What is the use of Hong Kong meritocracy? Some friends may ask, Hong Kong is part of China. What is the point of having a Hong Kong identity? In fact, the so-called Hong Kong identity, we can understand as Hong Kong's "household registration". Different cities' household registration will definitely bring you different convenience.
I. Advantages of Hong Kong Talents Scheme
1. Low application threshold
Although Singapore and Hong Kong are both developed regions, through the Hong Kong Talents and Professionals Scheme, people can easily and smoothly move to Hong Kong, working visa extension hong kong start a business and find a job there.
2. Wide range of people
The Hong Kong Talents Scheme is a quota-based importation scheme that aims to attract skilled talents to settle in Hong Kong, thereby further boosting Hong Kong's economic development. Apart from the basic prerequisites, applicants are required to pass a points test. The Hong Kong Immigration Department has two sets of talent scoring criteria, namely the Comprehensive Points Scoring System and the Achievement-based Points Scoring System. More people choose the composite scoring system.
3. Family living together in Hong Kong
Applicants under the Talents Scheme can apply for their spouses and children under the age of 18 to reside together in Hong Kong. Under the scheme, the length of stay of these dependent applicants will normally be linked to the length of stay of their sponsors. The visa can be renewed upon expiry of the normal visa. After 7 years of residence, these family members can apply for permanent residence or citizenship.
4. Retaining Mainland Status
Currently, there is no need to cancel the Mainland Hukou for applications for Hong Kong status through Hong Kong talents, Hong Kong professionals, studying in Hong Kong, and Hong Kong academic talents. (Exception: Relatives need to cancel their Mainland Hukou before applying for Hong Kong status).
5. International Education Resources
Children can obtain richer educational resources. Children with Hong Kong status can study in various schools in Hong Kong (including international schools) and international schools in the Mainland.
6. Higher Education Resources
At the critical moment of further education, candidates with Hong Kong status can sit for the Hong Kong Diploma of Secondary Education Examination (HKDSE) to enter Hong Kong/overseas universities, or apply for exemptions from the HKDSE of elite universities in the Mainland, or sit for the Overseas Chinese Joint Entrance Examination (Overseas JEE), bypassing the fierce competition of the Advanced Level Examination (HKALE), to enter the top universities in the Mainland.
8. Social Security System
Hong Kong's healthcare insurance system enables all Hong Kong residents to enjoy quality healthcare services at affordable prices. Even if they are not permanent residents, their children can receive free vaccinations.
9. Career Advantages
If you work in Hong Kong, you will have access to more reputable international companies. Hong Kong's status can be seen as a powerful tool for promotion.
10. Free Business Environment
In Hong Kong's open and free business environment, the process of setting up a business is simple, quick and inexpensive, and the barrier to entry is low. Hong Kong businesses are conducive to international awareness and brand building. Hong Kong is an international city where companies from any country or region can succeed in China. It is a window into the international market and a springboard into the mainland China market.
11. Simple tax system and low tax rate
In Hong Kong, the profits tax rate (for corporate income tax) is 16.5% and the highest salaries tax rate (for individuals) is 15%, which is one of the lowest in the global market. In addition, people who are married, have children or work to support their parents, etc. can obtain some additional tax allowances accordingly.
Also, there is no sales tax, VAT, withholding tax, excise tax, etc. in the simple tax system.
12.Traveling with a SAR passport
After becoming a permanent resident of Hong Kong, you can apply for a HKSAR passport. The HKSAR passport allows visa-free travel to 168 countries and territories and transit to third countries. The waiting time for applying for immigration is shorter and the conditions are more lenient.
II. Disadvantages of the Hong Kong Merit Recognition Scheme (QMAS)
1. QMAS is not applicable to any group.
For foreigners who want to apply for the genius program, there are groups to which the program is not applicable, among which applicants from Afghanistan, Cuba, Laos, Korea, Nepal and Vietnam cannot apply for QMAS.
2. There are quota restrictions.
Under the Hong Kong QMAS program, it receives 1,000 applications from foreigners each year. Therefore, once an applicant submits an application, he has absolutely no idea with whom he is competing. This increases the uncertainty of the application results. Many people are confused after a failed application:Do I meet the specific requirements? Why did I still fail to apply. As a matter of fact, due to quota constraints, many clients who submit their applications late are often unable to receive a timely response.