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Business Entity Formation in Asia

“Asian Tigers” — Hong Kong and Singapore  

Asia offers investors and entrepreneurs favorable conditions for registering companies. These are attractive tax regimes, convenient and reliable banking, as well as the stability of the legal and financial system. 

Company registration in Asia is a great opportunity to get access to markets of the Pacific region. Traditionally, Asia attracts foreign businessmen with its following business centers: Hong Kong and Singapore.

Hong Kong 

Hong Kong is a special administrative region of the People's Republic of China, located on the Kowloon Peninsula. It is Southeast Asia's leading commercial and financial center, ranked the third largest global center after New York and London. 

Hong Kong's economy is based on a free market, low taxation, and non-interference by the state. Thanks to very rapid economic growth, the region has become one of the four "Asian Tigers", along with Singapore, South Korea, and Taiwan. Hong Kong is a free port with loose cash flows and a smoothly convertible Hong Kong dollar, which has been pegged to the US dollar since 1983. 

Registering a company in Hong Kong offers great opportunities for business development and prosperity. A favorable investment climate, stable legislation loyal to non-residents, and a developed economy make the jurisdiction especially attractive for foreign entrepreneurs to open a business here. 

Principal business entities. These are the public and private limited liability company, partnership, sole proprietorship, and branch or representative office of a foreign corporation, — states Deloitte

Cost and terms of registration. Pricing for the incorporation service with Clevver's support in Hong Kong starts from 1,299 Euros. It takes a few business days to register a company in the jurisdiction once all pre-incorporation documentation is in place.  

Advantages: 

  • Hong Kong has a reputation as one of the most prestigious jurisdictions in the world;  
  • An alpha city has a simple tax system with low tax rates (the basic income tax rate is 16.5%). Also, there is no taxation for companies operating outside the territory of Hong Kong and zero taxation on dividends and capital gains;  
  • There are no currency controls in Hong Kong; 
  • Clevver offers help with the remote company registration in the jurisdiction of Hong Kong that does not require the owner's physical presence. 

Singapore  

Singapore's economy is a developing market economy, with one of the highest per capita GDPs in the world. The jurisdiction is considered to be one of the "Asian tigers" for its rapid economic rise. The country has advanced electronics manufacturing, shipbuilding, and the financial services sector. 

The economy of Singapore depends on the export of products, especially in areas such as consumer electronics, information technology, pharmaceuticals, and financial services. It is one of the most open and corruption-free economies globally. Singapore attracts large investments in pharmaceuticals and medical products and will continue its efforts to develop Singapore as a financial and high-tech center in Southeast Asia. 

The country is characterized by financial stability and loyal legislation, thanks to which non-residents from different countries can establish a business in the country without unnecessary bureaucratic delays. With Clevver’s support, no personal presence is required to open a business in Singapore, you can form a company remotely and get all the necessary legal papers digitally. 

Principal business entities. These are the public and private limited liability company, partnership (includes limited partnership and limited liability partnership), sole proprietorship, variable capital company (a form of legal entity for investment funds available as of 14 January 2020), and branch of a foreign corporation, — says Deloitte

Cost and terms of registration. Starting price for the business formation service with Clevver's help in Singapore is 2,599 Euros. As soon as all pre-incorporation documentation is submitted, it takes up to 5 business days to establish a company in the jurisdiction. 

Advantages: 

  • Singapore has the most business-friendly ecosystem with minimal bureaucracy;  
  • Singapore is a respectable jurisdiction with a positive attitude to the crypto business. The government does not restrict but encourages crypto projects;  
  • The country's stable economy and sound banking system ensure the efficiency of long-term investments and capital protection;  
  • Clevver together with a network of lawyers assists with an online company formation in Singapore. All the necessary legal papers will be accessible digitally. 

Conclusion 

Registering a company in the Asian region promises great prospects, which is why it enjoys keen interest among entrepreneurs. Some of the most promising and extremely beneficial jurisdictions located here are Hong Kong and Singapore. For their rapid success in economic development, these countries even hold the proud nickname "Asian Tigers". 

Clevver helps form companies all over the world, including Hong Kong and Singapore. You can learn more about the remote business incorporation service with Clevver’s hand, just contact our experts

DISCLOSURE NOTICE:  Any legal or tax advice in this communication (including any attachments) is for information purposes only and is not intended to be used, and cannot be used against Clevver or its Sender. The sender is neither an Accountant nor a Lawyer and cannot be made liable. Please, contact your tax accountant for individual consultation. Clevver does not provide any legal advice itself. Clevver works together with a network of lawyers and tax advisors that provide all necessary individual legal advice. 

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