Doing business in Asia can be thought of as a shortcut to entering new markets. The reason why international companies & investors prefer to register a company in Hong Kong is because that provides them with an easy access to mainland China. And since Singapore is a gateway to Southeast Asia, that gives them all the more reason to do so.
Often referred to as "Asian Tigers", Hong Kong & Singapore can boast exceptionally high rates of economic growth. Geographically & sociopolitically speaking, these two jurisdictions are equally well-positioned. However, it is Singapore, not Hong Kong, that’s attracting far larger number of investors & providing them with incentives to register a company in Singapore.
Why Singapore?
Company registration in Singapore has a number of advantages, namely:
- highly qualified workforce;
- highly developed banking sector;
- tax benefits;
- lower corporate tax rate;
- effectively functioning legal system;
- more lenient business regulation in Singapore;
- a large number of treaties to avoid double taxation.
And given the lingering uncertainty surrounding Hong Kong & the barriers to entry north of the border for Western tech market players, the combination of these factors is making Singapore an even more attractive proposition.
It is important to understand that the economic & political situations in Hong Kong & Singapore are very fluid & likely to change in the future. Singapore has become a major player in the Asian market & has created favorable conditions for doing international business.
As for Hong Kong, it has lower attractiveness with investors compared to other jurisdictions.
If you’re interested in registering a company in Singapore, you should keep in mind that establishing a business there requires compliance with the local legislation. And that is where IQ Decision UK comes in. Our legal experts will be happy to provide you with legal advice on the regulatory framework in Singapore & help you with opening a business there.
