Hong Kong SAR: Policy Address Outlines Visa Improvements and Long-term Plans to Improve Trade

Key improvements include the following:

• Top Talent Pass Scheme changes. As of November 2023, expansion of the coverage of universities under the Top Talent Pass Scheme to 184 institutions. This program allows qualifying foreign national high earners and graduates of top universities to receive a two-year visa which allows them to work or establish a business in Hong Kong SAR.
• Relaxed visa requirements.
  • Effective immediately, there are relaxed qualifying criteria for Vietnamese nationals applying for multiple-entry visas for business and for work visas, whereas previously, they were not eligible to apply for employment visas.
  • Effective immediately, there are relaxed qualifying criteria for Laotian and Nepalese nationals for employment, training and study visas, whereas previously, they were not eligible to apply for these visas.
• Investor visa. Under the newly-reactivated Capital Investment Entrant Scheme (which was suspended in 2015), eligible foreign investors who invest at least HKD 30 million in stocks, funds, bonds, etc. (excluding real estate) will be able to apply for entry into Hong Kong SAR. The government is expected to release more details on this program, including the implementation date, by the end of this year.
• Vocational Professionals Admission Scheme pilot program. To alleviate skills shortages for trade professions, foreign students of certain vocational schools will be allowed to stay in Hong Kong SAR for one year after graduation to find a job relevant to their field. This pilot arrangement will be reviewed after two years.
• New focus on Chinese visa applications from Hong Kong SAR. Starting October 26, 2023, foreign employees of companies registered in Hong Kong SAR will be eligible to apply for a two-(or more) year multiple-entry Chinese business visa at the China Visa Application Service Center in Hong Kong SAR, with expedited processing (whereas whether a multiple-entry Chinese business visa can be granted in Hong Kong SAR is currently at the discretion of the authorities). This is in line with the government’s intention to encourage companies to set up operations in Hong Kong SAR to facilitate business travel to Mainland China.

According to the government’s press release, based on the success of recent government initiatives to attract foreign talent (such as the Top Talent Pass Scheme), the government is now seeking to continue to attract global business and investment to improve competitiveness in the current tight labor market.

Among other important goals, the press release also sets out the following objectives:

• • improve the industrial, research and development, and information technology sectors in the country with specific initiatives;
  • strengthen trade and cooperation with Mainland China;
  • develop a “headquarters economy” to attract foreign enterprises to set up headquarters and/or corporate divisions in Hong Kong SAR; and
  • accelerate the development of digital economy (including through the use of artificial intelligence).

The new and planned programs will likely have a positive effect on businesses sending foreign nationals to Hong Kong SAR, as the government intends to create efficiencies in the immigration process to promote trade and establish Hong Kong SAR as a global business destination during the current tight labor market as part of a wider national plan to improve the economy.

The Hong Kong Immigration Department is expected to publish implementation details for the above programs in the near future. We will report on related developments.