Why Singapore is the Next Best Location for Hong Kong Companies
To say that Singapore is the only serious alternative to Hong Kong may seem presumptuous, however the facts are there for all to see, and Western businesses in Hong Kong can see them brightly and clearly.
Singapore is regarded as the world’s freest economy, and enjoys some of the simplest and lowest tax systems in the world. Deloitte ranked Singapore as the second best international wealth centre in 2018, and the World Economic Forum gave Singapore the top ranking for competitiveness.
Singapore’s infrastructure is world class, and there is already a very large community of English speaking expats established — perfect for those looking for a similar lifestyle to Hong Kong.
The fact that English is an official language in Singapore should not be overlooked, as the language is far less common in other Asian centres like Bangkok, Tokyo, and Taipei.
While other locations like Sydney may be on the cards for some Hong Kong Firms, China remains the key, necessary component for doing trade in Asia, so Singapore trumps those options that are further abroad.
Growing Tech Hub in Singapore
Agreeably for tech firms, Singapore has also built itself an excellent reputation for growing micro technology and biotech firms looking to establish themselves in a booming market. Merck, GlaxoSmithKline, and Roche Diagnostics all have headquarters in Singapore.
While its growing influence is far from desirable to Western communities, China remains a crucial, and giant cog in the global economy. While Hong Kong falls under more and more Mainland control, it should be Singapore that stands as a safe haven for those looking to find security in uncertain times.
Read more on why Singapore is the obvious shelter for Hong Kong firms at InCorp Global.
