I want to start a business, Location is either Singapore or Hong Kong, any advice?

Discussion in 'Starting a Business' started by gavinmosty, Nov 30, 2010.

  1. gavinmosty

    gavinmosty
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    I have a web design company and would like to expand my business to Singapore or Hong Kong. Need advice, Which country should I choose?

    Thanks in Advance
     
  2. GekiDan

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    Welcome to BAF gavinmosty! Thanks for posting your questions here.
    May we know from what country are you? And what made you think to expand your business in these two countries?
     
  3. Fergal

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    Welcome to Business Advice Forum gavinmosty. I'd also like to hear which country your business is based in and what countries your business is currently strong in. Do you have a dominant position in your existing geographic market? Do you plan on having an office in either Singapore or Hong Kong or will all business be done online?
     
  4. Nick

    Nick
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    Who is your target market? What sort of employees do you want?
    Hong Kong is very close to China, which is great for popping over for meetings.
     
  5. gavinmosty

    gavinmosty
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    Im planning to have an office, and hire local staffs. I will start with marketing staffs, so they can talk to potential clients personally on these two countries.
     
  6. rogerlee

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    Singapore and Hong Kong are the dominant players in the Asian region, both of this country are in the list of "the best place to do business."
    You must consider these following factors

    1. Location - Both of these countries are strategically located at the heart of the Asian continent, with most Asian countries accessible within a five to seven hours flight radius.
    2. Ease of Doing Business - Both of these countries are renowned for being easy places to set up businesses. You can open your company in less than a week’s time in Singapore and in about two week’s time in Hong Kong. Infrastructure facilities such as business premises are easily available.
    3. Quality of Life - While Singapore and Hong Kong score more or less the same on most of the parameters, Singapore really edges out in the quality of life factor. Singapore is considered an easier place to adapt to when relocating from elsewhere. The social and ethnic fabric is a unique blend of cultures and people rendering a cosmopolitan lifestyle. The city is considered modern and westernised and English is widely spoken on the island. Hong Kong’s population however is predominantly Chinese and Mandarin or Cantonese continue to remain the common language of communication.
    4. Taxation - Singapore’s headline corporate tax rate is a flat 18% at present. In Hong Kong, corporate tax, (or profits tax as it is known), is set at 17.5% of assessable profits for corporations and 16% for unincorporated businesses.
    5. Workforce Quality - Both Singapore and Hong Kong sport a highly trained, well-educated and skilled wok-force. Hong Kong boasts of a local pool of experienced and entrepreneurial talent with an appreciation of the business culture in the fast-growing Mainland cities.

    Source:
    http://www.guidemesingapore.com/research-reports/hong-kong/singapore-vs-hong-kong
    Singapore company incorporation Guide
     
  7. Fergal

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    Expanding your business in a new country is a big move that represents a significant investment and is not one to be taken lightly. It is generally considered by businesses that are very strong and have established a dominant market position in their own country. Is that your situation gavinmosty? What are your reasons for wanting to expand into a new country?
     
  8. GekiDan

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    Have you not getting good profits or earning from the country you are currently in, that's why you consider moving to another one?
     
  9. edwardbaden

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    It must be noted that commercial property prices in Hong Kong are currently the most expensive in the world. Although the benefits of being in this up and coming and well connected country may outweigh the costs.

    You must also consider if you have any connections already established in either location as this may boost your business prospects. This is important as well as access to appropriate staff and understanding your market and culture. If possible conduct market research in both locations to see where you business will prosper best.
     
  10. AnushaJain

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    I think these two cities will give you good market because of the huge population of China which is nearby Hongkong.But there is some risk factor too as the places will be new for you so be updated with all the pros and cons of the business over there.
     
  11. alicemenezes

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    I think you should first take a consult for a market entry strategy that will be suitable for your business. They will guide you on how to go from there. Venturing into a new country altogether can be difficult.
     
  12. thealchemist

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    I'm curious as to what your motivation is for moving to another country to start your business at all? And why those countries specifically?
     
  13. jitenrajput9

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    Both the country in good but i suggest you to search more about web designing companies in these countries. If you are planning to hire local employees then you have to Analise the web designers are available or not. Why don't you try to open in US or Canada?
     
  14. angelaerin

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    My suggestion is better to start company in your mother country, later you can shift to other countries because firstly you have to survive your country. (survival of the fittest)
     
    #14 angelaerin, Apr 20, 2016
    Last edited by a moderator: Apr 20, 2016
  15. anna c

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    • Promotional links are not permitted in normal forum posts. This post has been edited to remove a promotional link
    The World Bank's Ease of Doing Business Report has ranked Singapore as the best place for doing business for 10 consecutive years. There are many advantages to setting up shop in Singapore - tax exemption schemes, low corporate tax rate, government grants, straightforward Singapore company registration process, transparent policies, talented workforce, to name a few.

    If you are interested in starting a business in Singapore you can look into the following industries: Retail, Food and Beverage, Financial Technology, Digital Economy AND Science & Technology. The government is heavily investing in Science & Technology in line with its goal to become the world's first Smart Nation.

    Of course, starting a business in any of these industries is only a good decision if you have considered all the necessary factors. Here are just a few: financial capital, your availability, timing, competitor, barriers to entry, government support, costs to run, etc.
     

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