CORPORATE TAX GUIDE: HONG KONG SPECIAL ADMINISTRATIVE REGION
Both Hong Kong and Singapore offer offshore or tax-free companies.
It's hard to say which is better for setting up an offshore entity. It really depends on your business model.
For most people I say 2 things -
1. Hong Kong allows a local bank account for offshore companies but it takes years for offshore status to be conferred by the IRD
2. Singapore grants offshore status faster, does not require annual audits (below the threshold) but doesn't normally allow domestic banking.
Capital and income
ii Other relevant taxes