News MBA, Career Advice & Work Visas

Visa issues: Starting a company in Hong Kong, while holding on to original sponsor job.

ORIGINAL POST
Posted by teamlazer 9 yrs ago
Hi, I'm an expat living and working in Hong Kong. I am not a Hong Kong permanent resident and my visa is sponsored by my host company.

I am looking at incorporating a company in Hong Kong to hold some investments, whilst holding on to the primary sponsor job.

I would become a minority/majority shareholder in this business as well as a director, but I would not be drawing a salary, only taking dividends from the shares.

I am wondering if I can do this without having to modify my original work visa?

And wondering if anyone else has had similar experience?

Thanks!

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COMMENTS
paleva 9 yrs ago
Hi Teamlazer,

I am in a similar situation and was wondering how did you manage yourself. Do you have any experience to share

Thanks

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scorpio01 9 yrs ago
It can be done, you can take dividends, but can not work or draw salary

you can form a company, hire staff to do the work and its all good.

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paleva 9 yrs ago
Thanks Scorpio01,

Does it have to be Limited company or it can be a Sole Proprietorship or Foreign Company Office?

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scorpio01 9 yrs ago
Limited is always better

Sole Proprietor company does not pay any dividends, it will pay you profit from its operations,
but in SP you will have to club that income(profits) with your other income(salary from your current job) and that will increase your tax liability

Dividends from Limited company can be kept in the company as payables or simply re-invested or returned to company as loan.

I am not sure what is the scale of business you plan, consult a tax advisor, i have a small business so i dont have much issues,

I myself started with SP and later moved to Ltd company.

but remember, in the long term if you do not have much business then limited liability company will be a liability itself as annual charges to maintain it would be higher and closing it will also take money and time.

so all depends on what you plan to do, scale, your earnings.. PM me if you like, ill share whatever i know with you.

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teamlazer 9 yrs ago
Thanks Scorpio01 - did you ever end up shifting your visa sponsorship to your own limited company?

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scorpio01 9 yrs ago
@teamlazer

yes, I did that.
I got visa sponsored by my own Ltd company and finally got PR under its sponsorship.

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