The Leading Hubs for Doing Business in Asia
Hong Kong vs. Singapore

Hong Kong and Singapore have been considered tax havens for overseas business owners because of their direct and low tax rate system.

* Hong Kong only collects 3 direct taxes – Profits Tax, Salaries Tax, and Property Tax.
** Singapore imposes tax on Custom and Excise Duties, Goods and Services Tax, Stamp Duties, etc.

Hong Kong and Singapore share individual solid points that support global businesses to thrive in their city – stable economy, highly-advanced telecommunications, and competitive infrastructures. In addition to that :

Hong Kong

• Considered as the World’s Freest Economy because of its free trade, free enterprise, and free-market regulation.
• The city strictly enforces an anti-corruption policy to offer a safe environment and sound legal framework for international businesses.
• Hong Kong has efficient and cheap shipping, logistics, and freight forwarding.

Singapore

• Singapore has a strong trade and investment environment housing primary foreign exchange dealers that placed the city 3rd as the largest foreign exchange centre globally.
• The region supports the creation of digital banking platforms for a more substantial FinTech ecosystem to cater their investors’ overseas dealings.
• A dynamic exporter mainly in electronics, machinery, and equipment, making it easier for business owners to find buyers.

Hong Kong and Singapore have a list of prestigious banks and FinTechs to provide their entrepreneurs’ banking needs.

Both cities comply with the Know-Your-Client (KYC) process to accurately filter the applications they receive, appropriately establish the business’s source of income, and what kind of transactions they should expect from their accounts.

To open your bank account in either Hong Kong or Singapore, you must submit a filled out application form along with the following :

Hong Kong

• A physical registered address in Hong Kong with a rental agreement under HK’s company name if it is on a lease.
• HK ID card or work visa of the company director.
• Company incorporation documents and certified true copy of Business Registration Certificate.
• Audited financial statements, business plans, contracts or agreements, and invoices as supporting documents.
• Process time : 3 weeks

Singapore

• A registered residential address for directors, shareholders, and ultimate beneficial owners.
• Certified or notarised true copy of directors, shareholders, and company secretary’s passport.
• Company incorporation documents and certified true copy of Certificate of Incorporation, Company’s Business Profile, and Company’s Memorandum and Articles of Association.
• Supporting documents such as short-term business plan, proposed activities, prospective customers and suppliers, and sources of funds.
• Process time : 4 weeks

It is already a given fact that traditional bank account openings take time due to their tedious procedure thus, most entrepreneurs opt for Financial Technology accounts (FinTechs) as an alternative to make instant global transactions.

Choosing the ‘best’ or ‘right’ place to start your offshore company may be too broad to define. Facets like your preferences, needs, and so on can play in when deciding your venture location, and Hong Kong and Singapore are no different. Both regions have their pros and cons, and benefits and features that might or might not work for you. Thorough research, analysis, and a vast network are important in figuring out where you must put up your company.

It can be pretty daunting to pick a city where you can thrive, but AsiaBC will be with you every step of the way. Send us an email at business@asiabc.com.hk or WhatsApp us at +852 6547 1314. Let’s get ready to take on the high road.

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