Singapore and Hong Kong are two locations in Asia in which you can get full access to many businesses in the wealthiest places in Asia. Many expatriates over the years have been tempted to set up businesses and/or have already registered startups in the two places.
Singapore
Foreign individuals or expatriates may quickly become entrepreneurs in Singapore. In Singapore, they are allowed to set up companies. Foreigners are required to appoint a local director to incorporate a company in Singapore as per the Company Registrar of Singapore (ACRA) norms. Anybody above the age of 18 years can set up a Singapore company and be its shareholder (i.e. the owner). As a shareholder, foreigner has the right to appoint a local director (i.e. an employee). They can own 100% shareholding in their company. The expatriates can become a foreign director of the company after the Singapore company registration.
The criterion of pre-incorporation for incorporating a Singapore company include at least one shareholder, a minimum initial paid-up capital of S$1, at least one Local or resident director, at least one company secretary, and a local registered address for company office. When registering, each foreigner person must provide the required documents (or information) including a copy of his passport, the overseas residential address proof (such as a utility bill/statement), bank reference letter, personal Profile, business profile, etc.
Hong Kong
Hong Kong company registration is never a very complicated process even for a foreign person who has never been to HK. The foreigner is not required to present while setting up his HK business. Usually the process may take 3-5 days. The quickest would be completed in just one business day.
Hong Kong has been for long years seen as one of the most suitable cities to establish, run and grow a company. There are many reasons as the city actually scores high on factors that make an important difference to most businesses. The factors include diligent and productive workforce, strategic location (which is close to Mainland China, and is the gateway to most the Asian countries), political environment, relatively low tax regime which is very attractive to entrepreneurs, professionally built business environment, world-class infrastructure and buildings, an effective legal system, and stable economic (throughout the year).
A Hong Kong incorporated company can get this benefit: For annual profit that is below HK dollar of two million, a much lower tax rate will apply to the registered business. This is a big relief for many newly started companies.
