounts, bank records etc (not sure if a sole prop would also work) and show that you're able to pay yourself initially a decent enough salary. Would also have a business plan which shows realistic expansion (may be reviewed at renewal) which involves hiring locals.
    mkusafzai likes this.

  4. #4

    Thanks for sharing your views. I agree with your answer.
    I think if I could earn the equivalent amount to my current annual salary or more in first year it would be enough to get extension on my business easily.


  5. #5
    Quote Originally Posted by shri:
    I would make sure that you have a proper company, audited accounts, bank records etc (not sure if a sole prop would also work) and show that you're able to pay yourself initially a decent enough salary. Would also have a business plan which shows realistic expansion (may be reviewed at renewal) which involves hiring locals.
    Thanks for sharing the details. I agree with your answer.

    I think if I could earn the equivalent amount from business than my current annual salary or more in first year it would be enough to get extension on my business easily. What do you think on this ?

  6. #6

    Join Date
    Apr 2016
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    You’ll probably find the answer at www.hongkongvisacentre.com
    They also do one-hour consultations, well worth the money for peace of mind

    mkusafzai likes this.

  7. #7
    Quote Originally Posted by Tyresmoke:
    You’ll probably find the answer at www.hongkongvisacentre.com
    They also do one-hour consultations, well worth the money for peace of mind
    I will check it thanks.

    Did you have experience to interact with them personally.

  8. #8

    Join Date
    Apr 2016
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    222

    Yes, I left employment and started a business here in HK, the ‘Visa Geeza’ gave me great advice and saved me from all sorts of problems

    mkusafzai likes this.

  9. #9
    Quote Originally Posted by Tyresmoke:
    Yes, I left employment and started a business here in HK, the ‘Visa Geeza’ gave me great advice and saved me from all sorts of problems

    Sounds great.

    May I know which visa was you holding when you left job and started business.


    One more thing, which company did you open sole proprietory or LLC ?

    thanks

  10. #10

    Join Date
    Apr 2016
    Posts
    222

    I had a regular Employment Visa - which expired (apart from the privilege to reside in HK) when I left my permanent employment. I opened a LLC. Immigration Dept expects this and doesn't like Sole Props. Very easy and inexpensive to open an LLC here. Online, in 24 hours

    mkusafzai likes this.

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