Top Talent Pass Scheme Renewal: Applications Not Meeting Requirements Will Be Rejected — Is Self-Employment a Way Out?

The first batch of Top Talent Pass Scheme visas is approaching expiry. The Secretary for Labour and Welfare stated that the renewal situation is generally in line with government expectations and that the second quarter will mark the peak of renewal applications. The government remains confident in achieving the goal of 50,000 renewals.

Recently, the Immigration Department has become more cautious in reviewing renewal applications, particularly rejecting renewals for applicants whose companies cannot provide sufficient proof of operations.

Some applicants’ employment contracts are nearing expiry. In these cases, the authorities usually grant only short-term renewals. If an applicant successfully renews their employment or finds a new job, a longer renewal period may be granted based on the circumstances.

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Conditions for Top Talent Pass Scheme Renewal

1. Currently Employed in Hong Kong with Stable Income

   Applicants must be engaged in degree-related employment with salaries and benefits that meet market standards. An employment contract must be submitted, clearly stating salary, payment cycle, annual leave pay, and other terms.

   
   

2. Non-Employment Work Forms

   For self-employed individuals, the Immigration Department will assess the applicant’s income level (primarily commission-based), economic contribution, and duration of stay in Hong Kong.

   
   

3. Employed by an Overseas Company

   If employed by an overseas company with a contract requiring duties to be performed in Hong Kong, and the applicant holds a senior management or professional position earning HKD 1.2 million or above annually, a Hong Kong tax payment record for the previous fiscal year must be provided before renewal.

   
   

4. Operating or Participating in a Business in Hong Kong

   Applicants must demonstrate that the business is operating sustainably in Hong Kong and contributes to the local economy. The Immigration Department will consider business development, economic benefits, and the applicant’s residency period.

Consequences of Renewal Failure

If an applicant fails to meet any of the above renewal conditions or does not renew on time, they risk losing the progress made towards obtaining Hong Kong residency and could potentially lose their Hong Kong status.

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Self-Employment Renewal: A Possible Breakthrough

Self-employment renewal refers to applicants registering a company in Hong Kong and continuing to operate the business as an owner or manager, thus meeting the renewal requirements for Hong Kong residency.

Advantages of Self-Employment Renewal over Employment Renewal:

1. No need to worry about employer contract non-renewal.

2. Business expansion can justify travel records outside Hong Kong.

3. Tax planning can be done through a Hong Kong company.

Key Documents Reviewed by the Immigration Department:

• Proof of physical office address and site photos.

• MPF (Mandatory Provident Fund) records and local employee contracts.

• Contracts, shipping documents, bank statements, and other financial documents.

• Audit reports from licensed accountants.

• Tax forms.

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Conclusion

Whether employed by a local company, working in a non-employment capacity, or running your own business, strong supporting documentation is essential for renewal. Failure to meet the relevant conditions or to renew on time may affect your Hong Kong status and development opportunities. If you are considering setting up a company or relocating to Hong Kong, feel free to contact Oceanus Strategic Consulting. We will tailor the best strategy for you based on your specific situation.