Be greedy when others are fearful.” – Warren Buffett

 

When there’s a risk, there’s an opportunity. Despite this strange time is taking a toll on all markets, it’s a good time to expand to places you’ve longed as your competitors might withdraw or suspend their plans, making the competition less fierce.  

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 a new decade, are you ready to 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 current overwhelming situation across the globe, there’s one question we heard from clients and friends 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 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 2020-21 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. Zero Registration Fees for Company Annual Returns

Local private companies must file an annual return, which contains the particulars (address, shareholders, directors, etc.) of the company for registration and the fee is normally HK$105 (late delivery can be charged from HK$870 to HK$3,480). From this year to next, the annual registration fee is waived, too.    

 

3. Reduced Profits Tax and Salaries Tax

Nothing matters more than profits tax and salaries 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 2019-20, the Government has reduced profits tax, salaries tax and tax under personal assessment by 100%, subject to an HK$20,000 ceiling per case to leverage the burden of SMEs and taxpayers throughout tax season. 

 

4. Concessionary Low-Interest Loan

If your business lacks capital solution or you’re a novice entrepreneur who needs more funding, you can consider applying for the concessionary low-interest loan with 100% Government guarantee for enterprises, which will be open for application for 6 months. Enterprises can lend a maximum loan of HK$2 million with a repayment period of up to 3 years. 

 

5. 0% of Offshore Profits Claim

Unlike many places in the world, the business-friendly 852 adopts a territorial source principle of taxation, only profits that are sourced in Hong Kong (through trade, profession or business) are taxable. In a nutshell, if you own a business here but derives profits from other places, no tax is required. You may refer to the tips of the Inland Revenue Department here and understand more.

 

Along with this unprecedented package, now is the greatest time to join the entrepreneur party. If you are thinking about bank account opening, worry not. Living in the technology-driven era, all incorporation procedures, including bank opening, of Bridges can be done remotely. No matter where you are, your business dream can become a reality in a few hours. You can even use fintech alternatives like Currenxie and Neat to replace traditional banking! Not only are these platforms efficient and cost-effective, but they can also make your banking life easier. Regardless of your location and time zone, everything is under control within your fingertips. Learn more about these cutting edge platforms here.

Despite uncertainties are spreading through the global economy, every challenge creates invaluable opportunities. Quit waiting and seize them, let our team 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 this 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. 

Two rising stars that you might have heard of the most are: Neat and Currenxie. Both Neat and Currenxie are emerging fintech solutions offering an alternative to a traditional bank account. The platforms have become more and more popular among our clients, especially those who target to operate their business right away with instant money transactions by having a dedicated Hong Kong account number. One huge benefit of these two alternatives is that the account setup process is a piece of cake - simple and quick.
 

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

 

1. Heard of ‘Neat’ but Why It’s a Hit?

You may have heard of getting a Neat current account here and there for receiving payments  from customers or online marketplaces like Stripe, PayPal and Amazon, and sending your money to third-party accounts such as paying invoices / employees / suppliers. Here are more for you to know how it works: 

  • Fast : It just takes 10 - 15 minutes to complete Neat account signup, and you can save your application anytime and finish it later. Your account can be opened in as little time as a week via our express signup link (please find the link at the bottom of this article) for you to start corporate money in and out quick.
     
  • Simple : You are NOT REQUIRED to be in HK! (This is a huge advantage for overseas entrepreneurs.) Basically, if your submitted documents can fulfill the requirements, you can then get the account remotely, not necessarily to visit HK, nor visit Neat.
     
  • Cost-Effective : While you may have heard many traditional banks need to charge  account setup fees / maintenance fees, and demand a substantial amount of deposit, Neat is not charging any setup fees nor maintenance fees, and deposit is not required too. Sounds good huh? That’s the reason why some start-up clients will sign up a Neat account upon finishing their incorporation, treating as an instant and backup solution to accompany with their traditional bank account application.
     
  • MasterCard® Available : Getting a corporate MasterCard® (debit card) will be a big plus to your business, like using it online and offline, in different currencies, anywhere in the world where MasterCard® is accepted. In fact many of you may know that it could be a little complex for start-ups to get a bank account from traditional banks, not to mention a corporate debit MasterCard.

 

2. What’s ‘Currenxie’? How It Works?

Currenxie account is another popular solution that our clients asked about, let’s see if we could give you the answers you need here:

  • Fast : Currenxie has a team to review and approve the account application. So pretty much the account process runs 24/7 and you can get your account opened in just 24 hours the fastest.
     
  • Simple : Similarly like Neat, when applying for an account, 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.
     
  • Operation-Effective : There are different types of accounts for fitting your needs, from local business to worldwide business. Currenxie offers transactions in up to 18 currencies, which is quite beneficial to businesses that require a multi-currency account.
     
  • Local SMEs Targeted : Currenxie values the local market a lot, especially here in HK. If you own a HK corporation or planning to enter the 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.

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After knowing more of the specific features of both Neat & Currenxie accounts, have you figured out which type is the best fit for you and your business? If you have decided to apply for these multi-currency account services after a thorough assessment, here please find the free signup links dedicated to Bridges community members that do not require to queue up in their waiting list:-

Currenxie account signup : please click here.

Neat account signup : please click here.

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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