To: Practising Members and Firms of the Hong Kong Institute of Certified Public Accountants
New arrangement of engaging a Certified Public Accountant (Practising) under the Hong Kong Immigration Department's Capital Investment Entrant Scheme
I am pleased to advise that the Hong Kong Immigration Department's new arrangement of engaging a Certified Public Accountant (Practising) under the Capital Investment Entrant Scheme http://www.info.gov.hk/gia/general/200903/13/P200903130254.htm was introduced on 13 March.
The Immigration Department announced that from 16 March, a new arrangement will be implemented to shorten the processing time of applications submitted under the Capital Investment Entrant Scheme [the Scheme]. According to the Rules for the Scheme, an applicant has to meet the eligibility criterion, among others, that he has net assets or net equity to which he is absolutely beneficially entitled with a market value of not less than HK$6.5 million net throughout the two years preceding the date he lodged his application.
Upon implementation of the new arrangement, applicants may at their own cost engage a Certified Public Accountant (Practising) [CPA (Practising)] who is a member of the Hong Kong Institute of Certified Public Accountants to issue a report to demonstrate that they meet the above requirement.
This is an optional arrangement and whether or not a CPA (Practising) is engaged will not affect the outcome of the application. The new arrangement is also applicable to applications submitted before the implementation date. It is anticipated that the processing time of applications opting for this new arrangement would be reduced significantly.
The Institute has been working closely with the Hong Kong Immigration Department to develop guidance for CPA Practising. Please find attached a link to the Circular which provides the guidance. http://www.hkicpa.org.hk/professionaltechnical/assurance/example_auditors/CIESreport.pdf
The Institute is pleased to be able to draw members attention to this opportunity for potential new work.
Yours sincerely,
Chris Joy
Executive Director
Hong Kong Institute of CPAs