Singapore and Hong Kong are two of the best east Asian countries to start establish a business. Hong Kong has taken the lead for the past years but Singapore has been quickly making great strides to compete further.
Companies and brands from the US and UK have had relatively easy entries to both markets. The most common business has to do with building a regional headquarters for a global company as an expansion strategy and amass the Asian market.
HERE ARE HELPFUL INSIGHTS FOR EXPATS WHO ARE CHOOSING BETWEEN HONG KONG AND SINGAPORE TO DO BUSINESS.
As an overview of the two country’s strengths:
- Singapore has the top destination for maritime trade.
- Hong Kong is your choice if the objective is to eventually start business in Mainland China.
- Both have incredibly accessible international airports with hundreds of direct flights from Western regions on a daily basis
It’s a must to have business cover like public liability or product liability insurance. It’s a pre-requisite for any business in Hong Kong and Singapore.
Both countries have strict legal systems with regulations in place to help you with intellectual property rights and dispute resolution departments. However, Singapore wins over Hong Kong in terms of enforcing contracts and property registrations.
World Bank’s 2017 Ease of Doing Business ranking places SG at #2 and Hong Kong at #5. New Zealand was #1 last year.
In the annual Z/Yen survey of global financial centres Hong Kong beats Singapore but as the entry way to China, Hong Kong is the 3rd most powerful financial hub globally. Singapore is currently in 4th place.
Hong Kong ranks 1st in terms of financial services and financial technology.
The criteria for the rankings above are:
- business environment
- financial sector development
- human capital
Business registration can both be done online via website registration. The headline Singapore tax rate is 17% whereas it’s 16.5% in Hong Kong. There are also many tax exemptions available for both.
In Singapore, one of the directors must be a citizen while Hong Kong allows 100% ownership by expats.
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This infographic provides a list of the top medical issues faced by women in Asia today. Village Insurance Direct provides help for expats in Hong Kong in finding the most affordable and comprehensive insurance covers. Inquire today!
May 4-6, 2015 ,Hong Kong — Mark Bromhead, Founder and Managing Director of Village Insurance Direct, will one of the guest speakers for this year’s Asian Club Managers’ (ACM) Conference to be held at the Hong Kong Exhibition Centre.
As an industry expert on insurance and its crucial role in the business and human resources, Bromhead will be discussing how clubs can use Health Insurance as a means for running an effective and successful business.
Themed “Food, Fun & Bubbles: Making Your Club THE Destination of Choice,” ACM 2015 is an 3-day action-packed programme encompassing 1.5 days Conference, Golf Day, Welcome Reception, Gala Dinner, HOFEX Show Visit, Clubs Tour, Cocktail Party and Happy Valley Horse Racing. Check out the brochure on the left for further information!
ACM is open to:
Club Managers and Executives
Club Industry practitioners
Researchers and Consultants in Club Industry
Tourism authorities and marketing organisations
Editors of tourism and hospitality-related journals
Other objectives of the conference is for attendees to expand their peer network through a series of networking events and meet people they can use as resource for innovative ideas and strategic insight.
For more information, you may visit http://acm-conference.com/registration/
Follow Mark Bromhead on Twitter at @BromheadMark and LinkedIn at http://hk.linkedin.com/in/markbromhead
PRESS RELEASE, SINGAPORE — Mark Bromhead, CEO and Managing Director of Village Insurance Direct, will be speaking in The 9th Annual Health Insurance Asia to be held on the 8th to 11th of June 2015. In addition he will be chairing one day of the Conference.
The conference provides a platform for senior executives from private insurance, brokers, providers and industry experts to discuss business potential in the billion-dollar Asian health insurance market.
Mark Bromhead will be one of the keynote speakers on the discussion of:
Health Insurance Outlook
Expanding the Market with Engagement and Education
Closing the Protection Gap with Innovative Products
Addressing Cost Containment
Stakeholder Collaboration to Enhance Profitability
Engaging the Connected Customer
Gain insights into the regulatory, cultural and competitive landscape in Indonesia, China and Indo-China region
Market trends and opportunities in specific Asian regions.
Experts estimate that health expenditures will maintain their growth trajectory, with overall health costs in the region reaching US$173 billion by 2020.
The industry outlook is promising with economic growth driving demand in Asia and high out-of-pocket expenses further fuelling Southeast Asia’s appetite for private health insurance. But key challenges remain including educating the customers, balancing product affordability and coverage and coping with ballooning medical costs.
Attendees will have an opportunity to create networks with industry players as shown below.
Mark Bromhead will be discussing the given key topics from the perspective of an industry specialist on expat insurance. Village Insurance is one of the leading insurance brokerages in Hong Kong that has been bridging the gap between expat insurance needs and Hong Kong insurance providers.
Other featured keynote speakers include Barry Chan of Bupa Hong Kong; Simon Pepper, Head of Underwriting & Claims for Asia, Pacific Life Re, Singapore; and Elaine Chan, Senior Head of Medical Division, Zurich Insurance Company, Hong Kong.
For details on the conference, visit http://www.healthinsurance-asia.com/