Background 

Following the call for a new extradition bill which allowed people to be extradited to mainland China for trial, Hong Kong saw an onslaught of protests which quickly turned violent as citizens grew frustrated. The chaotic riots resulted in many injuries and huge disruptions to the city. Several companies ceased business operations with millions of dollars lost in revenue for those affected. 

This is the biggest protest Hong Kong has faced with up to 2 million people joining the protests. The protests started with the focal point being the extradition bill, but it has since expanded to include other issues that have been plaguing its citizens. While the bill has now been indefinitely suspended, protests are still on-going as the discontent amongst citizens are not being quelled but rather, further fuelled but police violence and the lack of freedom of press.

Implications for Singapore 

With the Hong Kong protests and uncertainty brewing, companies are looking to avoid the current instability there and are eyeing Singapore. Singapore is seen as an attractive alternative due to our political stability with high investor confidence levels. There are already reports highlighting the growing number of queries from Hong Kong-based companies looking to relocate their Asia-pacific branch. On top of our harmonious coexistence of multi-racial and religious citizens, Singapore offers more competitive rent prices and a better growth outlook.

Singapore could benefit from the unrest in Hong Kong as investors are searching for opportunities to move out.  

If you are considering moving to Singapore, or are looking to start a business by riding on this wave of opportunity, feel free to contact us. CP Corporate and Accounting Services Pte Ltd Is a one-stop service provider providing financial services in the area of company incorporation, bookkeeping, accounting, taxation and audit and advisory services to Small and Medium size enterprises by an experienced and qualified team.

Apart from financial advisory, we also assist with the appointment of local directorship and the application of employment pass. More information about our company’s services and rates can be found here, in our website.