I'm away right now, so I will get back to you by email as soon as possible. Its difficult to put a specific timeframe on this. Show more. In Hong Kong, all directors can be foreigners. Hong Kong and Singapore offer a pool of driven, skilled, and versatile human resources, each with its area of specialization. A #910 Hong Kong Incorporating your business in Hong Kong is relatively simple. Email:[emailprotected] Company incorporation documents and certified true copy of Business Registration Certificate. Their famous Changi airport has destinations in the capitals of Asia Pacific, North America, Europe, and the Middle East, having access to 2.8 billion key markets, while their city dock has been an excellent harbour for trading activities. 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. Heres what Hong Kong would look like over Singapore: Fun Fact || Singapore is 25% larger today than it was initially due to reclaimed land projects going out into the ocean. 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.. 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). Here is a side-by-side comparison of Singapore VS Hong Kong according to things like its people, geography, demographics, economy and more. For example, HSBC Holdings is not willing to leave or relocate. China Cup. Candidates must be flexible in terms of the role, package, title and company, looking at how they can maximise their skill and taking a long-term view when considering their options. The average salary in Singapore is SGD 8,790. Hong Kong Versus Singapore: Which City Is Best for Expats in , Working in Singapore vs Hong Kong Compass Offices, Singapore vs Hong Kong: Comparing the New Yorks of Asia, Cost of living in Hong Kong is 14% cheaper than in Singapore, Salary: Hong Kong vs Singapore? 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. Assuming you eat at restaurants occasionally, and want more than typical Asian fanfare, Hong Kong has a lot more to offer than Singapore. Hong Kong is crowded, chaotic and dirty. Its strategic location has allowed it to play an important economic role for hundreds of years. Systematic Quantitative Researcher/Trader, Data Strategy & Management Delivery - Director, "Should I sign a quant trading contract when I'm not sure about the job? Covid policies have not yet been removed. 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. 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. Living in Singapore is a truly wonderful thing. To open your bank account in either Hong Kong or Singapore, you must submit a filled out application form along with the following : It is already a given fact that traditional bank account openings take time due to their tedious procedure thus, most entrepreneurs opt for Financial Technology accounts (FinTechs) as an alternative to make instant global transactions. HK is sub-tropical which is different from Singapore's tropical weather patter. 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. 6480 people/km vs 7804 people/km 25.22$ cheaper monthly public transport ticket? Immerse yourself, live it, breathe it, learn it, Jianguo Rd. The first place I stayed in HK was a 22 square metre serviced apartment and the original cost was in excess of 20,000HKD for the month which comes to 2,000GBP. Join Date Feb 2011 Location There are many reasons to be optimistic about the future of Hong Kongs market. The average after-tax salary is enough to cover living expenses for 1.1 months in Hong Kong compared to 1.8 months in Singapore City. This isnt a deal-breaker for Singapore, and often ex-pats find themself laughing about it later with other ex-pats. Hong Kong's leader Carrie Lam had a starkly different message. 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. However, Hong Kong uses it more in a business setting as they are more comfortable speaking in Cantonese and Mandarin in their day to day agenda, while Singapores diverse culture makes English their primary national language. The city strictly enforces an anti-corruption policy to offer a safe environment and sound legal framework for international businesses. 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. 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 Working Hours. A comparison of Singapore vs Hong Kong military is relatively simple because Hong Kong doesnt have an army. Singapore and Hong Kong are run by separate governments, have their own stock exchange, people, culture and much more. Singapore is home to 25% of family offices in Asia, compared to 20% located in Hong Kong. When it comes to areas such as the economy, education and quality of life, these two cities. Both Singapore and Hong Kong are in tropical regions meaning theyre hot, humid, rainy and effected by monsoon seasons. However, this was not the case in Singapore. A significant difference in company set up between the two territories, is that Singapore has a requirement that at least one director of the company be resident in Singapore, whereas Hong Kong allows all directors to be non-resident. Founder. 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. 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. Jumping way ahead to the 1500s, Portuguese, Dutch and French traders arrived on the south coast ofChina. Hong Kong is located between the South China Sea and China. It saddens me to be critical of Singapore because I do genuinely love the Little Red Dot. Name and Email are required. To achieve the growth of Asia, Singapore and Hong Kong should accept that they each have different strength and geographic focuses as well as essential commonalities. In only 2022, the citys population was reduced by 113,000, which included both expats and locals. Hong Kong is also better for Chinese food of all kinds, because of the large population that is ethnically from various parts of China. Now I go back to Europe and on the contrary I am welcomed with smiles and small talk. 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. Comment document.getElementById("comment").setAttribute( "id", "a28e6047ff0a44cd0fa4d80ae7d549e4" );document.getElementById("h9678b6dda").setAttribute( "id", "comment" ); Notify me of follow-up comments by email. Hong Kong is about 1.5 times bigger than Singapore. 64.10$ vs 89.32$ 8 more universities? Its becoming more important to have regional experience in Asiabeforemaking the shift. Sure, Singapore has packed a lot of incredible things into its 709.2 sq km, but the feeling that youre in a small country with not much to do doesnt go away after youve seen and done it all in Singapore. An estimated 450,000 people pass the Singapore-Malaysia border daily. When it comes to the employment cost rate, Singapore is much more affordable than Hong Kong. Gaining a friend in Brazil or Burundi is great because whenever you might decide to go to those respective countries youve got yourself a ready made tour guide! I spent 3 years in SG and I'd say my 1 year in HK is much better. 98 facts in comparison Hong Kong vs Singapore Hong Kong Singapore How does Hong Kong compare to Singapore? In all the places Ive lived in, no where does diverse cuisine quite like Hong Kong. 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. If you wish to hear more from LTL Mandarin School why not join our mailing list. Global Management Matthew Chapman . Other Competition Matches. The Lion City is in an eternal tropical summer. Tags:banking,multi-currency business account . lk yorumu yukardaki form araclyla siz yapabilirsiniz. The city is indeed weaker than Singapore in major economic reports. 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. 3 Working in Singapore vs Hong Kong - Compass Offices; 4 Hong Kong vs. Singapore: . Very different. While the weekly newspaper will talk about the daily business cases of China, important local events and news. Singapore and Hong Kong have similar histories in the sense that theyre both islands, essential ports for shipping and formally British Crown Colonies. Anti-Covid measures have been easing: the government lifted compulsory quarantine for arriving passengers and softened mask requirements. 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. The five stars represent the nation's ideals of 'democracy, peace, progress, justice and equality'. Some of the most incredible hikes in not just Asia, but the world, lie on your doorstep and the great thing about them? The arrival of Covid-19 and numerous lockdowns put even more pressure on the two cities. If youre searching for a place to travel or work, the deciding factor might be personal preferences. In addition though, contacts in Hong Kong can really be king. As with Cam I will give three pros and cons for life in Hong Kong. Hong Kong shares 33 km with Mainland China and has an additional 260 smaller islands within its control, most of which are inhabited. Its not to say living in Singapore (or anywhere) doesnt come without its risks. However, although restrictions are still in force, they show a positive improvement. We have covered Singapores History extensively if you want to find out more about how the tiny Island of Singapore became a thriving metropolis. Consumer prices and restaurant prices are more expensive in Singapore. Discover Singapore through the lens of some of our favourite Singapore Vlogs. Lets get ready to take on the high road. Select from premium Hong Kong Vs Singapore of the highest quality. Arnold Clark Cup. They lead to some breathtaking views of one of the worlds most ridiculously impressive skyline. The average salary in Singapore is SGD Critical Care Nurse Practitioner Salary Singapore 2023 Salaries in Singapore are provided with SGD salaries. There are some exceptions to this, such as drinking the local Singaporean beer Tiger and shifting to eating more Chicken and Asian vegetables in your diet. Both Singapore and Hong Kongs national colours are red and white. There is genuinely no middle ground here! The two governments, and their professional bodies, should work together proactively and not reactively in responding to trends worldwide. Lots of Chinese goods are easily flown down leading to a lower cost of living. 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. Cooperation, not competition, is key. 2.2. They are the biggest obstacle for companies operating in the city and the major driver for foreign companies leaving Hong Kong. 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. 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. In terms of corporate tax, Hong Kong has some significant tax advantages as a holding company location: Low corporate tax rate: Hong Kong's 16.5% for the year of assessment 2018, compared to Singapore's 17%; Hong Kong does not impose a tax on dividend or (potentially) interest income. Photo: PokemonaDeChroma, via Flickr. The latest trends in Hong Kong show its potential in reviving. Principal dancer Salary Singapore 2023 Salaries in Singapore are provided with SGD salaries. Communication will also not be an issue as both regions are well-versed in English. The National University of Singapore (NUS) and Nanyang Technological University (NTU) in Singapore have always been the top 2 in Asia, enjoying a very high reputation and recognition, but at the same time they are also very difficult to apply for. Hong Kong is so good for those who love the outdoors. 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. Five years later, we are in a very different environment. 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 . Whether we like it or not lets face facts, things arent quite the same there anymore. 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. Even though Singapore is attracting more companies, comparing the real GDP growth of the two cities shows a small difference between them and a similar dynamic. Hong Kong and Singapore - two of the four "Asian Tigers" - have followed very different paths to development. Kirin Cup. This would vary depending on your personal preferences. Space is indeed at a premium in Hong Kong so its hardly surprising costs are high, but theres high, then theres just plain ridiculous. Businesses in Singapore pay a 17 percent flat tax and it's 16.5 percent in Hong Kong. Both cities connect their businesses to different countries and neighboring Asian regions. Its essential characteristic of being the door to the Chinese market will remain unchangeable and thus always attractive for businesses. Thousands of global open positions in financial services, investment banking, fintech and more. 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. Most flights from Europe, the Americas, Africa and Australia are using Singapore as a connecting point. Singapore 051531. But where exactly? A number of prominent foreign companies are leaving Hong Kong. French bankers and traders like Hong Kong because taxes are lower and there's much less admin, but this isn't Hong Kong's only appeal. Hong Kongs terrain is hilly and mountainous with steep slopes, and its the highest point is Tai Mo Shan 958 meters above ocean level. 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. Singapore is so small you could drive from one end of the Island to the other in 45 minutes. Expats earn more in Hong Kong, but prefer to live in , 2022 Asia salary guide: Trends across China, Hong Kong , India's salary increase to top APAC and global markets in . Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Send us an email at business@asiabc.com.hk or WhatsApp us at +852 6547 1314. If given the choice of hot or cold, I go hot. This may be the foundation to ensure that web3.0 takes root in Hong Kong. If you work in banking, Hong Kong is a real global hub. You don't need to register anything with the government, and you won't need to pay any fees. Strategically located at the heart of Asia, Hong Kong and Singapore offer a vast network and market for foreign entrepreneurs. 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. Naver, a South Korean search engine, announced it was moving backup servers to Singapore, citing safety as a reason. I asked the bar staff if they could charge our credit card in 10 minutes to get the happy hour special. Hong Kong sits between mainland China and the South China Sea in South East Asia. The government offered a rising amount of money ($20 $100) for every tiger killed. So there we have it which do you prefer, Hong Kong or Singapore? We talk to Richard Farmer, director, professionals, Randstad, about the plight of Western banking professionals looking for work in Asia. Hong Kong has linked its dollar near to that of the US dollar. Singapore is going head to head with Hong Kong starting on 23 Jun 2022 at 12:00 UTC . There could be days of sunshine, and there could be days of rain. Bir dahaki sefere yorum yaptmda kullanlmak zere adm, e-posta adresimi ve web site adresimi bu taraycya kaydet. ", Roast my C++ developer CV: "Fintechs won't give me a chance", Morning Coffee: The bankers making 3,000 calls a day. In Hong Kong, average female pay is $128k and men are . Email: [emailprotected], Traditional: 7829 For example, if you work for an Australian bank in Australia, then look to work for another Australian bank in Asia. 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. Bar one or two exceptions I never had this once in Hong Kong and it saddened me. Bangabandhu Gold Cup. In a bid to make peace, Chinaagreed to cede Hong Kong to Britain in 1841. Canton, Chinese, Italian, Japanese, Vietnamese, Middle Eastern its all there and much more. Most of our Clients request Healy Consultants to be the resident director/representative. Here are some thoughts and feelings by Max and Campbell, two members of the LTL Marketing Team who have lived in each country. Even more disturbing measures remain, like the obligation to wear a wristband for infected people undergoing home isolation. This to-scale map shows a size comparison of Singapore . Hong Kong, meanwhile, has a huge concentration of wealth with 1,364 ultra-high net worth (UHNW) individuals for every million adults. Meanwhile, the population of Hong Kong is ~7.2 million people (1.0 million fewer people live in Singapore). The functions with the greatest ability to transfer skills are in risk and compliance. He took this to be a good omen and decided to start a new kingdom Singapura. Company incorporation documents and certified true copy of Certificate of Incorporation, Companys Business Profile, and Companys Memorandum and Articles of Association. However, you will still need to fill out some paperwork before you can officially incorporate it. The colony expanded to the Kowloon . Heres a side by side comparison of average temperatures (celcius) in Singapore VS Hong Hong with an average amount of rainfall in millimeters (mm). VF Corporation (VFC), the owner of North Face, Timberland, and Vans, is leaving the city and relocating their regional management to Singapore due to stronger business infrastructure. Some 36% of family offices in Asia have more than $1bn in . The Leading Hubs for Doing Business in Asia Hong Kong vs. Email: [emailprotected], No. While Singapore has less land than Hong Kong, the average. 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. In 2019, Singapore and Hong Kong ranked as the second and third easiest places to do business in the world. Both regions have their pros and cons, and benefits and features that might or might not work for you. 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%. How long in Hong Kong or Singapore? 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. 218 A 910 Personal income taxes in the two cities are relatively low. This to-scale map shows a size comparison of Hong Kong compared to Singapore . 14% believe the procedures to come being too time-consuming and difficult. Who will win in Asia's crypto showdown? Candidates should be clear going into any interview about how they can bring their own experience to benefit the local market. Being a foreigner means things are more expensive if you still have the tastes from back home, Im talking red meat, cheese, alcohol. Both cities comply with the Know-Your-Client (KYC) process to accurately filter the applications they receive, appropriately establish the businesss source of income, and what kind of transactions they should expect from their accounts. Hong Kong ranked 1st best In 2022, Singapore increased its GDP by 3%, while Hong Kongs GDP declined by 0.8%. The director must be a natural person with official residence in Singapore. This boosts the possibility of business travels and gives more certainty in the future policies, because there is no external control over the restrictions. Even before 2020, both cities were experiencing declining economic growth and were later hit by the pandemic. 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. Asian tigers - Singapore and Hong Kong - have long been friendly competitors in the Asia Pacific (APAC) region. In Hong Kong, progressive tax rates for salary earners range from 2% to 17% for various income brackets. 16.97% lower population density? Tel: +86 (0) 10 65129057 GeoExpat. Another good way to enter Hong Kong and Singapore is by going to a similar bank. Hong Kong is still dealing with the pandemic, and the Zero-Covid policy pushes many international workers and locals out of the city. 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. #04-95 Hong Lim Complex Singapore. I am from Israel and I am the LTL Singapore School Student Advisor. When it concludes in H and K, the order's origin is Hong Kong. Singapore may overtake Hong Kong in terms of size. At the moment, Hong Kong is still struggling to overcome the pandemic and its consequences. Singapore is falling behind Hong Kong, just do the math Housing blocks in the Bedok residential estate in Singapore. Presently clients are focused on finding local talent across all skill disciplines. Investors worry about the lack of a clear outlook for the future. For more information on the cost of living in Singapore check out our Singapore hacks. 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. And even though the hours on Saturdays are shorter (morning until lunch time), they still add up. However, the past few years have posed dangers to both markets. Email: [emailprotected], Copyright 2022 LTL Mandarin School Singapore, Thank you very much! I can help you get your program booked up in now time. Chemical engineering Salary Singapore 2023, Critical Care Nurse Practitioner Salary Singapore 2023. Hong Kong and Singapore have been considered tax havens for overseas business owners because of their direct and low tax rate system. 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. 29, Lane 78, Section 1, Anhe Rd, Daan, Taipei Both Hong Kong and Singapore are cities, meaning 100% of its inhabitants are living in an urban environment. Audited financial statements, business plans, contracts or agreements, and invoices as supporting documents. As of 2020, there were some 400 family offices in Singapore. View more. likes this. The government is enacting funding schemes and subsidizing companies and workers with 27 billion HKD to help them recover from the pandemic. Singapore is a gateway to Southeast Asia and is seen as a wealth management hub, but Hong Kong boasts easy access to China's trade and capital flows, and has held the title of top global IPO . The exhilarating chaos of Hong Kong Hong Kong is different. For Singapore, you can basically wear T-shirt 365 days. ** Singapore imposes tax on Custom and Excise Duties, Goods and Services Tax, Stamp Duties, etc. Singapore has always compared itself to Hong Kong. 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. I could rant for hours about the size relative to price, but it is what is it. Learning Chinese is about what you do outside the classroom that counts. Global Management. He has completed six desert, 250km ultra-marathons in Chile, China . Baslik Cost of living in Hong Kong is 14% cheaper than in Singapore Full cost of living comparison of Hong Kong vs Singapore. About the match. 7.08 million vs 5.45 million Has mountains nearby? Singapore ranked #18 with a score of 83.8, while Hong Kong ranked #45 (score: 62); Bangkok, Thailand ranked #49 (score: 51.3) and Kuala Lumpur, Malaysia ranked #50 with a score of 50. 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! I do, however, believe candidates who have four to eight years of experience are in the best position to enter the market as they have had time to build a personal brand. 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. You are are number, you go in, you eat, you pay and you bugger off. Accommodation price range is similar to that of Singapore too, but the average size of a room is a tad smaller than in Singapore. Select from premium Hong Kong Vs Singapore of the highest quality. If your email was typed incorrectly just simply message us via the Contact button at the top of the screen with your correct email. Their freedoms are fast being swept away. Both cities are popular locations for regional headquarters of international companies, offering numerous benefits for businesses, like a friendly tax system, easy company registration processes, open immigration policies, and transparent regulations. When comparing Singapore vs Hong Kong, it might be helpful to read some more anecdotal observations on each city. There are two bridges across the Straits of Johor connecting Singapore with Malaysia. I pay similar housing rent (though SG has got a lot cheaper), pay similar school fees, travel in similar transport (HK pips SG), and pay similar amounts for other living expenses. As Singapore developed, the wild tigers became an increasing danger to society. There are indeed alternatives, living off Hong Kong Island is one of them but otherwise, be prepared to cough up a lot of money. Singapore is approximately 719 sq km, while Hong Kong is approximately 1,108 sq km, making Hong Kong 54% larger than Singapore. 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. Having friends from all over the world is never a bad thing. Hong Kongs flag was adopted in 1990 and depicts a white stylised five-petal from a Hong Kong orchard tree. So, Hong Kong wins hands down if you are starting out as a young banker in Asia. There is no getting away from it, most foreigners I came across in Hong Kong were either dressed in suits and smart clothing, or in sports gear and trainers. The five stars represent the nations ideals of democracy, peace, progress, justice and equality. 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. Both Singapore and Hong Kong's national colours are red and white. Meanwhile, the population of Singapore is ~6.2 million people (1.0 million more people live in Hong Kong). Everything else such as rent and groceries is more expensive in Hong Kong. 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. We give plenty of handyinformation on learning Chinese, useful apps to learn the language and everything going on at our LTL schools. Numerous companies are considering relocating to Singapore due to its more stable social and economic environment. These costs include accommodation (assuming double occupancy, so the traveler is sharing the room), food, transportation, and entertainment. That story and other news shaping the cryptocurrency world in this episode of "The Daily Forkast." Their intelligentsia are leaving faster than rats from a sinking ship. In terms of base salary, Hong Kong is more attractive at all levels from junior Analyst to Managing Director, with the biggest gap between the two locations visible at Analyst and Associate levels, with a 43-54% pay gap. All (local) people working in finance are expected to be fluent in Cantonese, Mandarin and English. Hong Kong is home for me. It's like living in a sauna. 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. This will greatly enhance your ability to be a success. The Red and White together symbolise the one country two systems that define Hong Kongs politics. What did you think? While Hong Kong-based professionals earn more, this comes at a cost. 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. This is due to the rise in global regulatory standards and a lack of skills to implement the undertaking. Prices. 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. WeChat ID: alkrasnov Examination of statistics shows that Hong Kong and Singapore do not differ significantly. 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. Despite the low crime rates, Singapores police are ever vigilant with reminders around the city saying low crime doesnt mean no crime. Discuss your work history, business strategy and the financial results of the bank as this will build rapport and credibility. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Henz yorum yaplmam. The prices in Hong Kong are usually between 10% and 20% lower than in Singapore. This blog will show you the key components of why these metropolia are every businesspersons choice and why they should be on your list. On a whole, the Global Work-Life Balance Index took into consideration four key pillars, each with its own factors: Considered as the Worlds Freest Economy because of its free trade, free enterprise, and free-market regulation. As a result of the declining attractiveness of the city, demographic changes are happening. Certified or notarised true copy of directors, shareholders, and company secretarys passport. 2022 eFinancialCareers - All rights reserved. Research the market, the bank and the interviewers if possible. 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. Please review your email above, if it is incorrect we cannot contact you. Its just something to know ahead of time that the rules are the rules. Another 9% cited the city as not being as competitive, 7% considered it being too costly. 0510, City Plaza, No. The measures are easing after the central government allowed their relaxation. BONUS | Come to Singapore and learn Chinese with LTL in person. No. Whereas in Singapore, he would only have to pay approximately USD 4,000. Find Hong Kong Vs Singapore stock photos and editorial news pictures from Getty Images. The region supports the creation of digital banking platforms for a more substantial FinTech ecosystem to cater their investors overseas dealings. Entrepreneurs gotta start somewhere. In addition to that : Hong Kong and Singapore have a list of prestigious banks and FinTechs to provide their entrepreneurs banking needs. 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. Indeed, all these developments give hope that Hong Kong will soon return to being a prosperous and internationally attractive financial hub. 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. Skype:alexander_ltl Gender pay discrimination is a big problem in both locations, but in Hong Kong, the pay gap between men and women is bigger. 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. He is a Singapore Citizen and divides his time between Asia Pacific, the Americas and EMEA. Singapore also placed 3d among the worlds most competitive economies, leaving Hong Kong behind at the 5th place. Its the perfect launchpad to the rest of the world. Networking is key for any person in a new environment. Mobile: +886 905028430. This does not include various tax deductions. The Straits Settlements were British territories located in Southeast and East Asia. Have you been to either Hong Kong or Singapore? In 1819 Sir Thomas Raffles brokered a deal with Sultan Hussein of Johor for ownership of Singapore on behalf of the East English India Trading Company. It was dispatched from China if the number ends with a C and N. The figures varyA tracking number can consist of either of the following: 16 numbers (for example, 1111 1111 1111 1111) 13 characters that include letters and numbers (for example, AA 111 111 111 AA) You can also track an item using a delivery notice card or . Forward further, to the 18th century,China began toimpose restrictions on the Europeans to halt their growing influence in the area. This does make it more difficult for expatriates to land their first role in the market. Happy in Singapore, or saving money in Hong Kong? And Hong Kong can get rather cold during winter. Its a safe city, in every way possible. HK ID card or work visa of the company director. Modern Mansion Bldg. Hong Kong shows positive trends in fighting the pandemic and attracting companies back, which gives it a promising future. A registered residential address for directors, shareholders, and ultimate beneficial owners. 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. 95% of those working on the sell-side in Singapore, whether in trading, investment banking or operations said they are happy working there. Setting up a company in Hong Kong is still a prospective decision. Find Hong Kong Vs Singapore stock photos and editorial news pictures from Getty Images. Announcing compulsory testing for all 7.4 million residents, the tightest social . Singapore has four official languages English, Chinese, Malay and Tamil. On the other hand, Singapore is home to the busiest port and airport in Southeast Asia. Working and living in Hong Kong is not as desirable as it used to be because of how expensive it has become. 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. 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. 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. 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. Of the 64, only 3 are inhabited, and 4 of them belong to Singapores Armed Forces. Unrest is becoming more and more common and its making the place much less friendly than before. Singapore and Hong Kong are historical economic competitors: a few decades have passed since the beginning of their fast growth as financial centers. Hong Kong feels much more polluted and more crowded than Singapore. 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. Its an expensive city to live in, especially for a foreigner. 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. When you visit SG though, you know it's hot all year around. 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 Since COVID-19, Hong Kong has actually seen a rise in the number of Indo-Pacific humpbacked dolphin on its shores due to the lack of ferries coming in and out of the ports compared to usual. The city is also willingly helping its businesses. Google, Copyright - Asia Business Centre (Holdings) Limited | TCSP Licensee: TC001346 -, The Secret Formula to a Happy HK Bank Account Opening, 100% Online, Is Traditional Bank Out? The main disadvantage of Hong Kong is clear as day: I still resent the cost of accommodation in Hong Kong to this day. But a cap or standard rate is set at 15% for high earners who make about $260,000 or more . 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 . 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. Hong Kong VS Singapore 21-04-2017, 01:09 AM #3 MandM! Most importantly, Singapore has also relaxed its anti-Covid measures: even unvaccinated travelers are not required to test before entering the country, and masks are only obligatory in healthcare facilities and on public transport, which makes life of both locals and visitors much easier. Singapore is not just one big Island but in-fact 64! Tel:+86 (0) 10 65129057 Knowing the right people might just open doors to things you never expected whether that be on a social level or a professional one. Singapore has a slight edge, with 596 crime cases per 100,000 people, compared to Hong Kong's 936. There are in-fact no lions in Singapore, there were tigers, but were sadly made extinct by hunters in the 1930s. Find thousands of job opportunities by signing up to eFinancialCareers today. Even though Singapore may seem to be a less risky destination at the moment, the two rivals have not yet drifted too far apart. Speaking as an Australian who frequently travels to China, I can say Singapore is the perfect place (if I can manage it) to stop, relax and continue my journey. Hong Kong has two official languages, Chinese and English. 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. You will get a reply from us Your email address will not be published. If you are interviewing by phone, remember to speak clearly and slowly. Portugal actually set up a base in Macau, the other Special Administrative region nearby Hong Kong. Matt is a wellness, self-improvement and fitness addict. It can be pretty daunting to pick a city where you can thrive, but AsiaBC will be with you every step of the way. So in this. Singapores national animal is a lion, and its mythical animal is a merlion. 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. Facets like your preferences, needs, and so on can play in when deciding your venture location, and Hong Kong and Singapore are no different. Matthew Chapman. 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. One of the things that struck me is that people in Hong Kong are fit and healthy and its no surprise why. Hong Kong and Singapore's many similarities have made them long-time rivals battling for the title of Asia's leading financial center. Tell us in the comments below. 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. 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. 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. Singapore is an island that shares no land borders with any other country. Who did it better? This can often be said in big cities, that people are just out for themselves but I discovered a high percentage of the restaurants we went to you are just a number. The two cities are also huge international travel connections, with Hong Kong giving direct access to mainland China and Singapore serving as a connection to Southeast Asia. Hong Kong has traditionally been a gateway to the vast Chinese hinterland. *Important notice - Sofascore.com in partnership with U-TV offers over 140,000 live streaming events per . CONMEBOL/UEFA Finalissima. However, the Chinese city is following its rival closely behind. FIFA Club World Cup. Still, you can walk down any street in Singapore at any time and be relatively confident you are safe. Singapore has 193 km of coastline vs Hong Kongs 733 km. Reports mentioned above show that this aspect is of big importance to those deciding whether to stay or leave Hong Kong. For Hong Kong Red symbolism comes from the Chinese representation of red meaning a sense of celebration and nationalism. 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. 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. Its dependent on a number of factors: the individuals experience, career aspirations and what the market is looking for. Join a business network, expat group or industry association, taking the opportunity to connect with locals as well as other expatriates who have been in the country for a longer period of time. Hong Kong encountered multiple problems that put its development in danger, and Singapore started attracting more companies. Theres a legendary story from Raffles hotel of a wandering Tiger shot on the premises in 1902. Thats not to say Singapore isnt without its days that are too hot. Hello, my name is Alex. Overall, the prices in Hong Kong are lower compared to Singapore. Message, Email: [emailprotected] Additionally, rent prices are falling, which could also attract more high-skilled workers to stay or return. 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. 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. 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. Choosing the best or right place to start your offshore company may be too broad to define. Whatsapp / Wechat / Mobile 531A Upper Cross Street However, not all foreign companies are leaving Hong Kong and losing faith in the citys future. 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. Thorough research, analysis, and a vast network are important in figuring out where you must put up your company. Australia. Their success is indisputable, and their growth strategies have served as models for the worldwide community. Crucially, Singapore now holds advantages in terms of political stability and freedom from outside interference. We travel way back to the earliest days of Hong Kong, between 206BC and 220 AD! 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. Singapore has higher Local Purchasing Power, meaning an average Singaporean salary would give a Singaporean more purchasing power in Singapore VS a Hong Kong salary in Hong kong. Should I spend more time in Singapore or Hong Kong? Out of those who already left, more than half based their decision on anti-pandemic measures. Browse news and career advice from the finance industry. 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. 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 for course! In addition, it ranked 107th worldwide by quality of life, while Hong Kong was 211th. HK doesn't get heavy rain on a daily basis in the summer. Hybrid Friendlies. 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. If youre a lover of the outdoors and the environment, both Hong Kong and Singapore offer very green (literally) cities. 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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). 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