International business is booming while local businesses are struggling to stay afloat while borders remain closed with no access to a tourist market. Both Hong Kong and Singapore have suffered heavily due to the pandemic but they both have equally shared resources with the rest of the business world. Moreover, they are both prominent business hubs but one is proven to be better than the other, especially right now. Can you guess which one it maybe? Felix at MohrWolfe sure can.
Singapore is one of Asia's primary hubs for international business thanks to its open-ended banking system, company formation policies, and flexible business requirements. Doing business in Singapore (amidst other countries within SEA) opens doors to international opportunities such as new investments, upcoming marketing trends, and company expansions, aside from other great benefits. It's a given, both Hong Kong and Singapore are expensive at first glance, but when understanding how business is done, you can save a lot of money in these areas alone.
Hong Kong on the other hand has become frowned upon recently due to the protests and riots taking place, but still remains a dominant location to run an international business. Aside from Singapore's flexibility and attractive opportunities, Hong Kong surpasses them with a handful of different resources that foreign entrepreneurs may find more beneficial when it comes to opening a company. Keeping an international business afloat, you can find many different reasons to set up in one city versus the other.
When setting up shop, these two places are great hubs for forming companies and acquiring professional support when starting your business. Although both cities offer foreign entrepreneurs a strategic and dreamy location from where they can expand into some of the fastest-growing economies around the world, we're in a time where you are constantly running into issues if you are not geographically placed in one of these locations.
"Living in a digital era, Hong Kong has proven to be most effective for running a company like MohrWolfe. We have found many opportunities to provide corporate services on an international scale while staying in our home base. As mentioned before, you must be in Singapore to set up a bank account while in Hong Kong you do not," director of MohrWolfe, Felix Mohr mentions. He continues, "Hong Kong also does not suffer capital restrictions like the rest of China, which allows you to transact internationally with other businesses in the US, Europe, Africa, and the rest of Asia in multiple currencies. All in all, it's a fantastic place to promote business with the rest of the world."
Hong Kong seems a bit more attractive amidst the global crisis. There are endless advertisements for company formations in addition to digital banking initiatives that help ramp up your business in 72 hours or less. Moreover, the taxes for small businesses are initially a bit lower than Singapore's, you don't physically have to be in Hong Kong to set up your company, and there is no need to worry about hiring a stranger to represent on behalf of your own business. Is there any more you could ask for when setting up an offshore entity?
Where would you prefer to set up a shop and why?