Talking about business in Southeast Asia, Hong Kong and Singapore have the highest rate when it comes to incorporating your business that is purely online. Yes, you read it right! You can incorporate your company without leaving the comfort of your own home.
They both offer company secretarial services – wherein they will be the one to help you with all the business requirements, remind you with all upcoming dues and other business related information. As well as their company address – wherein you can use their address for all your mails and use it to fill up some business information needed.
Things are very convenient these days, agree? You don’t need to be physically present in the country! Because both of these countries offer this kind of service. But what are the differences between Hong Kong and Singapore? Which is the right place for you? Let’s look at the chart below to see which one is the best for your business.
|Free Trade Agreement||3 countries||20 countries|
|Business-friendly tax system||✔️||✔️|
|one Locally resident Company Directors||X||✔️|
|Preferred Locations of Regional Operations by Most Businesses||✔️||✔️|
|Double Taxation Agreement||30 countries||80 countries|
|Quick Company Incorporation Processes||✔️||✔️|
While they have their own pros and cons, like Singapore has a strong IP protection, fast internet connectivity, or a no audit prerequisites in most instances, on the other hand, Hong Kong is Tax-free goods and services, More affordable company incorporation processes and operations, as well as a wide variety of coworking venues, investment programs, and support for start-ups. They both are strategically located in the heart of Asia and are excellent in banking experiences.
I hope by comparing these two, you already have an idea in mind on which country is perfect for your company.