<p><span>This is the most debated issue when the process comes to registering a company in Singapore or Hong Kong. Over the past decades, both jurisdictions have attracted many entrepreneurs with business policies, large-scale infrastructure, a stable legal system and a simple business registration process. </span>Starting your business in any of these countries, you will face the challenges, like language barrier, market access, political and legal features, and the issue of the company registration cost. Anyway, this isn't a big deal, only the brave conquer the heights.</p><p>Both Hong Kong and Singapore are a country with legislation of the Commonwealth countries. They are similar to their legal systems, as well as the dominance of Chinese culture. But business and its laws are different, so don't forget about it when choosing a country.</p><p> </p><p><span style="text-decoration: underline;"><em><strong style="font-size: 16px;">Consider the principles of doing business in Singapore</strong></em></span></p><p>At the crossroads of international trade routes and the reunification between east and west, Singapore is the best place for living, work and leisure. Singapore isn't only the most competitive multi-national megapolis in Asia, but also officially the best place for doing business. Over the past 14 years, Singapore has been the second most excellent investment destination in the world.</p><p>The Singapore government is well aware of its pro-business policies regardless of the global economic situation and crisis. The government is associated with honesty, quality, reliability, productivity, <span>supremacy of the law</span> and the protection intellectual property rights.</p><p>Doing business in this country is a pleasure. Companies benefit from a number of free trader contracts and double tax treaties. Singapore can offer 500 local companies offering financial services and more than 4,500 companies offering audit services, accounting services, consulting services, market research, as well as legal and recruitment services.</p><p>Singapore has enough foreign exchange reserves, and its dollar is pegged at 1:01 to the dollar rate of Brunei (the 3rd largest oil producer in Southeast Asia), which contributes to the stability of the currency and the economy as a whole.</p><p>Another privilege is its location as a center for sea and air transportation. The port is crowded with containers belonging to 200 sea lines, which are sent to 600 ports of 120 countries. Changi International Airport offers 4,000 flights a day to 57 countries around the world.</p><p>Unlike Hong Kong, almost everyone speaks English in Singapore. For the past ten years, the country has modernized the laws, which directly created better protection and risk management, as well as lower legal costs.</p><p>For example, there are still obsolete "books" laws in Hong Kong that came from England. Actually, laws in Hong Kong are created and regulated by expensive lawyers. If suddenly there is a problem in your business, it will be easier and cheaper to solve it in Singapore than in Hong Kong.</p><p> </p><p><b><i><span style="font-size: 16px; text-decoration: underline;">And now let's move on to business priorities in Hong Kong</span></i></b></p><p>Registration and incorporation of foreign business in Hong Kong is more "massively". Registration of a start-up in Hong Kong will be cheaper than in Singapore, since it will not require payment for the services of local directors and payment of related fees that can be applied in Singapore. Similar to other jurisdictions in Hong Kong, it is possible to acquire already registered companies, which exist for years with a view to selling them.</p><p>Equally important is the historical value of Hong Kong, as a business and financial bridge with China. Despite the high cost for legal services, local lawyers can help advice on complex strategic and political relations for your business.</p><p> </p><p>But in spite of everything, it is more acceptable to incorporate business in Singapore. It should also be noted that Singapore has long been establishing trade and economic relations with other countries, and during this time a large number of mutually beneficial agreements were concluded, including Double Taxation Agreement. Singapore signed this agreement with 68 countries, while Hong Kong only from 13. However, the tax system in Hong Kong is also very attractive: there is no indirect sales tax, which in Singapore is 7%, as well as the tax at the source of dividend payment, which is Singapore 15%.</p><p> </p><p>Thus,choose between Singapore and Hong Kong, every entrepreneur should be depending on its purpose, as something that just carried out in Singapore, can be difficult to do in Hong Kong, and, on the other hand, what is feasible in Hong Kong - is not possible in Singapore.</p><p> </p><p style="text-align: center;"><em>If you have any questions, <strong>Castle Family Office</strong> specialists are ready to answer them! Write to us at: <strong><em><span face="Calibri" size="3"><span lang="EN-US"><span face="Calibri" size="3"><a href="mailto:info@castle-familyoffice.sg">info@castle-familyoffice.sg</a></span></span></span></em></strong> </em></p>