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Are you ready to set up an offshore company for the very first time? Are you trying to avoid paying higher taxes (who isn’t?) and realize that an offshore company is the best way to earn without having to give half your money to the IRS or other governmental agency in your country?
Most people, when setting up an offshore business for the first time, come to the conclusion that it’s best to set up the new company in one or two places. They learn that the best places to incorporate are either Hong Kong or Singapore.
We’ve decided to take a look at both countries up close and personally. We want to determine the best place to incorporate based on a number of different criteria, and not just taxes. So we’ve decided to break it down and share this information with you today.
Let’s get to it…
Singapore vs. Hong Kong: Where should I Incorporate?
To start things off, let’s first mention that both areas are highly respected as excellent places to do business. And for the longest time, Hong Kong was the ideal location of choice. But the winds are changing, and the tide is turning, and many people from all over the world are starting to recognize the benefits of incorporating their company in Singapore.
For starters, one major negative about doing business in Hong Kong is that it’s becoming more difficult for offshore companies to transfer money back to their country of origin. What’s the point of running a successful business if you cannot gain access to the proceeds of your hard work and dedication to the business? It’s a serious issue that needs to be corrected quickly.
Second, when looking at political stability – which is incredibly important in a thriving region – we’ve learned that Singapore is currently more politically stable than Hong Kong. Take a look at all of the protesting and unrest going on in this area at the moment. It’s a serious issue that should make any intelligent individual think twice about incorporating in such a place.
Third, we chose to take a look at one further important point… public trust of politicians. You know… the people who make and enforce the rules and regulations.
We’ve learned that the politicians in Singapore have an incredible amount of trust among their people, but the public is seriously in doubt about putting their trust in the politicians in Hong Kong. This is quite evident based on the protesting and civil unrest currently taking place in the center of Hong Kong.
Finally, the last criterion that we looked at is government transparency. It’s quite clear that the government in Singapore is very transparent with its citizens and the world at large. On the other hand, people are beginning to doubt the transparency of the government in Hong Kong.
So, as you can obviously tell, we are all for offshore business incorporation in Singapore and the use of company secretary services. Consider Singapore as your location of choice.
