Moving to HK with business

[Riz80]

Dear All,

I am not really sure where to start with...but I thought I should have to start from somewhere.


I will try to give you my situation in a nutshell.


I am a Pakistani national, 31 years old (Will be 32 in December), an MBA-Finance (I think this may be equivalent to Bachelors in HK).

I am running a small accountancy outsourcing business which provides back office support services to accountants in UK.I am wishing to move to HK with my business and I have a few questions in this regard (I am sure there may be some more once I get in touch with you guys)

1.I know HK has no demands for capital to be brought into HK for my business. I need to know what will be my costs to cover my expenses....for example, office rent (A small office will work for me), residence costs,utilities,etc etc

2.Are there any funding options available in HK for a business like mine. How about interest rates and payback period?

3. I know HK immi may need to know what I can offer to HK economy and local people; the business I own is something not very common so it is something new to HK market I believe.

4.Can I move to HK as a skilled immigrant and then establish my business there or should I go through investor immigration? What will be the best option?


Thank you all for reading my post and thanks in advance for all of the help you people may offer. I would appreciate a detailed response.



Best Regards,
Riz

[Oldtimer]

Chances of getting an investment visa are slim. However you can contact Invest HK, a government agency for more information.

[emx]

Snap - Oldtimer beat me to it/

See above.

[Khema]

I am a Pakistani national, 31 years old (Will be 32 in December), an MBA-Finance (I think this may be equivalent to Bachelors in HK).
...
1.I know HK has no demands for capital to be brought into HK for my business. I need to know what will be my costs to cover my expenses....for example, office rent (A small office will work for me), residence costs,utilities,etc etc

...

3. I know HK immi may need to know what I can offer to HK economy and local people; the business I own is something not very common so it is something new to HK market I believe.

4.Can I move to HK as a skilled immigrant and then establish my business there or should I go through investor immigration? What will be the best option?

Firstly, MBA is a Masters Degree which is higher than Bachelors. At every stage of immigration, you have to prove that you have special skills & knowledge not found on the local market so keep your head high from the start

1. There is big range of expenses for running a business/life in Hong Kong, you need to be more specific about where you want your office to be, how big, who you plan to hire etc. Same with your own accommodation. HK Island and New Territories are two different worlds ))

3. From my own investment visa process, I understand that the key to contributing to local economy is how many HK local staff you will hire (and what skills they learn/what they earn etc). Secondary to that, what local HK businesses you will use as service providers, what taxes you will pay into HK budget and what special service you will be providing to the local businesses.

4. Skilled migrant route vs Business immigration route: For skilled migrant, you have to prove that you posess skills and knowledge not found easily at the local workforce. It is about YOU. The Business Immigration is more about your COMPANY/BUSINESS and what it will contribute to the local economy (see #3). Decide which one is easier for you to prepare as a case and go for it.

Out of interest, do you have a website - I am getting interested in this market of accounting service outsorcing?

good luck!

[virago]

I suggest to put a preliminary business plan together also.

[MovingIn07]

In my view, the competitive advantage of outsourcing is that you can do it cheaper than buying that same service at home. So - why do you think that moving to HK will increase your competitive advantage?

Relative to Pakistan, your staff will be more expensive; your rent will be more expensive and I'd hazard a guess pretty much every other aspect will be more expensive too!

So - why come? What's driving it? Is it that you think you are not credible currently based in Pakistan? If so, a virtual solution might be MUCH cheaper! Is it something else? Might be able to give more sensible solutions if I could see what the driver was, I'm struggling right now.

[Riz80]

Dear Khema and all,

Thanks for your replies. I know this is a BIG jump for me to move but I have to do something. I am just preparing grounds and learning things and most importantly, thinking where should I get started. I appreciate your replies and looking forward to hear more.

Thanks you all once again.

[Khema]

I agree with Moving07, there is no business case for having an outsorcing company with opreations in Hong Kong. Most of the HK companies are already served from the mainland China.

I think the TC is simply looking for ways to immigrate in HK, and one of these is the business immigration. Unfortunately, there is no solid business case for such business in HK... persuading the Immigration Dept could be challenging.

[Riz80]

Dear Khema,

Thanks for your detailed reply. Do you think moving as a skilled migrant will work? Can you recommend some renowned and reliable recruiting agencies?
Hoping to hear from you soon.

Best Regards,
Riz

[Khema]

It's better to use another forum for the Skilled Migrant questions:

Immigration and Visas - Hong Kong