_{Published: 14 Jan 2021}

We received few enquiries about the Hong Kong visa is going to expire and how can they do if they are not in Hong Kong currently. Here is the update from Hong Kong Immigration Department:

“The Immigration Department accepts applications for return to Hong Kong from non-permanent residents who is outside of Hong Kong under the COVID-19 Pandemic (Not Applicable to Foreign Domestic Helpers and Imported Workers) In general, persons admitted into Hong Kong under various immigration policies/schemes may apply for extension of stay within four weeks before their limit of stay expires. Applicants should be physically present in Hong Kong both at the time of applications and collection of the relevant labels (for approved applications).

Some persons outside Hong Kong with their limit of stay about to expire / expired and, due to the COVID-19 pandemic, may not be able to return to Hong Kong timely (Note 1) to apply for extension of stay. For those whose limit of stay is about to expire (within four weeks) / has expired for less than 12 months, they may submit a duly completed application form (Note 2) together with the required supporting documents required for application for extension of stay under the relevant immigration policy/scheme concerned in general situations, and a letter setting out the details on their inability to return to Hong Kong timely for the extension of stay formalities. If the applicants continue to meet the eligibility criteria under the relevant immigration policy/scheme concerned and it is satisfied that the applicants’ circumstances are a continuation of their previous residence in Hong Kong, the Immigration Department may consider issuing the applicants with a visa/entry permit for their return to Hong Kong within the validity of that visa/entry permit. For more details, please email to: enquiry@immd.gov.hk.

Note 1:
The webpage link for prevailing restrictions on entering Hong Kong is as follows:
https://www.coronavirus.gov.hk/eng/inbound-travel.html

Note 2:
Capital Investment Entrant Scheme entrants should complete application form ID 967 . Other applicants should complete the application form ID 91 (even if they are outside Hong Kong and apply for a visa/entry permit to return to Hong Kong under this arrangement).”

Highlights
1. Applicants should be physically present in Hong Kong both at the time of applications and collection of the relevant labels
2. For those whose limit of stay has expired for less than 12 months

Our tips
Getting a flight ticket might get harder than before. Plus, since December 25, all oversea arrivals into HK have to quarantine in designated hotel for 21 days which is up from 14 days. You need to pay for almost ten thousand for you quarantine cost before you physically present at The Immigration Department for extend your Visa. If your Visa is about to expire, you could wait and see what happens next to save your high cost of quarantines. Keep checking updates from government website or subscribe us to get the latest updates. 

_{Reference:
The Immigration Department Accepts Applications for Return to Hong Kong from Non-Permanent Residents Outside Hong Kong under the COVID-19 Pandemic (Not Applicable to Foreign Domestic Helpers and Imported Workers), The Immigration Department, 31 Dec 2020}

At a time when much of the national economy is struggling. Many company have essentially shut down but current economic environment does offer some bright spots. One is the rise of virtual banking development in Hong Kong.

Virtual banks, also called neobanks, primarily deliver retail banking services through the internet or other electronic channels instead of physical branches.

“The Hong Kong Monetary Authority granted eight virtual banking licenses in 2019, and most only began operations in recent months as a result of launch delays. This is unsurprising as we believe that new entrants are likely to exercise more prudence under a worsening economic outlook from the coronavirus and trade tensions,” states Fitch Ratings.

ZA Bank announced in 24th March 2020 that they are a fully operational virtual bank thus becoming the first virtual bank to fully Launch in Hong Kong. As of today, 8 virtual banks exist in Hong Kong after having been approved by the Hong Kong Monetary Authority but not all of them are already operational.

The 8 virtual banks are:

In fact, virtual banking competition in Hong Kong is off to a slow start as possible growth prospects are being hindered by economic uncertainties, according to a recent commentary from Fitch Ratings.

Virtual banks have sought to attract new customers by pitching their seamless onboarding process and higher savings interest rates. ZA Bank, Hong Kong’s first virtual bank, is offering a 1% interest rate for all customers, while Fusion Bank had offered a 5% rate for a three-month deposit until end-October 2020.

While better customer experience and higher saving interest rates are attractive qualities for any virtual bank, the key test for the eight virtual banking institutions in Hong Kong is how they can create stickiness for their customers to use other kinds of banking services beyond deposit-taking, e.g., lending and wealth management. Already, the likes of ZA Bank and PAOB are offering lending services to their customers, with PAOB promoting a pre-approved loan offer of up to HK$2 million.

Nevertheless, virtual banks will take time to develop, but they are already heating up the market, creating competition for the existing financial institutions. They are a significant part of the Smart Banking Initiatives established with the aim to improve customer experience and facilitate financial evolution.