Deciding between Singapore and Hong Kong to incorporation your company is a common conundrum for entrepreneurs since they are the two largest trading areas in Asia. For several years Hong Kong has been viewed as the business hub, but recently Singapore has gained momentum and in 2017 was rated as #2 by the World Banks “Ease of Doing Business,” while Hong Kong ranked #5. Singapore’s recent growth is largely due to its adoption of flexible business policies and tax laws that foreign investors find attractive.
Hong Kong and Singapore both provide lots of opportunities for businesses. In regards to location, the Hong Kong International Airport and Singapore’s Changi Airport provide top quality service and travel options to multiple major cities. In addition to air travel conveniences, the port connections and facilities in Singapore make it a great option for trade.
Both cities have features that are very appealing to business owners from across the world. Some of Hong Kong’s strengths include the ease of dealing with construction permits, running electricity and attractive tax perks; but, Singapore provides a business infrastructure full of properties developed for business and offers the most advanced technology. Hong Kong
Why Singapore is Better Than Hong Kong for Business
Hong Kong led in business attractions for many years, but over the last ten years, Singapore has exceled in tax rates, incentives, and trade agreements that are very supportive of business development and expansion.
Also, the labor market in Singapore is filled with individuals who are exceptionally skilled and well educated. Individuals lead active lifestyles, eat healthy and enjoy life and that happiness carries over into the workforce making it a wonderful environment to work in. People’s values and standards are held high in Singapore, which equates to a strong mutual respect for others, personally and professionally.
Furthermore, the regulations that are in place give investors peace of mind in feeling protected and the enacted trade policies heavily support foreign investments.
Accountants in Singapore such as our team at PikoHANA are an integral part of the business development. The specialized team of accountants can provide you with advice on the course of action that best suits your professional innovations and help you not only get started in business, but continuously help your company expand.