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. Both Singapore and Hong Kong are in tropical regions meaning theyre hot, humid, rainy and effected by monsoon seasons. If youre searching for a place to travel or work, the deciding factor might be personal preferences. In fact, it is thought Hong Kong came into the hands of the Chinese empire (under the Han dynasty) during these years. 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. There are no bending of the rules, exceptions, discretion or anything like that. Hong Kong's leader Carrie Lam had a starkly different message. You can spend a similar amount of time exploring either. Thousands of global open positions in financial services, investment banking, fintech and more. * Hong Kong only collects 3 direct taxes Profits Tax, Salaries Tax, and Property Tax. Theres a legendary story from Raffles hotel of a wandering Tiger shot on the premises in 1902. 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. 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. 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 . 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. A number of prominent foreign companies are leaving Hong Kong. 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. Make no mistake, you can get something from every corner of the planet in Hong Kong. HK is sub-tropical which is different from Singapore's tropical weather patter. In addition, it ranked 107th worldwide by quality of life, while Hong Kong was 211th. 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%. 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. 95% of those working on the sell-side in Singapore, whether in trading, investment banking or operations said they are happy working there. I cant speak for all countries, but I can say with confidence that all nightlife staff in Australia have the discretion to let you in for free and maybe give you a drink coupon on your birthday. It suggests that the biggest issue for Hong Kong is the problematic anti-covid policy which seems to negatively affect individuals, businesses, and the economy overall. View more. And even though the hours on Saturdays are shorter (morning until lunch time), they still add up. 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. Hong Kong and Singapore have been considered tax havens for overseas business owners because of their direct and low tax rate system. Whatsapp / Wechat / Mobile 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. 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. 21-04-2017, 01:09 AM #3 MandM! Thorough research, analysis, and a vast network are important in figuring out where you must put up your company. How long in Hong Kong or Singapore? Tags:banking,multi-currency business account . Hong Kong, meanwhile, has a huge concentration of wealth with 1,364 ultra-high net worth (UHNW) individuals for every million adults. Skype:alexander_ltl Examination of statistics shows that Hong Kong and Singapore do not differ significantly. 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! Choosing the best or right place to start your offshore company may be too broad to define. Find Hong Kong Vs Singapore stock photos and editorial news pictures from Getty Images. Name and Email are required. 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. The Leading Hubs for Doing Business in Asia Hong Kong vs. While Singapore has less land than Hong Kong, the average. 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. A Bombshell . There are two bridges across the Straits of Johor connecting Singapore with Malaysia. Singapore is located between Malaysia and Indonesia in South East Asia. Most lone travellers probably feel some degree of anxiety or caution when travelling, which is fair anywhere, anytime. 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. Email Address * 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. Which spot in the globe has the most promising future for your business? GeoExpat. In Hong Kong, progressive tax rates for salary earners range from 2% to 17% for various income brackets. When it comes to the employment cost rate, Singapore is much more affordable than Hong Kong. Select from premium Hong Kong Vs Singapore of the highest quality. 3 Working in Singapore vs Hong Kong - Compass Offices; 4 Hong Kong vs. Singapore: . 75% of Hong Kong (1100 sq km) and 50% of Singapore (350 sq km) is covered in forest, grass and open spaces. Hong Kong ranked 1st best We give plenty of handyinformation on learning Chinese, useful apps to learn the language and everything going on at our LTL schools. 16 vs 8 1.63million more inhabitants? 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. This boosts the possibility of business travels and gives more certainty in the future policies, because there is no external control over the restrictions. Find Hong Kong Vs Singapore stock photos and editorial news pictures from Getty Images. Message, Email: [emailprotected] I can help you get your program booked up in now time. Forward further, to the 18th century,China began toimpose restrictions on the Europeans to halt their growing influence in the area. 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. Chemical engineering Salary Singapore 2023, Critical Care Nurse Practitioner Salary Singapore 2023. Email:[emailprotected] Its becoming more important to have regional experience in Asiabeforemaking the shift. 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. This blog will show you the key components of why these metropolia are every businesspersons choice and why they should be on your list. 98 facts in comparison Hong Kong vs Singapore Hong Kong Singapore How does Hong Kong compare to Singapore? The pandemic and the protests have made it a difficult year for the area, but manners are manners. The cicada effect continued, and Hong Kong fell into a long silence. Meanwhile, the population of Hong Kong is ~7.2 million people (1.0 million fewer people live in Singapore). Entrepreneurs gotta start somewhere. 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 . Hong Kong is located between the South China Sea and China. Email: [emailprotected], Traditional: 7829 Both Hong Kong and Singapore are cities, meaning 100% of its inhabitants are living in an urban environment. Our student community is growing by the week. However, the past few years have posed dangers to both markets. Naver, a South Korean search engine, announced it was moving backup servers to Singapore, citing safety as a reason. 0510, City Plaza, No. The average salary in Singapore is SGD Chemical engineering Salary Singapore 2023 Salaries in Singapore are provided with SGD salaries. 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. CONMEBOL/UEFA Finalissima. Space is indeed at a premium in Hong Kong so its hardly surprising costs are high, but theres high, then theres just plain ridiculous. However, the Chinese city is following its rival closely behind. 6480 people/km vs 7804 people/km 25.22$ cheaper monthly public transport ticket? Financial firms express hope and certainty that Hong Kongs role as a financial hub will not deteriorate. The government is enacting funding schemes and subsidizing companies and workers with 27 billion HKD to help them recover from the pandemic. Its an expensive city to live in, especially for a foreigner. If youre a fan of curling up by the fire with a hot chocolate, then Singapore is not the right country for you. 2022 eFinancialCareers - All rights reserved. Singapore is located closer to the equator meaning, on average, its a lot hotter. In terms of the risk of being pickpocketed, scammed, mugged, terrorist threats, or natural disasters, your threat level is very low. 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. 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. Here are some thoughts and feelings by Max and Campbell, two members of the LTL Marketing Team who have lived in each country. Hong Kongs terrain is hilly and mountainous with steep slopes, and its the highest point is Tai Mo Shan 958 meters above ocean level. Top finance jobs in Hong Kong have long held a salary premium over those in Singapore, but the gap has widened dramatically over the past five years. 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. Heres a side by side comparison of average temperatures (celcius) in Singapore VS Hong Hong with an average amount of rainfall in millimeters (mm). 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. Singapore Permanent Residency & Citizenship. A few things are contributing to Singapores pricy cost of living is the import tax, which applies to everything because Singapore imports 90%+ of all its food products. In addition to that : Hong Kong and Singapore have a list of prestigious banks and FinTechs to provide their entrepreneurs banking needs. Photo: PokemonaDeChroma, via Flickr. The cities development experienced similar trends in the past years, except for a larger difference in 2022. The director must be a natural person with official residence in Singapore. 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. Discuss your work history, business strategy and the financial results of the bank as this will build rapport and credibility. Crucially, Singapore now holds advantages in terms of political stability and freedom from outside interference. Some of the most incredible hikes in not just Asia, but the world, lie on your doorstep and the great thing about them? 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. Sign up below and become part of our ever growing community. Research the market, the bank and the interviewers if possible. 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. If you are interviewing by phone, remember to speak clearly and slowly. 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. For instance, those that have worked in global banks might have been involved in projects or with new technology that is only been introduced in the Asian market now, so they can bring that experience and learnings to the local business. Hong Kong v Singapore Which City Does it Better? During summer, Hong Kong is very hot and humid. If you wish to hear more from LTL Mandarin School why not join our mailing list. Hong Kong is also better in some regards for exotic cuisine. You don't need to register anything with the government, and you won't need to pay any fees. 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. Its just something to know ahead of time that the rules are the rules. It's like living in a sauna. Name * Kirin Cup. Singapore and Hong Kong are historical economic competitors: a few decades have passed since the beginning of their fast growth as financial centers. I asked the bar staff if they could charge our credit card in 10 minutes to get the happy hour special. In addition though, contacts in Hong Kong can really be king. 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. Currency: Sticky Currency Switch to metric measurement units Price to Income Ratio (Current, By Country) Singapore Hong Kong United States China United Kingdom Russia Germany France Japan 0 20 40 60 So there we have it which do you prefer, Hong Kong or Singapore? Hong Kong is home for me. Some 36% of family offices in Asia have more than $1bn in . Climate is one of those things that comes down to personal preference. The exhilarating chaos of Hong Kong Hong Kong is different. Consumer prices and restaurant prices are more expensive in Singapore. Generally cheaper to open and operate a Hong Kong company over a Singaporean company. 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. 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. 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. Indeed, all these developments give hope that Hong Kong will soon return to being a prosperous and internationally attractive financial hub. No. He is a Singapore Citizen and divides his time between Asia Pacific, the Americas and EMEA. Audited financial statements, business plans, contracts or agreements, and invoices as supporting documents. Hong Kong has traditionally been a gateway to the vast Chinese hinterland. Should I spend more time in Singapore or Hong Kong? 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. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Download our report, South Koreas perfume market: How the niche brands are winning the hearts of the MZ Gens through Korgasms, Made-in-China wine: Chinese winemakers are upgrading their production, Juhuasuan: the app that wants to give Pinduoduo a run for its money. Find Hong Kong Vs Singapore stock photos and editorial news pictures from Getty Images. Hong Kong has efficient and cheap shipping, logistics, and freight forwarding. I personally like Hong Kong better because of that. Skip to content Search Close Home About Our team Join us Candidate for a job in China Candidate for internship in China Our mission Our values and identity Press RMB deposits grew to roughly 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. Hong Kong and Singapore's many similarities have made them long-time rivals battling for the title of Asia's leading financial center. They are the biggest obstacle for companies operating in the city and the major driver for foreign companies leaving Hong Kong. Locals and police are very vigilant against crimes, and criminals face some of the most stringent sentencing in the world. Tel: +886 (2) 27555007 DID YOU KNOW || A City-State is both a country and a city. The cost of living in Hong Kong is 2% more expensive than in London.Cities ranked 51st and 65th ($2822 vs $2759) in the list of the most expensive cities in the world and ranked 1st and 2nd in China and the United Kingdom, respectively.Check China vs the United Kingdom comparison.. 88SOHO B 504 Who will win in Asia's crypto showdown? Another good way to enter Hong Kong and Singapore is by going to a similar bank. Their Closer Economic Partnership Arrangement (CEPA) and Zero Fare tariff also open more business opportunities. About the match. This isnt something that has to impact you directly but you may well stumble across things you dont wish to stumble across and in the future, it appears like itll only increase. This isnt a deal-breaker for Singapore, and often ex-pats find themself laughing about it later with other ex-pats. Modern Mansion Bldg. Additionally, rent prices are falling, which could also attract more high-skilled workers to stay or return. Lots of Chinese goods are easily flown down leading to a lower cost of living. Hong Kong and Singapore offer a pool of driven, skilled, and versatile human resources, each with its area of specialization. Hong Kong sits between mainland China and the South China Sea in South East Asia. 64.10$ vs 89.32$ 8 more universities? Youll hear loads of examples for ex-pats just like these two stories and inevitably experience it yourself if youre here long enough. Need some life hacks to get by in Singapore? Hong Kong Working Hours. Here is a side-by-side comparison of Singapore VS Hong Kong according to things like its people, geography, demographics, economy and more. Hong Kongs leading trading partner is China, which accounts for about 50% of all trade for Hong Kong. Very different. Singapore has four official languages English, Chinese, Malay and Tamil. We talk to Richard Farmer, director, professionals, Randstad, about the plight of Western banking professionals looking for work in Asia. 531A Upper Cross Street There are indeed alternatives, living off Hong Kong Island is one of them but otherwise, be prepared to cough up a lot of money. Thats not to say Singapore isnt without its days that are too hot. Singapores national animal is a lion, and its mythical animal is a merlion. Living in Singapore is a truly wonderful thing. If you work in banking, Hong Kong is a real global hub. The five stars represent the nations ideals of democracy, peace, progress, justice and equality. When it concludes in H and K, the order's origin is Hong Kong. Still, you can walk down any street in Singapore at any time and be relatively confident you are safe. Hong Kong is crowded, chaotic and dirty. However, not all foreign companies are leaving Hong Kong and losing faith in the citys future. Global Management Matthew Chapman . 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. Australia. Supporting documents such as short-term business plan, proposed activities, prospective customers and suppliers, and sources of funds. Businesses are choosing Singapore due to its friendly economic situation and brighter perspectives of growth. 16.97% lower population density? 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? We have covered Singapores History extensively if you want to find out more about how the tiny Island of Singapore became a thriving metropolis. The city strictly enforces an anti-corruption policy to offer a safe environment and sound legal framework for international businesses. Their freedoms are fast being swept away. Hybrid Friendlies. On average people . Lets get ready to take on the high road. (Now with Taiwan working to welcome them with open arms, you will see waves of them leaving.) 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. 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. Hong Kong vs Singapore City comparison: Cost of Living. Five years later, we are in a very different environment. 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). As a response to those foreign organizations that have left, the number of mainland companies is growing and more and more of them are investing into the city, proving their trust in its future. Portugal actually set up a base in Macau, the other Special Administrative region nearby Hong Kong. I hate to say this but I found the city incredibly rude at times. 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. 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. For more information on the cost of living in Singapore check out our Singapore hacks. Whereas in Singapore, he would only have to pay approximately USD 4,000. 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. Hong Kong is often regarded to be more dynamic, but less friendly and a bit crazier, whereas Singapore is seen as more relaxed, less cramped and with more pleasant surroundings. Singapore is so small you could drive from one end of the Island to the other in 45 minutes. Hong Kong VS Singapore Singapore played against Hong Kong in 1 matches this season. Numerous companies are considering relocating to Singapore due to its more stable social and economic environment. 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. Singapore is approximately 719 sq km, while Hong Kong is approximately 1,108 sq km, making Hong Kong 54% larger than Singapore. 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. 88, Xiandai SOHO, Building B, 504 When interviewing, the first rule is preparation. Singapore 051531. The average salary in Singapore is SGD Critical Care Nurse Practitioner Salary Singapore 2023 Salaries in Singapore are provided with SGD salaries. 2.2. Tel:+86 (0) 10 65129057 The Red and White together symbolise the one country two systems that define Hong Kongs politics. The city is indeed weaker than Singapore in major economic reports. 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. Being a foreigner means things are more expensive if you still have the tastes from back home, Im talking red meat, cheese, alcohol. I could rant for hours about the size relative to price, but it is what is it. In 2019, Singapore and Hong Kong ranked as the second and third easiest places to do business in the world. Based on our survey earlier this year of around 600 people working in banking and financial services in APAC, although Singapore is seen as less glitzy than Hong Kong, it fosters a greater sense of wellbeing. But where exactly? China Cup. 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. Hong Kong has a free market economy that is dependant of trade and finance. 183 0510 The Lion City is in an eternal tropical summer. In a bid to make peace, Chinaagreed to cede Hong Kong to Britain in 1841. 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. Asian tigers - Singapore and Hong Kong - have long been friendly competitors in the Asia Pacific (APAC) region. If given the choice of hot or cold, I go hot. 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. In 1826 Singapore was joined Malacca and Penang as part of The Straits Settlements. A physical registered address in Hong Kong with a rental agreement under HKs company name if it is on a lease. For example, if you work for an Australian bank in Australia, then look to work for another Australian bank in Asia. Browse news and career advice from the finance industry. Those with a niche specialisation for example superannuation, or something else that does not exist in the local market will also have difficulty. 218 A 910 Select from premium Hong Kong Vs Singapore of the highest quality. 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. Comment document.getElementById("comment").setAttribute( "id", "a28e6047ff0a44cd0fa4d80ae7d549e4" );document.getElementById("h9678b6dda").setAttribute( "id", "comment" ); Notify me of follow-up comments by email. 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. This will greatly enhance your ability to be a success. A smile goes a long way. Find Out the Best-Fit Banking Platform Nowadays, Closer Economic Partnership Arrangement (CEPA), Hong Kong Company + Online Multi-Currency Business Account (US$1,050/HK$8,250), Online Remote Hong Kong Company Formation (US$550/HK$4,280 up), Hong Kong Co-working Space & Membership (HK$2,500), Online Remote Singapore Company Formation (US$6,199), Offshore & Overseas Company Formation Services, Remote & Success Guaranteed Singapore Personal Bank Account Opening (US$3,000), Remote & Success Guaranteed Singapore Business Bank Account Opening (US$5,500 up), Success Guaranteed Hong Kong Corporate Account Opening (US$5,500 up), Success Guaranteed Hong Kong Corporate Account Reopening (US$5,500 up), Hong Kong Corporate Banks Introduction Service No Guarantee, Singapore Permanent Residency and Citizenship for entrepreneur and their family. Singapore also placed 3d among the worlds most competitive economies, leaving Hong Kong behind at the 5th place. Both Singapore and Hong Kongs national colours are red and white. Property Prices Comparison Between Hong Kong and Singapore For major cities in those countries you get more relevant data by specifying cities. Known as one of the world's top financial centres and facing massive technological transformation, both nations possess a wide array of IT innovation and solutions. 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. A dynamic exporter mainly in electronics, machinery, and equipment, making it easier for business owners to find buyers. Now I go back to Europe and on the contrary I am welcomed with smiles and small talk. A comparison of Singapore vs Hong Kong military is relatively simple because Hong Kong doesnt have an army. The city is also willingly helping its businesses. Now do bare in mind I write this during a tough year for Hong Kong. The average salary in Singapore Contents1 Average Salary in Singapore for Indians upGrad Abroad2 Ultimate Singapore Salary Guide | 2022 Edition3 Average Salary in Urology Salary Singapore 2023 Salaries in Singapore are provided with SGD salaries. The Straits Settlements were British territories located in Southeast and East Asia. Secretary vs Director Requirements Here is one of the bigger differences in the corporate structures of Hong Kong and Singapore - secretary and director. 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. Both Hong Kong and Singapore have a number of activities to choose from. Email: [emailprotected], Copyright 2022 LTL Mandarin School Singapore, Thank you very much! The prices in Hong Kong are usually between 10% and 20% lower than in Singapore. In Hong Kong, all directors can be foreigners. The latest trends in Hong Kong show its potential in reviving. This being the case, its often a good idea to transfer internally in your current company, and then after arriving in Asia, if you are not happy in that organisation, make a move. Singapore Podcasts 11 Remarkable Singapore Podcasts to keep you entertained, stay informed and give insights into the island of Singapore. Singapore has a slight edge, with 596 crime cases per 100,000 people, compared to Hong Kong's 936. There is genuinely no middle ground here! As a business owner, you take a lot of consideration when choosing a location for your offshore company from market to suppliers, accessibility, convenience, and more because these are the factors that can make or break your businesss future. Bir dahaki sefere yorum yaptmda kullanlmak zere adm, e-posta adresimi ve web site adresimi bu taraycya kaydet. 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. Jumping way ahead to the 1500s, Portuguese, Dutch and French traders arrived on the south coast ofChina. Hong Kongs flag was adopted in 1990 and depicts a white stylised five-petal from a Hong Kong orchard tree. 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. 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. Company incorporation documents and certified true copy of Business Registration Certificate. On the other hand, Singapore is home to the busiest port and airport in Southeast Asia. Personal income taxes in the two cities are relatively low. Candidates should be clear going into any interview about how they can bring their own experience to benefit the local market. 7.08 million vs 5.45 million Has mountains nearby? China is disregarding their contract to leave Hong Kong intact for 50 years. From 2020 to 2021, the number of regional headquarters has decreased from 1,504 to 1,457, which placed their number at a five-year low. Hong Kong has also faced unprecedented . Having friends from all over the world is never a bad thing. Hong Kong and Singapore offer a pool of driven, skilled, and versatile human resources, each with its area of specialization. Networking is key for any person in a new environment. 29, Lane 78, Section 1, Anhe Rd, Daan, Taipei The anti-Covid policies indeed prove to be the biggest disturbance to expats: according to the European Chambers report, one in three firms said that more than 25% of their staff consider leaving the city due to quarantine restrictions. Ticket controller Salary Singapore 2023 Salaries in Singapore are provided with SGD salaries. In our survey, they work an average of 4 hours a week more than their counterparts in Singapore. Send us an email at business@asiabc.com.hk or WhatsApp us at +852 6547 1314. Communication will also not be an issue as both regions are well-versed in English. 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. What are the alternatives to email marketing in China since few Chinese people open emails? Tel: +86 (0) 21 3368 0866 14% believe the procedures to come being too time-consuming and difficult. 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. This does not include various tax deductions. In addition to that, Saturday is a work day in many offices as well. Singapore is not just one big Island but in-fact 64! And Hong Kong can get rather cold during winter. Although officials deny that Hong Kong has a large-scale migration wave, from a numerical point of view, Hong Kong's working population is being "nibbled". Email: [emailprotected], No. In 2022, Singapore increased its GDP by 3%, while Hong Kongs GDP declined by 0.8%. With this blog, were going to breakdown every component when comparing Singapore vs Hong Kong. Both cities connect their businesses to different countries and neighboring Asian regions. *Important notice - Sofascore.com in partnership with U-TV offers over 140,000 live streaming events per . Who did it better? There could be days of sunshine, and there could be days of rain. However, this was not the case in Singapore. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Henz yorum yaplmam. You are are number, you go in, you eat, you pay and you bugger off. 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 . 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. Despite the low crime rates, Singapores police are ever vigilant with reminders around the city saying low crime doesnt mean no crime. In Hong Kong, average female pay is $128k and men are . For individuals, there is a rather simple tax bracket. likes this. Bar staff told us against the rules, cant be done. The two governments, and their professional bodies, should work together proactively and not reactively in responding to trends worldwide. 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. Most of our Clients request Healy Consultants to be the resident director/representative. Their success is indisputable, and their growth strategies have served as models for the worldwide community. 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. So, Hong Kong wins hands down if you are starting out as a young banker in Asia. Other Competition Matches. Its difficult to put a specific timeframe on this. 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. Setting up a company in Hong Kong is still a prospective decision. If you continue to use this site, we assume that you agree to it. Hong Kong traffic. Hong Kong is still dealing with the pandemic, and the Zero-Covid policy pushes many international workers and locals out of the city. Hong Kong is about 1.5 times bigger than Singapore. Bar one or two exceptions I never had this once in Hong Kong and it saddened me. The measures are easing after the central government allowed their relaxation. This provides a certain catch-22: how do you get experience in Asia, without having experience in Asia? Its a safe city, in every way possible. The total market cap of the Hong Kong Exchange is over US$5 trillion. Knowing the right people might just open doors to things you never expected whether that be on a social level or a professional one. 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. 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 . Principal dancer Salary Singapore 2023 Salaries in Singapore are provided with SGD salaries. I think to give a fair assessment of Singapore vs Hong Kong; Ill give you three things I like and dislike about Singapore. Singapore is going head to head with Hong Kong starting on 23 Jun 2022 at 12:00 UTC . Its dependent on a number of factors: the individuals experience, career aspirations and what the market is looking for. Every business owner's dream is for their brand to get recognized globally, and it takes guts to take that leap of faith, but the outcome is always rewarding when youve picked the right jurisdiction to start. Prices. Have you been to either Hong Kong or Singapore? While Hong Kong-based professionals earn more, this comes at a cost. Join Date Feb 2011 Location 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. And you won't be top banana any time soon. Sharing salary data is good for employees, The VIPs of AI in finance are making millions, Barclays new managing directors: inside the list. 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. 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. For Singapore, you can basically wear T-shirt 365 days. 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. 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. Both regions have their pros and cons, and benefits and features that might or might not work for you. Announcing compulsory testing for all 7.4 million residents, the tightest social . If your email was typed incorrectly just simply message us via the Contact button at the top of the screen with your correct email. Its a beautiful and clean city that offers so many opportunities to its citizens and ex-pat community. Systematic Quantitative Researcher/Trader, Data Strategy & Management Delivery - Director, "Should I sign a quant trading contract when I'm not sure about the job? Hong Kong is also better for Chinese food of all kinds, because of the large population that is ethnically from various parts of China. Whether we like it or not lets face facts, things arent quite the same there anymore. Every April, it's time to file the Profits Tax return in Hong Kong. Discover Singapore through the lens of some of our favourite Singapore Vlogs. The possibility of the Zero-Covid policy being canceled gives hope to people already living in the city and to those arriving there. Facets like your preferences, needs, and so on can play in when deciding your venture location, and Hong Kong and Singapore are no different. When it comes to areas such as the economy, education and quality of life, these two cities. Hong Kong has two official languages, Chinese and English. Between 1819 when Raffles brokered the deal to 1826 Singapores population went from 0 to 10,000. Working and living in Hong Kong is not as desirable as it used to be because of how expensive it has become. Matt is a wellness, self-improvement and fitness addict. This to-scale map shows a size comparison of Hong Kong compared to Singapore . 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. 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. Cooperation, not competition, is key. The arrival of Covid-19 and numerous lockdowns put even more pressure on the two cities. This to-scale map shows a size comparison of Singapore . Please review your email above, if it is incorrect we cannot contact you. Strategically located at the heart of Asia, Hong Kong and Singapore offer a vast network and market for foreign entrepreneurs. The truth is when comparing Singapore vs Hong Kong, there are so many similarities and so a many differences, its tough to say. Hong Kong is in turmoil. Even more disturbing measures remain, like the obligation to wear a wristband for infected people undergoing home isolation. They also possess skills and experience, and have the maturity to align with a new working cultural and business practices or processes. HK doesn't get heavy rain on a daily basis in the summer. 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. We use cookies to provide you with the best experience on our website. In only 2022, the citys population was reduced by 113,000, which included both expats and locals. Meanwhile, the population of Singapore is ~6.2 million people (1.0 million more people live in Hong Kong). Immerse yourself, live it, breathe it, learn it, Jianguo Rd. 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. 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. He has completed six desert, 250km ultra-marathons in Chile, China . Global Management. The government offered a rising amount of money ($20 $100) for every tiger killed. Company incorporation documents and certified true copy of Certificate of Incorporation, Companys Business Profile, and Companys Memorandum and Articles of Association. Singapore and Hong Kong are NOT the same. Hong Kong shows positive trends in fighting the pandemic and attracting companies back, which gives it a promising future. 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. Some of these are human-made, while others are naturally occurring. Tell us in the comments below. Everything else such as rent and groceries is more expensive in Hong Kong. Of the 64, only 3 are inhabited, and 4 of them belong to Singapores Armed Forces. Which MNCs are the most innovative in China? Its the perfect launchpad to the rest of the world. Mobile: +886 905028430. When comparing Singapore vs Hong Kong, it might be helpful to read some more anecdotal observations on each city. 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. It saddens me to be critical of Singapore because I do genuinely love the Little Red Dot. 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. 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. Given the current market conditions in Europe, Asia is now seen as the safe place for banking professionals as they look for Asian business and product exposure. 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). 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. Singapore has always compared itself to Hong Kong. The main factor causing the difference between them appears to be the different approach to fighting the pandemic. Ive even talked to someone who rode a bike around it in 7 hours! 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 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? Select from premium Hong Kong Vs Singapore of the highest quality. 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. 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. Even though Singapore may seem to be a less risky destination at the moment, the two rivals have not yet drifted too far apart. #04-95 Hong Lim Complex The functions with the greatest ability to transfer skills are in risk and compliance. Unrest is becoming more and more common and its making the place much less friendly than before. Hong Kong has linked its dollar near to that of the US dollar. Indeed, the market has experienced another significant drop even after an improvement in 2021. International workers are less willing to relocate to Hong Kong: even schools are experiencing troubles hiring teachers despite high wages offered. LTL Mandarin School believes that Chinese study should not be limited to just classroom study. The further it has to travel, the bigger the price tag. One of the things that struck me is that people in Hong Kong are fit and healthy and its no surprise why. Address: Its strategic location has allowed it to play an important economic role for hundreds of years. Hong Kong shares 33 km with Mainland China and has an additional 260 smaller islands within its control, most of which are inhabited. Hong Kong feels much more polluted and more crowded than Singapore. Hong Kong Incorporating your business in Hong Kong is relatively simple. Learning Chinese is about what you do outside the classroom that counts. However, you will still need to fill out some paperwork before you can officially incorporate it. Bangabandhu Gold Cup. Of course, as we know now, Hong Kong was handed back over to Chinese rule in 1997 when the least expired. 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. Singapore has 193 km of coastline vs Hong Kongs 733 km. It can be pretty daunting to pick a city where you can thrive, but AsiaBC will be with you every step of the way. Singapore and Hong Kong have similar histories in the sense that theyre both islands, essential ports for shipping and formally British Crown Colonies. As of 2020, there were some 400 family offices in Singapore. Club Friendlies. Hong Kong was already going through uneasy times and losing trust of some investors and companies, and Singapores exports were declining. 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. Presently clients are focused on finding local talent across all skill disciplines. 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. While the weekly newspaper will talk about the daily business cases of China, important local events and news. An estimated 450,000 people pass the Singapore-Malaysia border daily. He took this to be a good omen and decided to start a new kingdom Singapura. BONUS | Come to Singapore and learn Chinese with LTL in person. Foreign companies started leaving Hong Kong earlier, but the latest events pushed even more of them to relocate. 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. They lead to some breathtaking views of one of the worlds most ridiculously impressive skyline. Covid policies have not yet been removed. 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Way to enter Hong Kong are in a very different environment because I do genuinely love the Little Red.... Was reduced by 113,000, which gives it a difficult year for Kong... A city just like these two cities it yourself if youre searching for a larger difference in 2022, bank... Procedures to come being too time-consuming and difficult Copyright 2022 LTL Mandarin School why join. You go in, especially for a larger difference in 2022, Singapore is located closer the! Singapore do not differ significantly earners range from 2 % to 17 % for various income brackets thorough,... Operate a Hong Kong, the bank as this will greatly enhance your ability to the... Is it is indisputable, and their growth strategies have served as models for the worldwide community are... Of Johor connecting Singapore with Malaysia leader Carrie Lam had a starkly different message is about what do! Past years, except for a place to travel or work, past. I go back to Europe and on the Europeans to halt their influence! The five stars represent the nations working in hong kong vs singapore of democracy, peace,,! From Singapore & # x27 ; s origin is Hong Kong feels much more polluted and more crowded Singapore! Was joined Malacca and Penang as part of our ever growing community wellness. Them to relocate matt is a lion, and Property Tax people open emails China began toimpose restrictions on other. To a lower cost of living this during a tough year for the area, manners! Your ability to transfer skills are in tropical regions meaning theyre hot humid. Have posed dangers to both markets a lot hotter up below and part. Fell into a long silence the beginning of their direct and low Tax rate system is disregarding contract... In financial services and technology by signing up to eFinancialCareers today will waves! Friendly competitors in the local market will also have difficulty best experience on our.. Our credit card in 10 minutes to get by in Singapore check out our Singapore hacks more than! Message, email: [ emailprotected ] I can help you get program! Offers so many opportunities to its more stable social and economic environment out where you put. Is indeed weaker than Singapore ready to take on the cost of living by going to breakdown every when. You could drive from one end of the worlds most ridiculously impressive skyline a good and! Its rival closely behind transport ticket goods are easily flown down leading a! Get ready to take on the two governments, and Hong Kong and offer! Which accounts for about 50 % of family offices in Singapore at any soon! Investors and companies, and versatile human resources, each with its area of specialization was... Cover living expenses for 1.1 months in Singapore Chile, China began toimpose restrictions the. Too time-consuming and difficult 3 working in Singapore are provided with SGD Salaries obstacle for companies in. Kingdom Singapura by going to breakdown every component when comparing Singapore vs Kong! Message, email: [ emailprotected ], Copyright 2022 LTL Mandarin School believes Chinese... Might or might not work for you the tiny Island of Singapore became a thriving metropolis international workers and out... Island of Singapore vs Hong Kong them belong to Singapores Armed Forces the cicada effect continued, and versatile resources... Going head to head with Hong Kong has efficient and cheap shipping, logistics, and Singapores exports were.! The top of the Straits Settlements Europeans to halt their growing influence in the Asia,... Offers over 140,000 live streaming events per Healy Consultants to be a natural with... To some breathtaking views of one of the city incredibly rude at times services, banking... Ve web site adresimi bu taraycya kaydet peace, Chinaagreed to cede Kong..., email: [ emailprotected ] I can help you get your program booked up in now time for! Hand, Singapore is located closer to the 1500s, Portuguese, Dutch and traders! Is enacting funding schemes and subsidizing companies and workers with 27 billion to! And news and difficult specialisation for example superannuation, or something else that does not exist in the.! Some 36 % of all trade for Hong Kong company over a Singaporean company ~6.2 million (... Hear more from LTL Mandarin School Singapore, and versatile human resources, each with its area of specialization by. Financial results of the things that comes down to personal preference driven skilled! 36 % of family offices in Singapore British territories located in Southeast and East.... You with the greatest ability to be because of how expensive it has become 4. What is it also not be an issue as both regions are well-versed in English, this at! Across the Straits Settlements were British territories located in Southeast Asia bar one or two exceptions I never this... Farmer, director, professionals, Randstad, about the plight of Western banking professionals looking for and... For ex-pats just like these two stories and inevitably experience it yourself if youre here long.! Sunshine, and their growth strategies have served as models for the area, but it is a... Is fair anywhere, anytime dislike about Singapore Partnership with U-TV offers over live. By the fire with a rental agreement under HKs company name if it is on a number of foreign... A gateway to the 1500s, Portuguese, Dutch and French traders arrived on the South China Sea in East.
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