[yona]

Hi,

I am living in HK for more than 6 years (will be 7 years on April next year). I worked for the same company all this time and got the last visa's 2 years extention a month ago.
My company is having a big restructure now and massive lay off. I was wondering what will happen if I get laid off? Can I still apply for the PR?

This is a big issue for us since my wife has a PRC passport.

TIA
Yona

[KnowItAll]

You'll need to remain in HK legally on an employment or dependants visa to be eligible for PR status - in April next year.

[PDLM]

Yes, but my and other people's experience is that ImmD seem happy for you to continue to reside in HK (and go in and out freely) whilst looking for a new job, within the period of any already granted Employment Visa. However, I guess this is probably a "concession" rather than anything formally permitted so I would be quite surprised if you were able to apply for PR whilst in this state.

One radical option (if your finances permit and you want to stay in HK that badly) would be to offer proactively to continue to work for your current employer for a very reduced salary. Although there are some reasonably firm guidelines for the salary you need to be earning when the Employment Visa is granted, there is no requirement to inform ImmD if the salary subsequently goes down, so in principle I guess you could still be legally employed here for a dollar a month, and then you should be OK for your PR application (assuming you have a reasonably substantial pot of money to show that you can support yourself).

[yona]

Thanks for your reply

If I get fired, can I apply for an investment visa?

I heard that if you open a business, you don't need to have an office or a big income in the first year. So, can I have a small business only for a few months until I get the PR and then close it?

[yona]

Thanks PDLM

Did that time of unemployment was part of the 7 years count, or was the count reset when you get out of HK?

Since I am working for a mega-corp., I doubt if they will be flexible about salary cut. I am financial independent and planed to quit my job anyway next year after I get the PR.
The only reason I am still working is to be here 7 years legally. That is why I am thinking to quit now and apply for investment visa, that way I won't have a gap. I am afraid that if I get fired and only then apply for the investment visa, they will reset the 7 years count. Any idea how it works?

[PDLM]

No - I think that would be fine if the investment visa is granted. I was simply here for a few weeks between jobs, and applied for a transfer of sponsor on my Employment Visa. That had no effect on my 7 year count because I was in HK legally throughout the period.

If you have serious money (>HK$6.5M in HK property or other investment assets) then a Capital Investment Entrant Scheme visa might be easier than an Investment Visa, and you could apply for that any time I think. http://www.immd.gov.hk/ehtml/hkvisas_13.htm

[yona]

As I understand the Capital Investment Scheme, I not only need to have 6.5 million, but I need to had that amount of money two years ago, which I didn't.

So, I guess I will wait. If I get fired, I will try to apply for investment visa.