Funds Required for Hong Kong
It’s no secret that Hong Kong is one of the most exciting and happening destinations in the world. To fill the labor gap in Hong Kong, the HKSAR government invites thousands of overseas skilled workers every year. Provide them with great career prospects, financial flexibility, an excellent lifestyle, and health and education benefits.
If you are willing to immigrate to Hong Kong through QMAS (Quality Migrant Admission Scheme), it is imperative that you have enough settlement funds.
What are Settlement Funds?
Settlement funds are the minimum amount of money that you have to show to the Hong Kong (HKSAR) immigration department to prove that you are financially stable and able to take care of yourself and your family while living in Hong Kong. If you wish to apply for Hong Kong PR (QMAS) make sure you have the required funds otherwise your QMAS visa may get rejected or suspended.
Why is it compulsory for applicants to show the funds?
There are two main reasons why it is compulsory for applicants applying for QMAS (Quality Migrant Admission Scheme) to show proof of the funds to the Hong Kong Immigration Department.
- The government of Hong Kong (HKSAR) requires applicants to demonstrate funds to gather information on their financial stability in their native countries and their ability to support their native country dependents.
- It prevents you from relying on social assistance and placing pressure on the Hong Kong government & system until you find a job there.
- To prevent you from having to return to your home country due to financial constraints.
How can applicants show their funds to the HKSAR Immigration Department?
Hong Kong immigration Department permits visa applicants to show funds by:
- Bank Statement – It is a document that is sent by the bank to the account holder, summarizing all the transactions of an account during the month. Applicants may show their bank statements or their spouse’s bank statements in order to prove their funds.
- Fixed Deposits – In a Fixed Deposit, you put a lump sum in your bank for a fixed period at an agreed rate of interest. You can submit your own or your spouse’s FD documents to the Hong Kong Immigration Department as proof of funds.
- Provident Funds – It is an investment fund that is voluntarily established by Employers and employees to serve as long-term savings to support an employee’s retirement. Applicants can submit their PF statement as proof of funds.
- Mutual Funds Statement- It provides you with all the information related to your investments made in different mutual fund schemes. It is similar to a bank account statement. Same as a bank statement you can use it to prove your funds to the immigration department.
- Audited Financial Statement – It shows the business registration status and the percentage of shareholding of the applicant; or a statement issued by a financial institution or a creditor showing the latest outstanding amount of personal debt.
How long do applicants have to maintain their accounts?
Applicants are required to retain their funds for approximately 4 to 6 months until their application is processed. This may vary depending on your visa application process.
Why trust BOI services?
- Authorized and licensed Immigration Consultancy.
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BOI Services is one of the best Immigration Consultancy in New Delhi, widely regarded as one of the most reputed and trusted Immigration Consultancy in India by its customers. We have helped hundreds of visionary people to successfully immigrate to Hong Kong through QMAS Visa. Our trained, well-versed, and experienced Immigration Experts are dedicated to support you with your immigration process.