Business founders assessed their favored hub in Asia and the Middle East in a report by payment firm Statrys.
Hong Kong is the top choice for most companies to establish as a hub in Asia and the Middle East, according to a report by Statrys. Advantages cited include its robust financial infrastructure, strategic position for international trade and the ability to incorporate a business rapidly as well as competitive tax rates and a strong legal framework.
On the financial sector, 88 percent of survey respondents in the report said they were satisfied with banking services available in Hong Kong, compared with 85 percent in Singapore and 70 percent in Dubai. Relative strengths include account-opening speed, service quality and digital capabilities. Customer support was rated lower compared to the two rival hubs.
«The banking landscape in Singapore, Hong Kong, and Dubai is rapidly evolving, driven by digital transformation. Singapore and Hong Kong lead in digital banking innovation, with Dubai catching up quickly,» said Bertrand Theaud, founder of Statrys.
Geopolitics, Costs
However, there are still challenges that Hong Kong faces. The report highlights political uncertainties as well as high living costs as headwinds that could affect long-term stability and talent retention, especially for industries outside of finance.
On the other hand, Singapore was named as a prime destination, especially for startups and tech companies, due to a clear regulatory framework, robust support for innovation, strong business culture and quality of life. Dubai is also a compelling option with a tax-free environment, access to the Middle Eastern market and a growing talent pool, especially in hospitality, finance, and oil & gas.
The report was based on responses from 300 business founders on a variety of factors including legal requirements, banking, taxes, workforce and quality of life.
