[Popular] Which one is better, Singapore company registration or Hong Kong company registration?
Let's talk in detail about the characteristics of Hong Kong and Singapore companies in various aspects and see which place is more suitable for registration?
Hong Kong: a special administrative region of China with a clean government, good law and order, and a strict legal system, bordering Shenzhen and 3 hours by plane from Shanghai.
Singapore: independent country, multicultural immigrant country, 74% Chinese, politically stable, economically developed, perfect legal system, 4-5 hours flight from China.
In 2018, the latest international competitiveness ranking of the World Economic Forum, Singapore is the second in the world, Hong Kong is the seventh in the world.
AHong Kong company can use both English and Chinese names (Chinese in traditional characters) when registering its name. At the same time, Chinese and English can not control, and less restrictive name. However, the company name should not be perceived as related to government departments, for the bank account opening point of view, also try to avoid “international”, “group” and other words.
Singapore companies must be in English, and have a fixed company name ending, such as private limited company for the “PTE.” “LTD.”, in addition to some special vocabulary of the company needs to be approved, most of the other companies with industry keywords with the company name, do not need to Most of the company names with industry keywords can be registered directly without approval.
Hong Kong: There is no nationality restriction or requirement for shareholders and directors (but in order to be able to go to the bank and open an account, it is not recommended for people from sensitive regions or countries to serve as shareholders or directors), over 18 years of age; at least one shareholder and director, and the director and the shareholder can be one person at the same time.
Singapore: At least one person, no restriction on nationality. One major difference is that a Singapore company must have at least one local Singaporean as a director, be at least 18 years of age, have a legal ID card, and those who have ever been declared bankrupt, or who have ever been sued for lack of integrity, are not allowed to serve as directors.
Hong Kong company usually has no restrictions on its scope of business (certain special industries, such as real estate, finance, insurance, etc., require governmental approvals and governmental approvals permitting entry). With the implementation of the SCR rules, a Hong Kong company is required to delineate the scope of business of the company for marking on the Business Registration Certificate (BRC) when the BRC is issued.
Singapore company usually refers to the Singapore Standard Industrial Classification (SSIC), which consists of 22 broad industry categories. Usually, a Singapore company can choose 1-2 business scope, which consists of 5 numerical codes and a description in English, and the business scope of the company will be shown in the bizfile.
Hong Kong: every company must have a statutory secretary, from March 2018, must be “trust or company services licensee” of the Hong Kong secretarial company, without a license to operate illegal, will be fined up to 100,000 Hong Kong dollars and imprisonment for six months. (We have already obtained this license);
Singapore: Every company must register a statutory secretary. Only qualified local Singaporeans can act as the company's statutory secretary, such as licensed accountants, lawyers and professional secretaries with 3-5 years of qualification. (Our company has met the requirements and is qualified to act as the statutory secretary)
Hong Kong: annual review, no operating companies can do no business tax return; operating companies must be in accordance with the provisions of the tax law to do accounts and audits.
Singapore: annual audit, no operating company tax zero report; operating companies need to do the accounts, but not all companies need to be audited, the annual turnover or assets of 10 million Singapore dollars (about 50 million yuan), and more than 50 employees, only need to be audited.
For companies with operations, both Hong Kong and Singapore need to do accounts, the difference lies in the audit, Hong Kong companies need to do an audit regardless of the size of the operation, Singapore companies for small companies do not need to do an audit.
