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Hong Kong in numbers
GDP size (2023, USD)
390 billion
Official languages
Chinese (Cantonese and Putonghua), English
GDP per capita (2023, USD)
52 k.
Corporate tax
Currency
Hong Kong Dollar (HKD)
Advantages
Personal income tax
2-17%
Not applicable
Dividend tax
Not applicable
Customs control
Not applicable
VAT
Not applicable
Currency control
Standard rate: 16.5% on profits
Reduced rate: 8.25%*
*on the first 2 million HKD of profit
Obtaining offshore status
0% tax rate
Population (2023, people)
7.5 million
Why do people choose Hong Kong?
Tax system
Visa conditions
  • Citizens of about 170 countries and territories can enter Hong Kong without a visa, making it an ideal location for business visits.
  • Corporate tax is 16.5% and applies only to income earned in Hong Kong.
  • No VAT, no capital gains tax, and no dividend tax.
  • Convenient and simple tax reporting.
Avoidance of double taxation
  • Agreements with more than 46 countries worldwide.
  • Allows companies to avoid double taxation on income and dividends.
Hong Kong as a regional logistics hub
Hong Kong holds a strategic position as one of the world's largest logistics and trade centers. It is an ideal place for companies engaged in international trade and export, especially those doing business with China and other Asian countries.
Stock markets and access to IPOs
The Hong Kong Stock Exchange (HKEX) is one of the largest in the world and provides companies with a platform for initial public offerings (IPOs). This attracts both local and international companies looking to raise capital.
Development of the digital assets industry
Hong Kong actively supports the development of blockchain technologies and the digital assets sector. The Hong Kong Stock Exchange and financial regulators create favorable conditions for cryptocurrency companies and startups.
Ease of incorporation
  • The registration process takes only 1–2 days.
  • Minimal requirements for share capital.
  • A company can be registered with just one foreign director and shareholder.
Geography
Hong Kong is located at the crossroads of international trade routes and serves as a gateway to China. Companies registered in Hong Kong gain convenient access to both the Chinese market and the rest of Asia.
Ease of company dissolution
Hong Kong offers a straightforward process for closing a company, making exit procedures simple and efficient.
Simplified reporting and accounting
Accounting in Hong Kong is relatively simple compared to other countries. Companies must prepare annual financial statements, but due to clear and transparent requirements, the reporting process is highly streamlined.
China in numbers
GDP size (2023, USD)
18 trillion
GDP per capita (2023, USD)
13 k.
Population (2023, people)
Personal income tax
3-45%
Official languages
Chinese (Putonghua – Mandarin)
Corporate tax
Currency
Chinese Yuan (CNY)
Advantages
10% for non-residents,
20% for residents
Dividend tax
Customs control applies to the import and export of goods
Customs control
13% standard rate (reduced rates apply for certain goods)
VAT
There are restrictions on currency exchange and the movement of funds
Currency control
Standard rate: 25%
Reduced rate: 10–20%*
*for small enterprises and certain industries
1.4 billion
Available for citizens of certain countries; duration and conditions depend on the country
Visa-free regime
There is no separate offshore status, but companies may use special economic zones (SEZs)
Obtaining offshore status
Why do people choose China?
Avoidance of double taxation
Fast transactions with Chinese companies
Registering in China allows for fast and direct transactions with Chinese partners, without the need for additional documents or transfers through international banks. This speeds up procurement and supply processes.
Double Taxation Agreements: China has agreements with more than 100 countries, allowing companies to avoid double taxation on international income and dividends.
Possibility of VAT refunds for exporters
Companies registered in China can benefit from VAT refunds on exported goods. This reduces the tax burden and increases competitiveness in international markets.
Access to the largest domestic market
China provides direct access to a domestic market of more than 1.4 billion people. This enables companies to reach a massive consumer base and significantly increase sales volumes.
Advantages in working with e-commerce
Ability to build a brand tailored to the Chinese market
Companies registered in China can more quickly adapt their products and services to the needs of the local market. This makes it easier to create unique brands aimed at Chinese consumers, increasing the chances of successful business development.
China is the world’s largest e-commerce market, and companies with local registration can more easily integrate into platforms such as Alibaba, JD.com, and other major marketplaces.
Access to a vast supplier network
China is a global leader in manufacturing and product supply. Registering a company in China provides access to an extensive network of local manufacturers and suppliers, reducing production costs and logistics expenses.
Opportunity for relocation and residence in China
Company registration can facilitate obtaining a visa and residence permit in China for business owners and employees. This provides access to a unique business environment and allows companies to stay close to the market and partners.
Singapore in numbers
GDP size (2023, USD)
390 billion
Official languages
English, Malay, Chinese (Mandarin), Tamil
GDP per capita (2023, USD)
70 k.
Corporate tax
Currency
Singapore Dollar (SGD)
Personal income tax
0-22%
Standard rate: 17%
Reduced rate: 8.5% on the first 100,000 SGD of profit*
Advantages
Not applicable
Dividend tax
Not applicable
Customs control
Not applicable
VAT
Not applicable
Currency control
*16.5% on the next 200,000 SGD of profit
Population (2023, people)
5.7 million
Why do people choose Singapore?
Simple company incorporation
Flexible business visa options
Singapore offers simplified visa programs for entrepreneurs and highly skilled professionals. The Employment Pass program allows foreign business owners and investors to easily obtain work visas and develop their business.
The process of registering a company in Singapore is fast and efficient, often taking just 1–2 days. Authorities provide convenient online services for business registration and management.
Double taxation agreements
Singapore has signed more than 80 double taxation avoidance agreements, allowing companies to optimize tax payments when working with international partners.
Flexible legal system
Singapore’s legal system is based on English common law, ensuring transparent and reliable legal conditions for international companies. This simplifies business operations and dispute resolution.
Convenient accounting and reporting system
Support for international holding structures
Singapore offers favorable conditions for establishing holding companies, making it an attractive platform for managing international assets. This appeals to companies seeking to optimize their asset ownership structure.
Singapore has a streamlined system of accounting and tax reporting. Companies must submit annual reports, but the requirements are clearly regulated and transparent, making compliance straightforward.
Free repatriation of profits
Singapore allows companies to freely transfer profits out of the country without restrictions on currency operations. This is a significant advantage for international companies looking to manage their finances flexibly.
High level of intellectual property protection
Singapore enforces strict intellectual property protection laws that meet international standards. This is especially important for companies in innovative industries requiring protection of patents, brands, and copyrights.
Frequently Asked Questions about Services in Singapore
Yes, you must provide a registered address in Singapore, which can be either a physical or a virtual office.
Frequently Asked Questions about Services in Hong Kong
Hong Kong offers favorable tax conditions (no tax on profits earned outside Hong Kong), simple company registration, a stable legal system, and a convenient geographic location for doing business in Asia.
Frequently Asked Questions about Services in China
Yes, a registered address is required to set up a company in China. This can be a physical office or a virtual office, depending on the region and the type of company.
Hong Kong
Number of banks
> 160
Major banks
HSBC, Hang Seng Bank, Standard Chartered Bank
Banking assets (2023, USD)
3 trillion
Financial regulator
Hong Kong Monetary Authority (HKMA)
Stock market
Hong Kong Stock Exchange (HKEX)
Banking system trends
Growing demand for offshore services and international investments. Strengthening its position as a global financial center.
Foreign exchange reserves (2023, USD)
450 billion
China
Number of banks
>4k.
Major banks
ICBC, CCB, ABC, Bank of China
Banking assets (2023, USD)
>50 trillion
Financial regulator
People’s Bank of China
Stock market
Shanghai and Shenzhen Stock Exchanges
Banking system trends
Continuation of the digitalization of the banking system and expansion into global markets. The domestic market remains closed, but opportunities are emerging through special economic zones.
Foreign exchange reserves (2023, USD)
3 trillion
Singapore
Number of banks
>200
Major banks
DBS Bank, OCBC, UOB
Banking assets (2023, USD)
>2 trillion
Financial regulator
Monetary Authority of Singapore (MAS)
Stock market
Singapore Exchange (SGX)
Banking system trends
Focus on sustainable growth and attracting international investors. Support for innovation and global capital.
Foreign exchange reserves (2023, USD)
400 billion
Current trends in the Asian banking system
Rapid fintech development
Regulatory support
The governments of Singapore and Hong Kong are creating legal frameworks for cryptocurrency startups, opening opportunities for attracting foreign investors and companies interested in digital assets.
Singapore and Hong Kong are leading in the adoption of fintech innovations, including digital banks, blockchain solutions for financial transactions, and digital client identification.
Flexible banking services for foreigners
Singapore and Hong Kong offer specialized solutions for foreign individuals and companies, including non-resident accounts with minimal bureaucratic requirements.
Digital bank licenses
New digital banks are being introduced in Singapore and Hong Kong, providing online services and minimizing the need for physical presence.
Asian countries as asset management hubs
Singapore and Hong Kong are becoming leading centers for private banking, offering non-residents exclusive services for managing large capitals and family trusts.
Hong Kong
Double Taxation Agreements
>40 countries
Financial Year
1.04 – 31.03
Audit Requirement
Companies are required to undergo an audit
Financial Reporting Standards
International Financial Reporting Standards (IFRS)
VAT (GST)
Not applicable
Annual Report Filing Deadline
Within 6–7 months after the end of the financial year
Regulatory Authority
Hong Kong Institute of Certified Public Accountants (HKICPA)
China
Double Taxation Agreements
>100 countries
Financial Year
1.01 – 31.12
Audit Requirement
Only large companies are required to undergo an audit
Financial Reporting Standards
Chinese Accounting Standards (CAS), based on IFRS with local modifications
VAT (GST)
13%
Annual Report Filing Deadline
By May 31 of the following year
Regulatory Authority
Ministry of Finance of China
Singapore
Double Taxation Agreements
>80 countries
Financial Year
Not fixed
Audit Requirement
For companies with revenue over 10 million SGD
Financial Reporting Standards
International Financial Reporting Standards (IFRS)
VAT (GST)
9%
Annual Report Filing Deadline
Within 6 months after the end of the financial year
Regulatory Authority
Accounting Standards Council (ASC)
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