Hong Kong offers an opportunity to tap the market of Mainland China than Singapore because of its strategic location at the Pearl River.
Singapore has the busiest port and extensive port connections worldwide compared to Hong Kong.
Safety and security
A country may many investment opportunities, but if your investments or personal life is not as safe as the investor, then it may not be viable to invest in that country. Both countries have a strong regard for law and order, however, Singapore is ranked the safest place of the two with the lowest rates of crime worldwide.
Even though the two countries use English as the business language, the difference is that Hong Kong’s workforce prefers to speak in Cantonese and Mandarin even though they know English. However, you can turn this to your advantage if you intend to engage in business activities in neighboring countries like China and Taiwan.
As an investor, you would want to get the best service from your workforce but at the same time, you want to take advantage of affordable rates. The remuneration rate of Hong Kong is higher than in Singapore.
Banking and finance system
Hong Kong has a strong banking system and a strong anti-corruption regime than Singapore. This is because of the strong laws that have been put in place by the regime.
Judicial and legal system
The legal system in both countries is more or less the same but Singapore has a more impartial judicial system for crimes related to e-commerce, Intellectual Property (IT), piracy, immigration, and workforce than Hong Kong.
Technology and technological adoption
In terms of Information Communication Technology (ICT) promotion and ICT use, Singapore ranks higher coming second worldwide while Hong Kong ranks twenty-fourth worldwide.
The government of Singapore offers several assistance schemes towards mentorship, funding, and setting up the market and network thus creating a conducive environment for technology to thrive.
In as much as most business activates rival each other closely between the two, Singapore takes the best place of being the easiest place to do business and the most competitive economy worldwide compared to Hong Kong. The Singaporean government has introduced several tax incentives that are industry-specific making it easier for Small and Medium Size (SMEs) to set up businesses and flourish. It is also the most open to the trade of the two.