Mitsuba International - FAQs

1.	For applications submitted by post, which date will be taken as the date of application?
2.	When I make the application after the commencement date, I have already invested HK$5 million within 6 months before the commencement date. Will my application be affected by the amendments?
3.	If I am willing to raise my investment to HK$10 million, but I have completed investment of HK$5 million including a property before the commencement date. Will this property be accepted as Permissible Investment Assets?
4.	What kind of insurance company could be qualified as an eligible financial intermediary under the Scheme?
5.	Can the Immigration Department provide the list of qualified insurance companies which are qualified to act as financial intermediaries under the Scheme?
6.	If the applicant and his/her spouse own qualified assets, say bank deposits and property over HK$10 million, is it qualified to apply CIES?
7.	The HK$10 millsion investment sum is for an independent applicant or for a whole family?
8.	Do the applicant needs to report where the source of his/her HK$10 million investment sum from?
9.	Do I need to cancel my own country passport if i apply for CIES?
10.	What's the procedure if I am from Mainland China?
11.	Can CIES Applicants work and open business in Hong Kong?




1.	For applications submitted by post, which date will be taken as the date of application?

A	The date of receipt by the Immigration Department will be taken as the date of application.
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2.	When I make the application after the commencement date, I have already invested HK$5 million within 6 months before the commencement date. Will my application be affected by the amendments?

A	Since the application is made after the commencement date and the completed investment is less than HK$6.5 million net (valid on or before 13 October 2010), this application will be processed under the amended Scheme Rules (i.e. after 13- October 2010, the applicant should prove that he/she has Net assets or net equity of not less than HK$10 million throughout the 2 years before lodging the application and has invested not less than HK$10 million (excluding real estate) within the timeframe as stipulated in the amended Scheme Rules).
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3.	If I am willing to raise my investment to HK$10 million, but I have completed investment of HK$5 million including a property before the commencement date. Will this property be accepted as Permissible Investment Aseets?

A	The invested property will not be accepted as Permissible Investment Assets (from 10 October 2010). The application is made after the commencement date and you have not invested at least HK$6.5 million net before the commencement date. As such, the application will be processed under the amended Scheme Rules.
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4.	What kind of insurance company could be qualified as an eligible financial intermediary under the Scheme?

A	Starting from the commencement date, an insurer authorized to carry on Class C business as specified in Part 2 of the First Schedule to the Insurance Companies Ordinance will be permitted to act as a financial intermediary for the purpose of the Scheme.
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5.	Can the Immigration Department provide the list of qualified insurance companies which are qualified to act as financial intermediaries under the Scheme?

A	The Immigration Department does not have such information. You may consult the Office of the Commissioner of Insurance concerning insurers authorized to carry on Class C business as specified in Part 2 of the First Schedule to the Insurance Companies Ordinance. Or contact us directly for arrange or to get further information.
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6.	If the applicant and his/her spouse own qualified assets, say bank deposits and property over HK$10 million, is it qualified to apply CIES?

A	Generally it is acceptable and according to which class of assets exactly. A declaration is usually required to state the assets holdig ratio.
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7.	The HK$10 millsion investment sum is for an independent applicant or for a whole family?

A	As long as the main applicant fulfills the requirement of HK$10 million investment, the applicant's spouse and dependant (below 18 years old) can be applied together.
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8.	Do the applicant needs to report where the source of his/her HK$10 million investment sum from?

A	No need. HKSAR Government do not require CIES applicant to report the fund sources from. But the applicant must follow the CIES guideline that the he/she has had HK$10 million since 2 years ago (since the date of applicaton).
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9.	Do I need to cancel my own country passport if i apply for CIES?

A	No need. After successfully obtain HK resident situation, entry in / out Hong Kong just by using Hong Kong identical information
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10.	What's the procedure if I am from Mainland China?

A	Mainland Chinese needs to apply for the 3rd contry resident before applying CIES. Afterwards, following the normal procedure.
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11.	Can CIES Applicants work and open business in Hong Kong?

A	Successful CIES applicants and his/her spuse and dependants, as role of CIES, are able to open business, joint venture or partnering business, employment, or self-employment.