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COMPANY INCORPORATION: SINGAPORE VS. HONG KONG

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HONG KONG VS. SINGAPORE

• Hong Kong and Singapore are considered the most forward Asian countries. • There has always been competition between the

two regions as to which place is better to start a business? There are small details which give a country an advantage over the other. • Let’s compare these two extraordinary places to

get the best of them;

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MINIMUM REQUIREMENTS FOR REGISTRATION

SINGAPORE

• A local registered address (not a P.O Box no.)• A local resident

director• A local resident and

qualified company secretary

HONGKONG

• A local registered address (not a P.O Box no.)• A director (local or

foreigner)• A local resident

company secretary

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MINIMUM REQUIREMENTS FOR REGISTRATION

SINGAPORE

• A shareholder (individual or corporate)• Minimum paid up

capital of SGD 1.00 (no authorized capital required)

HONGKONG

• A shareholder (individual or corporate)• minimum paid up

capital of HKD 1.00 + authorized share capital of HKD 10,000 represented by 10,000 ordinary shares of HKD 1.00 each

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Singapore: 1-2 working daysHong Kong: 4-7 working days

Incorporation processing time

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CORPORATE TAX RATES

SINGAPORE

• New companies are provided with 100% tax exemption on the first S$100,000 chargeable income. • A further 50%

exemption is applicable to the next S$200,000 chargeable income.

HONGKONG

• Current Corporate tax is 16.5%

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ANNUAL FILING REQUIREMENTS

SINGAPORE

• You will have to file your annual income along with audited accounts within one month of the Annual General Meeting.

• Tax returns along with audited accounts must be filed with the IRAS by 31st October each year.

HONGKONG

• You must file the annual once in every year except during the year of incorporation.

• Private limited companies do not have to submit audit accounts along with the annual return.

• Tax returns along with audited accounts must be filed with the IRD by 31 April each year.

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ANNUAL FILING REQUIREMENTS

SINGAPORE

• Dormant companies that is, companies with no accounting transactions for the financial year and exempt private companies which have not more than 20 shareholders and whose shares are not held by another company with an annual turnover of less than SGD 5 million are exempt from tax returns and audit requirements.

HONGKONG

• It is mandatory that the auditor must be a member of the Hong Kong Institute of Certified Public Accountants and must hold a certificate in order to practice.

• Dormant companies and small corporations that is, companies which do not exceed a turnover of HKD 5 million annually are exempt from audit requirements.

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100% Ownership is allowed in both countries.

FOREIGN OWNER SHIP

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For more informationRegarding starting

business in Singapore,Visit enrichco.com