On the contrary, it announced the investment of another 6 billion USD in its business there, saying that the city remains its most lucrative market. For Singapore, you can basically wear T-shirt 365 days. Company incorporation documents and certified true copy of Business Registration Certificate. Hybrid Friendlies. Cooperation, not competition, is key. It suggests that the biggest issue for Hong Kong is the problematic anti-covid policy which seems to negatively affect individuals, businesses, and the economy overall. Singapore and Hong Kong are NOT the same. Both cities both English colonies for more than 150 years, yet Singaporean English is excellent, while Hong Kong English ranges from barely passable to incomprehensible. Its the perfect launchpad to the rest of the world. The Lion City is in an eternal tropical summer. Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. Another good way to enter Hong Kong and Singapore is by going to a similar bank. Daxue Consulting Hong Kong, 33 Hillier St, Sheung Wan, Hong-Kong 33-35, A global social media platforms China export advertising expansion, A global tech companys development of mobile payment in China, A worlds leading battery manufacturer setting its foot in China, Risk assessment for a transport operator in Greater China, China's Wine and Spirits report by daxue consulting X Sopexa, Chinas FMCG Industry: Chinese consumers buy less goods but higher quality. Kirin Cup. In 2022, Singapore increased its GDP by 3%, while Hong Kongs GDP declined by 0.8%. He has completed six desert, 250km ultra-marathons in Chile, China . At the same time, companies are looking to develop a strong leadership pipeline with local talent, which is lessening the demand for expatriates. Select from premium Hong Kong Vs Singapore of the highest quality. 75% of Hong Kong (1100 sq km) and 50% of Singapore (350 sq km) is covered in forest, grass and open spaces. Tel:+86 (0) 10 65129057 Businesses are choosing Singapore due to its friendly economic situation and brighter perspectives of growth. CONMEBOL/UEFA Finalissima. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Henz yorum yaplmam. These costs include accommodation (assuming double occupancy, so the traveler is sharing the room), food, transportation, and entertainment. Consumer prices and restaurant prices are more expensive in Singapore. Both Hong Kong (the Special Administrative Region of the People's Republic of China) and the Republic of Singapore are former British colonies which have maintained trade relations since the 19th century, and have both become important financial centre, maintaining diplomatic missions and trade offices to further their bilateral relations. Should I spend more time in Singapore or Hong Kong? The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. In only 2022, the citys population was reduced by 113,000, which included both expats and locals. *Important notice - Sofascore.com in partnership with U-TV offers over 140,000 live streaming events per . Accommodation price range is similar to that of Singapore too, but the average size of a room is a tad smaller than in Singapore. On the other hand, Singapore is home to the busiest port and airport in Southeast Asia. Property Prices Comparison Between Hong Kong and Singapore For major cities in those countries you get more relevant data by specifying cities. By comparison, Singapore never really took off. These animals are related to the legend of Singapore when a prince one took refuge during a storm in Singapore and saw a lion while hunting. Generally cheaper to open and operate a Hong Kong company over a Singaporean company. However, the past few years have posed dangers to both markets. Send us an email at business@asiabc.com.hk or WhatsApp us at +852 6547 1314. The above comparison clearly proves that while Hong Kong has the advantage of being nearer to China, Singapore remains the most preferred holding company incorporation destination in Asia, in large part due to it's extensive tax treaties and lesser payable taxes (with it's wide array of incentives). Another time in a bar, (Im noticing a pattern with my stories) I walked in with 15 people 10 minutes before happy hour. Hong Kong, as a Special Administrative Region of the Peoples Republic of China (HKSAR), has Chinas military for support. Whether we like it or not lets face facts, things arent quite the same there anymore. I am from Israel and I am the LTL Singapore School Student Advisor. Australia. As with Cam I will give three pros and cons for life in Hong Kong. We have also seen roles in technology being transferred cross-border, with global project teams being moved to certain sites to implement systems, rather than going to market. Sign up below and become part of our ever growing community. Fast-forward to 1963, Singapore left the British Empire to become a state of Malaysia, but due to political tensions was ejected in 1965 to become the city-state of Singapore. 88SOHO B 504 Singapore Podcasts 11 Remarkable Singapore Podcasts to keep you entertained, stay informed and give insights into the island of Singapore. A registered residential address for directors, shareholders, and ultimate beneficial owners. Hong Kong is approximately 1,108 sq km, while Singapore is approximately 719 sq km, making Singapore 64.91% the size of Hong Kong. Their freedoms are fast being swept away. What did you think? Very different. Its essential characteristic of being the door to the Chinese market will remain unchangeable and thus always attractive for businesses. In addition, it ranked 107th worldwide by quality of life, while Hong Kong was 211th. Tell us in the comments below. Its strategic location has allowed it to play an important economic role for hundreds of years. Singapore and Hong Kong are historical economic competitors: a few decades have passed since the beginning of their fast growth as financial centers. Supporting documents such as short-term business plan, proposed activities, prospective customers and suppliers, and sources of funds. Email: [emailprotected], Xiangyang South Rd. As a business owner, you take a lot of consideration when choosing a location for your offshore company from market to suppliers, accessibility, convenience, and more because these are the factors that can make or break your businesss future. I asked for the exception just for myself, the lady at the desk wouldnt budge, asked to speak to the manager who also couldnt break the rules. Its a safe city, in every way possible. There is genuinely no middle ground here! Singapore Permanent Residency & Citizenship. Ive even talked to someone who rode a bike around it in 7 hours! And you won't be top banana any time soon. If you just want to work in Hong Kong and make money, you can neglect Cantonese, although it is the first language of most people here. Our student community is growing by the week. 88, Xiandai SOHO, Building B, 504 In addition though, contacts in Hong Kong can really be king. Doing business in Singapore vs Hong Kong comes down to the investor's preference and business needs, but at least there are two very good, strong options to choose from in Asia. The pandemic and the protests have made it a difficult year for the area, but manners are manners. This would vary depending on your personal preferences. Make no mistake, you can get something from every corner of the planet in Hong Kong. LOral is reducing its presence too, and restructuring to Singapore due to their growing interest in working with the Southeast Asian, Middle Eastern and North African markets. All (local) people working in finance are expected to be fluent in Cantonese, Mandarin and English. Announcing compulsory testing for all 7.4 million residents, the tightest social . Living in Singapore is a truly wonderful thing. Most lone travellers probably feel some degree of anxiety or caution when travelling, which is fair anywhere, anytime. At the moment, Hong Kong is still struggling to overcome the pandemic and its consequences. Since 2009, our business has seen an increase in banking applications from Europe, India and the Middle East, particularly at the mid-to-senior management level. Communication will also not be an issue as both regions are well-versed in English. Hong Kong has linked its dollar near to that of the US dollar. 531A Upper Cross Street Most flights from Europe, the Americas, Africa and Australia are using Singapore as a connecting point. Indeed, all these developments give hope that Hong Kong will soon return to being a prosperous and internationally attractive financial hub. Prices. No. 2022 eFinancialCareers - All rights reserved. Who did it better? However, not all foreign companies are leaving Hong Kong and losing faith in the citys future. In this regard, improvements are seen in Hong Kong. In Hong Kong, average female pay is $128k and men are . The key to a career in Asia is commitment, flexibility and being open, in this geographically transient sector, to travel on a regular basis and to move countries. A final observation about Singapore is about the locals, who I cant stress this point enough, are warm, delightful, accommodating people, who to a fault, are rule followers. The ideal length of time for a trip to Hong Kong is 3-7 days, and the ideal length of time for a trip to Singapore is 2-7 days. 2.2. Having lived in Hong Kong for the vast portion of 2020 I feel well acquainted with the city and happy to show you what I love, and loathe about it. Theres a legendary story from Raffles hotel of a wandering Tiger shot on the premises in 1902. Both Singapore and Hong Kong's national colours are red and white. ", Roast my C++ developer CV: "Fintechs won't give me a chance", Morning Coffee: The bankers making 3,000 calls a day. Meanwhile, the population of Singapore is ~6.2 million people (1.0 million more people live in Hong Kong). Lots of Chinese goods are easily flown down leading to a lower cost of living. Singapore is a free-market economy that is ranked as one of the top countries for doing business due to: Singapores economy is based heavily on exports of electronics, petroleum, chemicals, medical and optical devices, pharmaceuticals as well as tourism, transportation and financial services. This does make it more difficult for expatriates to land their first role in the market. Numerous companies are considering relocating to Singapore due to its more stable social and economic environment. The Chinese authorities seized a vast haul of Opium in the 19th century and Britain attacked in 1840 reaching northern China and threatening Beijing during the First Opium War. Hong Kong is so good for those who love the outdoors. While Hong Kong-based professionals earn more, this comes at a cost. Hong Kong shares 33 km with Mainland China and has an additional 260 smaller islands within its control, most of which are inhabited. They also possess skills and experience, and have the maturity to align with a new working cultural and business practices or processes. However, you will still need to fill out some paperwork before you can officially incorporate it. Singapore also placed 3d among the worlds most competitive economies, leaving Hong Kong behind at the 5th place. In Hong Kong, language skills (both Mandarin and Cantonese) are becoming more important in banking due to ties with mainland China and the need to work effectively with a local customer base. Select from premium Hong Kong Vs Singapore of the highest quality. While most work contracts state normal working hours to be from 09:00 to 18:00, most employees tend to work overtime very frequently. 16.97% lower population density? You don't need to register anything with the government, and you won't need to pay any fees. Bir dahaki sefere yorum yaptmda kullanlmak zere adm, e-posta adresimi ve web site adresimi bu taraycya kaydet. Strategically located at the heart of Asia, Hong Kong and Singapore offer a vast network and market for foreign entrepreneurs. The monthly report will allow you to keep track of the most important upcoming events about China around the world, as well as not to miss useful articles and reports. Singapore. Hong Kongs terrain is hilly and mountainous with steep slopes, and its the highest point is Tai Mo Shan 958 meters above ocean level. Data shows that 81% of employees are looking for a new, 7 gn nce In nominal terms, salaries for workers in Hong Kong rose 3.5% in 2022 Workers in Singapore received a salary increase of 3.8% in 2022 in, The Fragrant Harbour v the Lion City, Hong Kong v Singapore. You are are number, you go in, you eat, you pay and you bugger off. Hong Kong Incorporating your business in Hong Kong is relatively simple. If given the choice of hot or cold, I go hot. Crucially, Singapore now holds advantages in terms of political stability and freedom from outside interference. So, Hong Kong wins hands down if you are starting out as a young banker in Asia. Hong Kong vs. Singapore. Singapore has a low lying surface throughout the country with the highest point in the country being 166 meters above ocean level at Bukit Timah. While the weekly newspaper will talk about the daily business cases of China, important local events and news. In terms of the risk of being pickpocketed, scammed, mugged, terrorist threats, or natural disasters, your threat level is very low. They lead to some breathtaking views of one of the worlds most ridiculously impressive skyline. For example, HSBC Holdings is not willing to leave or relocate. ** Singapore imposes tax on Custom and Excise Duties, Goods and Services Tax, Stamp Duties, etc. The further it has to travel, the bigger the price tag. Discuss your work history, business strategy and the financial results of the bank as this will build rapport and credibility. Do their research on the local business environment, realistically looking at their resumes and the jobs available in the market, and making an effort to learn the local language and understand the cultural nuances. It's like living in a sauna. The government is enacting funding schemes and subsidizing companies and workers with 27 billion HKD to help them recover from the pandemic. Part of the Four Asian Tigers along with South Korea and Taiwan, Hong Kong and Singapore race to be the top city destination for doing business in Asia. It saddens me to be critical of Singapore because I do genuinely love the Little Red Dot. I hate to say this but I found the city incredibly rude at times. Email:[emailprotected] Their Closer Economic Partnership Arrangement (CEPA) and Zero Fare tariff also open more business opportunities. If youre a fan of curling up by the fire with a hot chocolate, then Singapore is not the right country for you. The arrival of Covid-19 and numerous lockdowns put even more pressure on the two cities. Under the terms of Hong Kong's return to China in 1997, Beijing promised to preserve the city's way of life, including civil liberties and political freedoms not available in mainland China . The exhilarating chaos of Hong Kong Hong Kong is different. This blog will show you the key components of why these metropolia are every businesspersons choice and why they should be on your list. In response to the unrest in Hong Kong, there have been reports of tycoons shifting hundreds . That trend carries across most industries. In fact, it is thought Hong Kong came into the hands of the Chinese empire (under the Han dynasty) during these years. Hong Kongs national animal is an Indo-Pacific humpbacked dolphin, although some state that, like with China, the Panda is in fact the national animal. This does not include various tax deductions. Bangabandhu Gold Cup. Show more. Finally, well provide you with some personal stories from two of our team who live in each city along with some of their likes and dislikes of both cities. Company incorporation documents and certified true copy of Certificate of Incorporation, Companys Business Profile, and Companys Memorandum and Articles of Association. The cost of living in Hong Kong is 2% more expensive than in London.Cities ranked 51st and 65th ($2822 vs $2759) in the list of the most expensive cities in the world and ranked 1st and 2nd in China and the United Kingdom, respectively.Check China vs the United Kingdom comparison.. 64.10$ vs 89.32$ 8 more universities? Intermediate or advanced Mandarin give you additional advantage to work in China oriented firms. Principal dancer Salary Singapore 2023 Salaries in Singapore are provided with SGD salaries. Singapore is an island that shares no land borders with any other country. But a cap or standard rate is set at 15% for high earners who make about $260,000 or more . Unrest is becoming more and more common and its making the place much less friendly than before. However, given Singapore and Hong Kongs low unemployment rates (2.1 and 3.4 per cent respectively) and critical skills shortages, particularly in financial services, there are jobs available for candidates with the right skills and expertise. In a bid to make peace, Chinaagreed to cede Hong Kong to Britain in 1841. Hong Kong was already going through uneasy times and losing trust of some investors and companies, and Singapores exports were declining. Singapore and Hong Kong resident company comparison *In accordance with section 145 (1) of the Singapore Companies Act, every Singapore Company shall have at least one directors who are ordinarily residents in Singapore. Both regions have their pros and cons, and benefits and features that might or might not work for you. Lets get ready to take on the high road. The Leading Hubs for Doing Business in Asia Hong Kong vs. We told them theyre about to lose the business of 15 paying customers, again, against the rules, cant be done. The size of Singapore means its continually importing to sustain itself, even the water coming out of the taps are from a river in Malaysia. There are no bending of the rules, exceptions, discretion or anything like that. Download our report, South Koreas perfume market: How the niche brands are winning the hearts of the MZ Gens through Korgasms, Made-in-China wine: Chinese winemakers are upgrading their production, Juhuasuan: the app that wants to give Pinduoduo a run for its money. The Red and White together symbolise the one country two systems that define Hong Kongs politics. Hong Kong Working Hours. A dynamic exporter mainly in electronics, machinery, and equipment, making it easier for business owners to find buyers. Learning Chinese is about what you do outside the classroom that counts. However, this was not the case in Singapore. As a result of the declining attractiveness of the city, demographic changes are happening. China is disregarding their contract to leave Hong Kong intact for 50 years. Arnold Clark Cup. Singapore has also had historically better social policies aimed at better accommodation of foreigners, because the country is originally composed of a very multinational population. Now do bare in mind I write this during a tough year for Hong Kong. A Bombshell . In Hong Kong, progressive tax rates for salary earners range from 2% to 17% for various income brackets. Some 36% of family offices in Asia have more than $1bn in . Name and Email are required. Message, Email: [emailprotected] Hong Kong is crowded, chaotic and dirty. You can spend a similar amount of time exploring either. One of the things that struck me is that people in Hong Kong are fit and healthy and its no surprise why. Prior to the global financial crisis of 2008/2009, international banks that were building up their businesses in Asia were offering generous expat packages to lure European and American executives to work here. Thanks and talk soon :), Singapore vs Hong Kong // The Ultimate Debate, Consumer Prices in Hong Kong are 3.45% lower than in Singapore, Restaurant Prices in Hong Kong are 1.60% lower than in Singapore, Rent Prices in Hong Kong are 18.86% higher than in Singapore, Groceries Prices in Hong Kong are 13.25% higher than in Singapore, Local Purchasing Power in Hong Kong is 22.02% lower than in Singapore, Military spending: 1.19 trillion yuan (2019) = $174.5 USD Billion, Military spending: S$22.7 billion (2019) = $16.5 USD Billion, Incredible food from cultures all over the world (especially Asia). An estimated 450,000 people pass the Singapore-Malaysia border daily. Skip to content Search Close Home About Our team Join us Candidate for a job in China Candidate for internship in China Our mission Our values and identity Press 95% of those working on the sell-side in Singapore, whether in trading, investment banking or operations said they are happy working there. Photo: PokemonaDeChroma, via Flickr. Whatsapp / Wechat / Mobile The hottest day in 2019 was 34.8C on March 12, but by direct contrast, the coldest day in Singapore on record EVER was 19.0 C, and that was on February 14th 1989. In 1826 Singapore was joined Malacca and Penang as part of The Straits Settlements. 183 Beihai Ave. Haicheng Posters go up in neighbourhoods warning people of any recent scams or thefts, and there are advertisements showing residents all the most recent scams going on in the city. Additionally, rent prices are falling, which could also attract more high-skilled workers to stay or return. Hong Kong is often regarded to be more dynamic, but less friendly and a bit crazier, whereas Singapore is seen as more relaxed, less cramped and with more pleasant surroundings. As of 2020, there were some 400 family offices in Singapore. Singapore vs Hong Kong: Comparing the "New Yorks of Asia" In Hong Kong, salaries tax is a maximum of 15 percent while in Singapore, income tax starts at 2% and is capped at 20% for salaries above $320,000. Bar one or two exceptions I never had this once in Hong Kong and it saddened me. And even though the hours on Saturdays are shorter (morning until lunch time), they still add up. There are in-fact no lions in Singapore, there were tigers, but were sadly made extinct by hunters in the 1930s. 7.08 million vs 5.45 million Has mountains nearby? Find Out the Best-Fit Banking Platform Nowadays, Closer Economic Partnership Arrangement (CEPA), Hong Kong Company + Online Multi-Currency Business Account (US$1,050/HK$8,250), Online Remote Hong Kong Company Formation (US$550/HK$4,280 up), Hong Kong Co-working Space & Membership (HK$2,500), Online Remote Singapore Company Formation (US$6,199), Offshore & Overseas Company Formation Services, Remote & Success Guaranteed Singapore Personal Bank Account Opening (US$3,000), Remote & Success Guaranteed Singapore Business Bank Account Opening (US$5,500 up), Success Guaranteed Hong Kong Corporate Account Opening (US$5,500 up), Success Guaranteed Hong Kong Corporate Account Reopening (US$5,500 up), Hong Kong Corporate Banks Introduction Service No Guarantee, Singapore Permanent Residency and Citizenship for entrepreneur and their family. Name * Hello, my name is Alex. Hong Kong, located further north in the northern hemisphere has a cooler and humid winter and is usually hot and rainy around spring and throughout summer. Systematic Quantitative Researcher/Trader, Data Strategy & Management Delivery - Director, "Should I sign a quant trading contract when I'm not sure about the job? Hong Kong feels much more polluted and more crowded than Singapore. Hong Kong's leader Carrie Lam had a starkly different message. We have covered Singapores History extensively if you want to find out more about how the tiny Island of Singapore became a thriving metropolis. Thousands of global open positions in financial services, investment banking, fintech and more. Hong Kong is in turmoil. HK is sub-tropical which is different from Singapore's tropical weather patter. The cities development experienced similar trends in the past years, except for a larger difference in 2022. Certified or notarised true copy of directors, shareholders, and company secretarys passport. Thats not to say Singapore isnt without its days that are too hot. Secretary vs Director Requirements Here is one of the bigger differences in the corporate structures of Hong Kong and Singapore - secretary and director. Other Competition Matches. This boosts the possibility of business travels and gives more certainty in the future policies, because there is no external control over the restrictions. When comparing Singapore vs Hong Kong, it might be helpful to read some more anecdotal observations on each city. Canton, Chinese, Italian, Japanese, Vietnamese, Middle Eastern its all there and much more. #04-95 Hong Lim Complex Given the current market conditions in Europe, Asia is now seen as the safe place for banking professionals as they look for Asian business and product exposure. (Now with Taiwan working to welcome them with open arms, you will see waves of them leaving.) Audited financial statements, business plans, contracts or agreements, and invoices as supporting documents. A physical registered address in Hong Kong with a rental agreement under HKs company name if it is on a lease. Singapore for course! Their, Accounting & Corporate Regulatory Authority (ACRA), based on the shareholders choice of currency, https://asiabc.co/wp-content/uploads/Blog-Banner-10-Smart-Tips-to-HK-Profits-Tax-Calculation-Savings-1.png, http://asiabc.co/wp-content/uploads/2021_AsiaBC_Logo_Horizontal_200x70.png, 10 Smart Tips to HK Profits Tax Calculation & Savings, https://asiabc.co/wp-content/uploads/Blog-Thumbnail-3-Direct-Taxes-in-HK-Why-Are-They-Attractive-to-Tax-Savvy-Startups-1.png, 3 Direct Taxes in HK & Why They Are Attractive to Tax-Savvy Startups, https://asiabc.co/wp-content/uploads/Blog-Thumbnail-Your-Quick-Guide-to-Easy-Company-Setup-Guaranteed-Bank-Account-in-HK.png, Your Quick Guide to Easy Company Setup & Guaranteed Bank Account in HK, This site is protected by reCAPTCHA. Comment document.getElementById("comment").setAttribute( "id", "a28e6047ff0a44cd0fa4d80ae7d549e4" );document.getElementById("h9678b6dda").setAttribute( "id", "comment" ); Notify me of follow-up comments by email. Reports mentioned above show that this aspect is of big importance to those deciding whether to stay or leave Hong Kong. When it comes to areas such as the economy, education and quality of life, these two cities. Portugal actually set up a base in Macau, the other Special Administrative region nearby Hong Kong. Tags:banking,multi-currency business account . You are never shy of things to do or see in Hong Kong and even after 6 months in the city, you feel youve barely scratched the surface. This is due to the rise in global regulatory standards and a lack of skills to implement the undertaking. Space is indeed at a premium in Hong Kong so its hardly surprising costs are high, but theres high, then theres just plain ridiculous. Singapore has a slight edge, with 596 crime cases per 100,000 people, compared to Hong Kong's 936. Find Hong Kong Vs Singapore stock photos and editorial news pictures from Getty Images. Find Hong Kong Vs Singapore stock photos and editorial news pictures from Getty Images. Even the very wealthiest of people in either city will pay no more than 20 percent in taxes, though most "normal" people pay quite a bit less. The city strictly enforces an anti-corruption policy to offer a safe environment and sound legal framework for international businesses. This to-scale map shows a size comparison of Singapore . For more information on the cost of living in Singapore check out our Singapore hacks. Hong Kong ranked 1st best Singapore and Hong Kong have similar histories in the sense that theyre both islands, essential ports for shipping and formally British Crown Colonies. Singapore has a strong trade and investment environment housing primary foreign exchange dealers that placed the city 3rd as the largest foreign exchange centre globally. Both Hong Kong and Singapore are cities, meaning 100% of its inhabitants are living in an urban environment. Hong Kong and Singapore share individual solid points that support global businesses to thrive in their city stable economy, highly-advanced telecommunications, and competitive infrastructures. lk yorumu yukardaki form araclyla siz yapabilirsiniz. Who will win in Asia's crypto showdown? That story and other news shaping the cryptocurrency world in this episode of "The Daily Forkast." In Hong Kong, all directors can be foreigners. The five stars represent the nation's ideals of 'democracy, peace, progress, justice and equality'. Please review your email above, if it is incorrect we cannot contact you. Singapores national animal is a lion, and its mythical animal is a merlion. Hong Kong is about 1.5 times bigger than Singapore. Hong Kong and Singapore offer a pool of driven, skilled, and versatile human resources, each with its area of specialization. This provides a certain catch-22: how do you get experience in Asia, without having experience in Asia? Find thousands of job opportunities by signing up to eFinancialCareers today. I asked the bar staff if they could charge our credit card in 10 minutes to get the happy hour special. How long in Hong Kong or Singapore? You will get a reply from us Your email address will not be published. Investors worry about the lack of a clear outlook for the future. Need some life hacks to get by in Singapore? Hong Kong was named as Asias Financial Hub as most of its population studied Finance and Business while Singapore prides itself on IT and software development companies, deeming them to be the Tech Hub in Asia. On a whole, the Global Work-Life Balance Index took into consideration four key pillars, each with its own factors: Email: [emailprotected], Traditional: 7829 Hong Kong was named as Asia's Financial Hub as most of its population studied Finance and Business while Singapore prides itself on IT and software development companies, deeming them to be the Tech Hub in Asia. Hong Kong has traditionally been a gateway to the vast Chinese hinterland. I think to give a fair assessment of Singapore vs Hong Kong; Ill give you three things I like and dislike about Singapore. Asian tigers - Singapore and Hong Kong - have long been friendly competitors in the Asia Pacific (APAC) region. Officials say that companies located in the city have been tending to downsize due to the effects of the pandemic, but most businesses are not leaving. There are many reasons to be optimistic about the future of Hong Kongs market. Thorough research, analysis, and a vast network are important in figuring out where you must put up your company. Examination of statistics shows that Hong Kong and Singapore do not differ significantly. Crime: When you look at Singapore versus Hong Kong in terms of violence and criminal activity, they are both among the safest cities in Asia, with annual crime rates among the lowest in the world. Indeed, the market has experienced another significant drop even after an improvement in 2021. International workers are less willing to relocate to Hong Kong: even schools are experiencing troubles hiring teachers despite high wages offered. Whereas in Singapore, he would only have to pay approximately USD 4,000. Hong Kong is located between the South China Sea and China. Bar staff told us against the rules, cant be done. Of the 64, only 3 are inhabited, and 4 of them belong to Singapores Armed Forces. with singapore ranking at 2nd position and hong kong at 3rd according to the world bank's ease of doing business report 2020, this infographic will discuss the comparison between both countries when it comes to incorporating your own company on indicators such as demography, company incorporation process, corporate tax rate, internet speed and ip The anti-Covid policies indeed prove to be the biggest disturbance to expats: according to the European Chambers report, one in three firms said that more than 25% of their staff consider leaving the city due to quarantine restrictions. And Hong Kong can get rather cold during winter. Every business owner's dream is for their brand to get recognized globally, and it takes guts to take that leap of faith, but the outcome is always rewarding when youve picked the right jurisdiction to start. Ticket controller Salary Singapore 2023 Salaries in Singapore are provided with SGD salaries. For individuals, there is a rather simple tax bracket. 6480 people/km vs 7804 people/km 25.22$ cheaper monthly public transport ticket? 14% believe the procedures to come being too time-consuming and difficult. DID YOU KNOW || A City-State is both a country and a city. I can help you get your program booked up in now time. Five years later, we are in a very different environment. Hong Kong and Singapore's many similarities have made them long-time rivals battling for the title of Asia's leading financial center. Address: Hong Kong and Singapore - two of the four "Asian Tigers" - have followed very different paths to development. This isnt a deal-breaker for Singapore, and often ex-pats find themself laughing about it later with other ex-pats. A number of prominent foreign companies are leaving Hong Kong. As a response to those foreign organizations that have left, the number of mainland companies is growing and more and more of them are investing into the city, proving their trust in its future. So in this. Singapore has many more great qualities I could get into, such as: However, there is one thing, even Singaporeans would agree is fantastic about Singapore, and that is the international travel opportunities. Entrepreneurs gotta start somewhere. In addition to that, Saturday is a work day in many offices as well. Mobile: +886 905028430. Banking professionals with limited experience in their chosen field, or purely overseas experience, who are looking to move at the same level, might have to take a step back to enter. But where exactly? Their success is indisputable, and their growth strategies have served as models for the worldwide community. Hong Kong shows positive trends in fighting the pandemic and attracting companies back, which gives it a promising future. I enjoyed countless bowls of the wonderful Japanese Tsukemen (pictured), about a thousand Banh Mis from Vietnam, all kinds of local dishes, and so much more. Working and living in Hong Kong is not as desirable as it used to be because of how expensive it has become. We give plenty of handyinformation on learning Chinese, useful apps to learn the language and everything going on at our LTL schools. Hong Kong has two official languages, Chinese and English. Youll hear loads of examples for ex-pats just like these two stories and inevitably experience it yourself if youre here long enough. So there we have it which do you prefer, Hong Kong or Singapore? Matt is a wellness, self-improvement and fitness addict. The main factor causing the difference between them appears to be the different approach to fighting the pandemic. Singapore has 193 km of coastline vs Hong Kongs 733 km. Have you been to either Hong Kong or Singapore? Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. A couple of personal examples: A guy walks into a night club on his birthday (okay it was me), asks the staff to wave the $50 entry fee (told you it wasnt cheap) for said birthday. Singapore 051531. Modern Mansion Bldg. Singapore is approximately 719 sq km, while Hong Kong is approximately 1,108 sq km, making Hong Kong 54% larger than Singapore. * Hong Kong only collects 3 direct taxes Profits Tax, Salaries Tax, and Property Tax. Personal income taxes in the two cities are relatively low. The city is also willingly helping its businesses. Email: [emailprotected], No. Research the market, the bank and the interviewers if possible. View more. However, to be fair in this Singapore VS Hong Kong analysis, its essential to know some things that might eventually frustrate you on the Island. Singapore's benchmark stock index has been less volatile than Hong Kong's over the past five years, swinging between modest gains and losses except for during the March 2020 pandemic outbreak . Those with a niche specialisation for example superannuation, or something else that does not exist in the local market will also have difficulty. If youre searching for a place to travel or work, the deciding factor might be personal preferences. Sing Part of the Four Asian Tigers along with South Korea and Taiwan, While both can grant an easy gateway, Hong Kong is the best course to work with Mainland China travel back and forth in Beijing, Shanghai, and other major cities. Out of those who already left, more than half based their decision on anti-pandemic measures. Hong Kong v Singapore Which City Does it Better? Its dependent on a number of factors: the individuals experience, career aspirations and what the market is looking for. Local talent has the natural advantage of existing relationships, language capabilities and regional knowledge, so expatriates need to be strategic in their choices of roles and demonstrate how they can adapt their international experience to benefit the local market. Their intelligentsia are leaving faster than rats from a sinking ship. Locals and police are very vigilant against crimes, and criminals face some of the most stringent sentencing in the world. There are two bridges across the Straits of Johor connecting Singapore with Malaysia. With continued economic instability in parts of Europe and the US, its the skilled professionals from these markets themselves who are looking to develop their careers in Asias financial hubs of Singapore and Hong Kong. For instance, those that have worked in global banks might have been involved in projects or with new technology that is only been introduced in the Asian market now, so they can bring that experience and learnings to the local business. Matthew Chapman. However, Singapore's net effective personal income tax rate is much lower than that of Hong Kong's. For example, a person earning USD 65,000 in Hong Kong would end up paying close to USD 6,500 as personal income tax. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world. Although officials deny that Hong Kong has a large-scale migration wave, from a numerical point of view, Hong Kong's working population is being "nibbled". A few things are contributing to Singapores pricy cost of living is the import tax, which applies to everything because Singapore imports 90%+ of all its food products. Hong Kong vs Singapore: Why HK is far from dead Recently we are witnessing a fierce competition Hong Kong vs Singapore for the role of main financial hub in the Asia-Pacific region. Discover Singapore through the lens of some of our favourite Singapore Vlogs. The government offered a rising amount of money ($20 $100) for every tiger killed. Singapore played against Hong Kong in 1 matches this season. In addition to that : Hong Kong and Singapore have a list of prestigious banks and FinTechs to provide their entrepreneurs banking needs. While both can grant an easy gateway, Hong Kong is the best course to work with Mainland China travel back and forth in Beijing, Shanghai, and other major cities. Hong Kong has efficient and cheap shipping, logistics, and freight forwarding. Since all male Singaporean citizens must undergo two years of National Service (NS) in a crisis, Singapore could expand its active military from 72,000 to 1,458,000. Baslik Cost of living in Hong Kong is 14% cheaper than in Singapore Full cost of living comparison of Hong Kong vs Singapore. They are the biggest obstacle for companies operating in the city and the major driver for foreign companies leaving Hong Kong. 16 vs 8 1.63million more inhabitants? When interviewing, the first rule is preparation. Singapore has four official languages English, Chinese, Malay and Tamil. This isnt something that has to impact you directly but you may well stumble across things you dont wish to stumble across and in the future, it appears like itll only increase. A significant number of foreign companies are leaving Hong Kong: almost half of European firms are planning to relocate fully or partially within the next twelve months. The colony expanded to the Kowloon . The top salaries in Hong Kong for jobs in the financial industry are about 25 percent higher than in Singapore on average, according to data compiled by Bloomberg from the 2017 salary survey of recruitment firm Robert Walters. During summer, Hong Kong is very hot and humid. In 2018 Singapores GDP was 364.2 billion USD copared to Hong Kongs GDP of 362.7 billion putting Singapore GDP ahead 1.5 billion. Its difficult to put a specific timeframe on this. 218 A 910 This shows Hong Kongs deteriorating popularity and illustrates the main reasons of foreign companies leaving Hong Kong, as well as the specific problems that expats face in the city today. From 2020 to 2021, the number of regional headquarters has decreased from 1,504 to 1,457, which placed their number at a five-year low. likes this. BONUS | Come to Singapore and learn Chinese with LTL in person. Email Address * 3 Working in Singapore vs Hong Kong - Compass Offices; 4 Hong Kong vs. Singapore: . Gender pay discrimination is a big problem in both locations, but in Hong Kong, the pay gap between men and women is bigger. Singapore is so small you could drive from one end of the Island to the other in 45 minutes. Hong Kong has also faced unprecedented . Wages for director- and chief officer-level positions are more than 60% higher in Hong Kong, according to data compiled by Bloomberg from a 2022 survey by recruitment firm Robert Walters Plc. The Singapore Flag was first used in 1959, it red symbolises universal brotherhood and equality of man and white the pervading and everlasting purity and virtue. Hong Kong was named as Asia's Financial Hub as most of its population studied Finance and Business while Singapore prides itself on IT and software development companies, deeming them to be the Tech Hub in Asia. Candidates should be clear going into any interview about how they can bring their own experience to benefit the local market. As Singapore developed, the wild tigers became an increasing danger to society. He is a Singapore Citizen and divides his time between Asia Pacific, the Americas and EMEA. Both Hong Kong and Singapore have a number of activities to choose from. Tel: +86 (0) 21 3368 0866 As stated, Hong Kong is so diverse that you can meet just about anyone there and that can prove to be a hugely powerful thing. The truth is when comparing Singapore vs Hong Kong, there are so many similarities and so a many differences, its tough to say. In all the places Ive lived in, no where does diverse cuisine quite like Hong Kong. If you're moving here from a European or North American city, you probably won't notice a difference as the density is higher in both, but in general Singapore feels like there are far fewer people, and it's much cleaner. RMB deposits grew to roughly 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. While Hong Kong's land area is four times bigger vs. Singapore at 2,754 sq kilometres (1063.3 sq miles), it is also a highly urbanised and densely populated city. Hong Kong and Singapore offer a pool of driven, skilled, and versatile human resources, each with its area of specialization. Masks are still mandatory in indoor public areas and passengers arriving from abroad must test multiple times and potentially undergo quarantine. The answer to this has been debated for a long time by locals of both countries, ex-pats, travellers, economists and bloggers for a long time! Select from premium Hong Kong Vs Singapore of the highest quality. This being the case, its often a good idea to transfer internally in your current company, and then after arriving in Asia, if you are not happy in that organisation, make a move. The prices in Hong Kong are usually between 10% and 20% lower than in Singapore. Having friends from all over the world is never a bad thing. Of course, as we know now, Hong Kong was handed back over to Chinese rule in 1997 when the least expired. 0510, City Plaza, No. Anti-Covid measures have been easing: the government lifted compulsory quarantine for arriving passengers and softened mask requirements. Some of these are human-made, while others are naturally occurring. Singapore is not just one big Island but in-fact 64! Immerse yourself, live it, breathe it, learn it, Jianguo Rd. For people already in Singapore, this means you can take advantage of the enormous amount of flights, last-minute travel deals and quick flights to places like Indonesia, Malaysia, Vietnam, Thailand and so on. Based on our survey earlier this year of around 600 people working in banking and financial services in APAC, although Singapore is seen as less glitzy than Hong Kong, it fosters a greater sense of wellbeing. Singapore may overtake Hong Kong in terms of size. Singapore is falling behind Hong Kong, just do the math Housing blocks in the Bedok residential estate in Singapore. Hong Kong vs Singapore City comparison: Cost of Living. Browse news and career advice from the finance industry. Hong Kong is still dealing with the pandemic, and the Zero-Covid policy pushes many international workers and locals out of the city. When it comes to the employment cost rate, Singapore is much more affordable than Hong Kong. Some of the most incredible hikes in not just Asia, but the world, lie on your doorstep and the great thing about them? Global Management Matthew Chapman . Hong Kong is also better in some regards for exotic cuisine. Every April, it's time to file the Profits Tax return in Hong Kong. Top finance jobs in Hong Kong have long held a salary premium over those in Singapore, but the gap has widened dramatically over the past five years. Both Singapore and Hong Kongs national colours are red and white. Founder. Heres a breakdown of how many people are using each language as a first language: Technically English is the most widely spoken language in Singapore, however, if you group Mandarin with other Chinese dialects (Hokkien, Cantonese, Teochew, Hakka), then Chinese is the most widely spoken language at 47.1%. Setting up a company in Hong Kong is still a prospective decision. PRO TIP Hong Kong isnt cheap (Ill come to that soon) but if you eat local, like Dim Sum for example, you can fill your boots for very cheap prices. Hong Kong expats drive unprecedented demand for Singapore school places Officials have raised the base pay required for visas on three occasions in as many years, with a new minimum salary of. Global Management. Its just something to know ahead of time that the rules are the rules. China Cup. Due to the Zero-Covid policy, the Chinese market grew slower than expected and business travels were restricted during the lockdowns, and international connections were also disrupted. 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