Be greedy when others are fearful.” – Warren Buffett

 

When there’s a risk, there’s an opportunity. Despite the markets have yet to be recovered from the pandemic, it’s a good time to seize the chance in an early stage and expand to places you’ve longed for.  

For business owner who desires to go global, Singapore is one of the most-asked offshore locations other than Seychelles and BVI. Yet in the meantime, we’re sure lots of entrepreneurs have the dilemma of choosing between Hong Kong and Singapore. The latter is the spot to enter the South East Asia market, whilst the former remains the greatest gateway into China. There won’t be an absolute answer to which jurisdiction is “better” as it varies on your business needs.  

See the factors about incorporating a company in these two jurisdictions below.


We hope this article provides you insights as both regions have their own advantages and disadvantages. Talk to our on-site Company Incorporation expert via info@bridges.com and set up a complimentary video consultation for more professional and customised advice.

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Stepping into 2021, are you ready to weather the challenges and make your mark? If you’re an aspiring entrepreneur who’s looking for a place to pursue your business ambition, look no further! Because Hong Kong – one of the most renowned start-up-friendly places in the world is undoubtedly the spot.

In light of the internal and external turmoil brought by COVID-19, there’s one question we heard from clients nearly daily – “is it a good time to develop my business in Hong Kong now”. Our answer is always the same: “YES”! Here we’ve put together a few points that show the city’s advantages backed with the latest governmental supports, to explain why the 852 remains a get-go for entrepreneurs and what these measures mean for your business. Hopefully, they’ll clear your doubts and inspire you to carry on your dream.

1. Zero Business Registration Fees

This year is absolutely the greatest timing for you to nail down your business plan. Per the 2021-22 Budget announced by the HK Government, business registration fees are waived, meaning you don’t need to pay a single penny for obtaining a Business Registration Certificate for your own company. 

 

2. Reduced Profits Tax 

Nothing matters more than profits tax to business owners. Luckily, entrepreneurs in Hong Kong can enjoy favourable tax benefits thanks to the amazingly low two-tiered tax regime. The first HK$2 million of profits earned by a company will only be taxed at half of the 16.5% tax rate (i.e., 8.25%). For the year 2020-21, the Government has reduced profits tax by 100%, subject to a HK$10,000 ceiling per case to leverage the burden of SME owners. If you are not sure whether you can enjoy this benefit or have no clue of how to utilise it, contact our on-site tax professionals or read our "8 Tips for Proper Tax Filing & Reporting in HK" for detailed information.

 

3. Concessionary Low-Interest Loan

If your business lacks capital solution or you’re a novice entrepreneur who needs more funding, you can apply for the concessionary low-interest loan with 100% Government guarantee for enterprises, whose application is extended to the end of 2021. Enterprises can lend a maximum loan of HK$6 million (ceiling notably raised from HK$2 million in 2020).

 

There are many more Governmental supports which will be rolled out to support enterprises. For more details, please click here.

 

Despite uncertainties are spreading through the global economy, every challenge creates invaluable opportunities. Chat our team now and let us navigate you the right path of success in the business world. Drop us an email or hop on a phone call today with our on-site company incorporation experts, who can always offer the best solution for you to get set and go. The world is your oyster, enjoy the pearls of life today!

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Planning to start a business but feeling puzzled with the bank part? Wonder if there are other options besides opening a bank account in those traditional banks? Any way to shorten your time in waiting for a bank account to be opened? Any means to get a bank account more conveniently? The answers to these questions now are YES! YES! YES! because Hong Kong Monetary Authority (HKMA) has announced a grand total of eight virtual banking licenses last year which provides more handy alternatives for entrepreneurs, not to mention an array of fintech solutions that are gradually maturing in the market these days. 

You most likely might have heard of Currenxie and Statrys – two fintech platforms offering alternatives to the traditional bank account. The platforms have become more popular among those who target to operate their business right away with instant money transactions by having a dedicated Hong Kong account number. And the account setup process of these platforms is usually simple and quick as a piece of cake. Airwallex, another payment solution also being recognised and chosen by e-commerce owners. Take a glimpse of the facts of each platform below to see why.

 

The emerging banking alternatives provide more convenience to start-ups like quick signup and real-time transactions dashboard.

1. Currenxie - Digital B2B Business Accounts

Currenxie account is a licensed Money Service Operator and holds a Money Lenders License. The platform's virtual account network now spans 9 jurisdictions and more than 30 countries.

  • Currenxie has a team to review and approve the account application. So pretty much the process runs 24/7 and you can get your account opened in just 24 hours the fastest. All you need to do is to fill-up the online application form, submit the required documents, and sit back in front of your desk to wait for assessment and approval.

  • Different types of accounts available to cater to your needs, from small local business to medium cross-border business. Currenxie offers transactions in up to 18 currencies, which is quite beneficial to businesses that require a multi-currency account.
     
  • Currenxie values the local market a lot, especially here in HK. If you own a HK corporation or planning to enter Asia’s market, Currenxie will have an experienced support team available to answer your questions and support your needs, like sending your money to bank accounts in China or worldwide.

2. Statrys - Payment Services for SMEs

Statrys is a rising star in alternative payment solutions for SMEs in Hong Kong and abroad. It offers Business Accounts as well as local currency accounts where applicable. Along with a Forex trading solution, allowing users to trade in 11 currencies.

  • Statrys requires no physical visit, so new applicants can get approved online in 48 hours. As soon as they are approved, they can begin sending and receiving payments.
     
  • Like most digital payment platforms, Statrys only requires company documents in the application process, including the beneficiaries and shareholder details for compliance purposes. Simply submit your documents, and kick back while your account is processed.
     
  • With Statrys, it doesn't stop at a simple Business Account. With a Local Currency Account, users can access markets abroad with a localised business account, including a full IBAN code as well. That means there's no need to leave your country of business account registration to accept payments in local currency in Europe for instance.
     
  • Statrys's Forex trading package will soon launch with round-the-clock trading for users so they may trade effectively at any time they wish.

3. Airwallex - A Global Business Account for Modern Businesses

Supporting more than 20 currencies in 130 countries, Airwallex is one of the Top Global 100 Fintech firms which specialises in providing payment solution to e-commerce owners.

  • Airwallex's Global Business Accounts (whether in local or foreign currency) is free to open and doesn't require any monthly account fee. It can be opened in minutes and provides real-time currency conversion from one to another with a competitive market rate.
     
  • To help e-commerce owners streamline their business transactions, Airwallex's accounts can integrate to major online marketplaces including Amazon, Shopify, Paypal and eBay.
     
  • An extra bonus for business owners, Airwallex also partnered with Xero, meaning account owners can integrate their accounts to the cloud-based accounting software to make bookkeeping a breeze.
     
  • Airwallex will soon launch its border-less card which is also foreign-currencies-friendly, empowering every team member of the business to make purchasing decisions.

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After knowing more of the specific features of Currenxie, Statrys and Airwallex, have you figured out which fits your business the most? Find the free signup links dedicated to BRIDGES community members below and own your multi-currency account today -

Currenxie account signup

Statrys account signup

Airwallex account signup

Still struggling on what to prepare for incorporation or which bank alternative to pick? Shoot us an email at info@bridges.hk or just leave us a private message to get our practical advice and kickstart your HK business journey soon!

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