The International Business Hub Competition between Hong Kong and Singapore
Updated time: Aug 07, 2020, 14:15 (UTC+07:00)
For many years, Hong Kong and Singapore have been competing for the crown of “Best Place of Doing Business” as both are international respected powerhouses within the Asia region and worldwide, respectively.
They both have world-class infrastructures and facilities while boasting tax-friendly policies, quick and easy company setup procedures and social stability.
However, both jurisdictions do have their similarities and differences when it comes to benefits between them which we will disclose for a better understanding as a particular jurisdiction might be more suitable to one person compared to the other.
Their similarities are noted in the table below:
| Similarities | Hong Kong | Singapore |
|---|---|---|
| Location | Centre of Asia | |
| Access to other cities | Major cities of Asia Pacific, the Middle East, and North America | |
| Spoken language | English and Chinese | |
| Time to set up a business | 1 - 3 working days | |
| Financial centre | Yes | Yes |
| Minimum Shareholder | 1 | |
| Minimum Director | 1 | |
When it comes to the differences, Hong Kong and Singapore offer different benefits revolving around the setup of an offshore company:
| Differences | Hong Kong | Singapore |
|---|---|---|
| Resident Director required | No | Yes |
| Statutory audits required | Yes | No |
| Corporate Income Tax (CIT) (%) | Capped at 16.5% | Capped at 17% |
| CIT Rebate | 50% income under 2,000,000 HKD | 50% income under 300,000 SGD |
| GST (VAT) Tax (%) | 0 | 7 |
| Personal Income Tax Rate | None | A flat rate of 15% charged for foreign-sourced income |
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