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How important is sponsor-profitability, especially for start up businesses less than 12 months old?

QUESTION

I have been recruited by a newly established company (12 months old as of this week).

They have never hired a foreigner and have tasked me with completing the visa forms, both employee and employer versions.

The Employer-side application requires “proof of financial standing.”

Although registered one year ago, the company has only recently begun making sales, which do not amount to much.

Will the companies lack of profit negatively affect my chances at being approved under this Hong Kong work visa application?

If so, is there anything that can be done to mitigate this?

Thank you in advance for your reply.

ANSWER

Whenever the Immigration Department are asked to ascribe a suitable and credible sponsorship status to a newly established enterprise, the Immigration Department will look at a number of different factors when taking into account a good financial standing of the business. As a newly established company with no history of trading, that will not come as a surprise to the Immigration Department if only just turning revenue now, that’s okay.

They’ll look to see for a set of management accounts – I appreciate you won’t have an audited management account at this point, but certainly up-to-date management accounts that shows the balance sheet and the profit and loss so that the Immigration Department can see what’s going on now, that will be beneficial to the application.

The fact that there are no revenues, as you say, then what does the bank balance look like, and what the extent of the funding available to be used for the business. As long as all of that stacks up, it will not stand in the way of you getting your approval because you’ll satisfy the financial bona fides accordingly.

I hope you found that useful.

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