Ease of doing business

Hong Kong and Singapore have their perks and drawbacks when it comes to doing business in both countries.

Hong Kong

The World Bank says Hong Kong has the most open economy in the world. It’s not only easy to start a new business. It’s easy to buy property, hire employees, and run a company. There’s strong protection of private property, and entrepreneurs have better access to finance. These factors mean that starting a business is easier than it might be in other places.

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To make matters even better, local authorities have been devoting resources to help businesses grow for decades. They offer low taxes, reduced regulation, and less red tape.

Singapore

Singapore is a fantastic option for those wanting to strike out independently. It offers generous government support for small businesses through subsidies and tax breaks. The country is also home to the world’s busiest port so that goods can move quickly and cheaply between here and anywhere else in the world.

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But Singapore does come at a cost. Entrepreneurs may find regulations are strict, and getting permits could take weeks or months. And while the country is known for its safety, crime rates are high.

💹 Quick Facts: Hong Kong is renowned for its free imports and exports duty-free. Singapore serves as a global trade gateway and an offshore banking center for foreign investors with affordable financing and easy export across ASEAN borders.

Business incorporation

Both Hong Kong and Singapore are great destinations to incorporate your business. However, there are some factors you may consider.

Hong Kong

Incorporating your business in Hong Kong is relatively simple. You don’t need to register anything with the government, and you won’t need to pay any fees. All you need is a valid passport, proof of residency, and two personal references. However, you will still need to fill out some paperwork before you can officially incorporate it. Once incorporated, you’ll receive a certificate of incorporation that shows your company’s name, address, status, and registered agent.

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You’ll also need to appoint a director. Directors are responsible for managing the day-to-day activities of the company. They must be over 18 years old and have lived in Hong Kong for at least six months. If you choose directors who live outside of Hong Kong, you may be required to pay them a fee.

Singapore

Setting up a limited liability company (LLC) in Singapore is straightforward. You simply need to provide a valid passport, proof that you reside in Singapore, and three personal references. You’ll also be asked to sign a power of attorney document, giving someone else the authority to act on your behalf. An official stamp will show when you file this document. As soon as you file, you’ll get a Certificate of Incorporation that includes all the information about your company.

You’ll then need to decide who should serve as your director. A board usually consists of five people, though you can add more depending on how large your company becomes. Each director needs to be over 21 years old and have resided in Singapore for at least one year. If you choose directors from overseas, you may be charged a fee.

💹 Quick Facts: Hong Kong offers speedy incorporation, affordable startup costs, and simple bank account setups, while incorporating a business in Singapore takes less than a week, with minimal capital requirements and flexible legal frameworks.

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