Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences! Read below for Stifled by strict Covid restrictions in Hong Kong, some residents from the Chinese financial hub have moved to Singapore, and there are signs that rental demand has gone up. Best of all, recruiters are usually free to use. Meanwhile, only 5% of the surveyed companies that are headquartered in Hong Kong said they were planning on moving their HQs elsewhere. Kay Kutt, CEO of the Hong-Kong based relocation company Silk Relo, agreed, saying people are attracted to the ease of business, family friendliness, tax Such transit travellers do not need proof of vaccination, COVID-19 tests, travel visas or entry approvals. The Tokyo Stock Exchange, with 2,200 companies and a market cap of more than $5 trillion, is comparable to Hong Kongs in size, but includes only four non-Japanese companies. Second, as the Singapore government fought off domestic criticism that its lax immigration policy created disadvantages for Singaporeans in the job market, it tightened controls on who could enter the country. This field has historically expanded and changed depending on what kinds of questions were interesting or relevant in a given era. "If this continues on in Hong Kong for, I don't know, the next year or so, I think it will be a strong enough reason to leave," he said. CURRENCY RESTRICTIONS FOR ENTRY: 20,000 Singapore Dollars. Transferees who did win visas say theyre scrambling to find housing, with rental prices for private properties leased by expats surging as much as 40% over the past year. It is English-speaking. WebSmart Financial Decisions Made Simple: Money Advice, News And Product Reviews From A Name You Trust. Australian business executive based in Hong Kong, Help using this website - Accessibility statement, determination to become a COVID-resilient nation. The city tightened restrictions further in February, though they were eased slightly last Thursday. The Shanghai Stock Exchange, with a market cap of $7 trillion, is the worlds third-largest and hosts 85 Fortune Global 500 firms. This usually happens once youve amassed enough experience to have companies come knocking on your door, instead of the other way around. Have you ever gotten a job through a recruitment agency? Still, there is no sign that big Australian companies are preparing to up stumps from Hong Kong to Singapore or anywhere else for the time being. Singapore outpaced Hong Kong and Dubai in two key financial center metrics according to the March 2022 Global Financial Centres Index. Job ads attractall kinds of dodgy candidates, and looking for the right person in that hot mess is like looking for a needle in a haystack. How humans come to make decisions, by free choice or other processes, is another issue. The Hong Kong authorities announced on 03 February 2023 that with effect from 06 February 2023, non According to Emily Tan of Kerry Consulting, an executive-search firm, we see an increase of at least 20% in the applicants to Singapore-based roles, with a combination of both expats and residents in Hong Kong.. No. English and Chinese are widely spoken. Bloomberg Surveillance, covering the latest news in finance, economics and investments. 5,919 Singapore Agency For Jobs, Employment May 30, 2023 Japan is the worlds third-largest economy and home to 47 Fortune Global500companiesHigh-caliber infrastructure, with the worlds most punctual network of trains and subwaysOnce sky-high rents and property values have declined and, by Hong Kong standards, seem almost affordableA weak currency that has plunged 20% against the dollar this year, a boon for expat bankers paid in USD, Small expat population; few Japanese speak EnglishIts large stock exchangewith 2,200 companies and a market cap of more than $5trillionfeatures few non-Japanese companies. Far East Hospitality has received a mix of bookings from both travelers and businesses looking for interim accommodation for their employees, according to Tan Chia Hui, head of operations for hotels and serviced residences. My clients are now starting to assume there is no difference between Hong Kong and China, he said, noting that the national security law had formalised some of Chinas previous, arbitrary detentions, such as the snatching of billionaire Xiao Jianhua at the Four Seasons hotel in 2017. New visa program. 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Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. Then there are variations between and within industries. Though moving down one notch to second place in a global ranking of the worlds most expensive cities last year, Singapore remained the most expensive hub in Asia, with Hong Kong placed fifth globally and Dubai seventy-fourth. What will the next 25 years hold for Hong Kong? If the lockdown extends beyond first quarter next year, then we may have a problem. The agency is considered to belong to an agent, even if that agent represents a fictitious character, or some other non-existent entity. They will play the game with the Chinese government. Heres How You Should Plan Your CPF & Finances For 2023, 2023 Survey Shows That Women in Singapore Are Less Likely Than Men to Pursue Career-related Training, Daycation Singapore Hotel Prices: M Social, Fairmont, Shangri-La and more, 5 Ways Singaporeans Can Protect Themselves From Potential Retrenchment. Singapore plays an active role in the regional and global communities such as UN, WTO, APEC, ASEAN. As of Thursday, Hong Kong began allowing groups of four to gather at any one time, and restaurant operating hours were extended to 10 p.m. The divergence may grow as new rules from Chinese regulators make it more difficult for companies to list on foreign exchanges. Locate the nearest Embassy, High Commission, Permanent Mission, Consulate-General/Consulate and Trade Office now. Beijings investment in the region, cultural ties and Chinas sheer economic power meant businesses would still want to be there. Recruitment agency 3C Synergyserves the construction, oil and gas, energy and real estate sectors. Germany is first up; others are expected to follow. We have to be very careful, said one American executive in Singapore who asked to remain anonymous. But dethroning Hong Kong as Asias financial capital wont be easy. It is one more deterrent for companies already alarmed by the changes in Hong Kong as Beijing tightens its grip. But several of its key members were arrested or fled into exile in recent years. All rights reserved. Singapore to Hong Kong 24-hour telephone hotline for inbound travellers: +852 2125 1999. Restrictions on Chinese companies listing in the US are expected to further fuel the IPO boom. Travel A few months after consulting firms like Accenture, Bain and McKinsey & Co. started inviting new graduate Hong Kong If unsure, travellers connecting through Singapore should consult their airline on whether they need to go through immigration, or if they can remain in the transit area to connect to their next flight. "The main thing was the restrictions," said a Singaporean who works in the banking industry, who requested anonymity as he did not have permission to speak to the media. Some general recruitment agencies which work across all industries have gained a bit of a bad rap, but Kelly Services has received good reviews for being a serious agency that has some good positions from MNCs. ONEPass. "This indicates that while guests may relocate for work, they are looking to bring their families along as well," she said. Other companies might not be relocating lock, stock and barrel but they were beginning to build up their offices in Singapore, Hong Kongs rival Asian entrept city, said Frederick Gollob, chairman of the European Chamber of Commerce in Hong Kong. Following an overhaul of Hong Kong's electoral system that meant only "patriots" could hold public office, the party lost dozens of spots on district councils. Chinas tech crackdown, a national security law, and an expat exodus have pummeled Hong Kong. Home/vacation leave is a requirement by the Hong Kong Immigration Department for domestic helpers to return to his/her place of origin for at least 7 days for every employment contract whereas Annual Leaves are paid holidays as an employees entitlement under Employment Ordinance When do domestic helpers need to take In the past, maybe I could have entertained staying long enough to be a Hong Kong PR, but for now, I think with the current situation, it's unlikely that I will do so. It is normally contrasted to natural forces, which are causes involving only unthinking deterministic processing. And the yens 20% decline against the U.S. dollar this year is a potential boon for expat bankers paid in greenbacks. How stable is the rule of law? Authorities also recently lifted the 10.30 p.m. cut-off for alcohol sales, and allowed bars and karaoke lounges to reopen again. Another significant drawback: Chinas strict capital controls mean that foreign investors who profit on the Shanghai exchange cant bring their money home. If you were a bank with business in both the US and China, you might.. By continuing I agree to MoneySmart Group's Terms of UseandPrivacy Policy. But for global bankers, brokers, and asset managers, the real dealbreaker is taxes. Mexico police find 45 bags containing body parts matching characteristics of missing call center staff, Top Chinese scientist concedes that coronavirus may have leaked from Wuhan lab, New details of Jeffrey Epstein's death and the frantic aftermath revealed in records obtained by AP, Id do it again: Georgia sheriff stops scam suspects by shooting at truck tire. If you are here, and many businesses now are, the liveability and ease of access to mainland China are key factors, which is why you come back to that border. VACCINATIONS: Yellow fever for travelers from certain countries. On paper, at least, Singapore is the obvious beneficiary of Hong Kongs troubles. The announcements accompanied a glut of articles in the business press that predicted a brain drain from Hong Kong as disgruntled foreigners decide that enough is enough. The Monetary Authority of Singapore (MAS) has issued five-year prohibition orders (POs) against Mr Chan Jun Yi, Ms Chanel Quah Hui Wen, Mr Lim Zhan Yi, Ms Sherlin Chia Hee Ping, Mr Tang Hong Kong Jackie, and Ms Yvonne Quah. Singapore has diplomatic ties with over 150 countries. home leave News agency The Hong Kong Government recommends all inbound persons to undergo daily RATs using self-arranged RAT kits from the day of arrival (i.e. "Anecdotally, we know that perhaps there are some of those based in Hong Kong looking to relocate to Singapore, and this is contributing to the increase in rents," said Leonard Tay, head of research at real estate agency Knight Frank Singapore. From13 February 2023, the following changes were implemented: a) All non-fully vaccinated travellers entering Singapore will no longer be required to produce a negative Pre-Departure Test; and. They went on trial with more than 40 others in February. Some companies have already announced they are leaving, such as the media outlet Initium, which is relocating to Singapore. The most obvious is its relationship with China and the opportunity to hitch a Hong Kong-based company to the mainlands juggernaut of an economy. The Hong Kong Government recommends all inbound persons to undergo daily RATs using self-arranged RAT kits from the day of arrival (i.e. The Briton is currently packing up his apartment in Hong Kong and moving to Singapore permanently. It's great that Hong Kong's rules are going to be less extreme, but there's still a long way to go, said Leung. They have banking, accounting, life science, IT, legal, construction and real estate jobs on offer. Last month, the American Chamber of Commerce in Hong Kong hunted for an answer. The details you see on our site may be different from others. Along with Kelly Services,Adecco is probably one of the best-known full-service recruitment agencies with jobs in a wide variety of sectors, including banking, accounting, HR, manufacturing, sales, logistics and so on. In Singapore, midrange cars can cost five times as much as in the U.S.; in Singapore a Toyota Camry retails for $132,000, compared with $28,000 in the States. Share your experiences in the comments! Tokyo, with 38 million people, is Asias most populous city, the capital of the worlds third-largest economy, and home to 47 Fortune Global 500 companies. You can Some members also took part in unofficial political elections and were charged with conspiracy to subversion. The panel supports the use of monovalent vaccines that are based on single strains such as XBB.1.5 or XBB.1.16. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices As a prospective employee, going through a recruitment agency is a way to cut through the noise and get you noticed more quickly by the company you want to be in. We wouldnt be here if our clients werent here, said Ms Kench, who oversees the biggest law firm in the region. Examining all things climate, ranging from the biggest environmental story of the moment and why it matters in a larger scale, to innovative solutions that can turn the tide. Some arrivals from Hong Kong are making bookings for as short as two weeks, while others are intending to stay for 12 months, according to data from Hmlet and Far East Hospitality. HK Express Announces New Direct Service to Singapore Credit Suisse & UBS are paying juniors to defer start dates Kelly Services. He remained in Singapore for about a month, where he said there was "some degree of normalcy.". 2023 Fortune Media IP Limited. One of its founders said the party's end was "a symbol of the end of Hong Kong's nativistic democracy movement". But once it comes to more senior or highly-paid positions, companies prefer tohandpick candidates rather than put out a job ad. Hong Kong pro-democracy protests against Beijing's control. Expats Looking for a Move to Singapore Face Rising Costs Whether you're going on holiday, taking a business trip, or looking to set up a corporate travel account, Trip.com is here to help you travel the world with cheap flights, discount hotels, and train tickets. With so many white collar professionals seemingly heading for Hong Kongs exits, one pressing question has emerged: where will they land? 2023 Fortune Media IP Limited. The largest number of people left Hong Kong for good last year since records began, according to official data. Students are now being paid to go away. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. said it was moving its regional operations, since August last year it has been gradually reopening, created disadvantages for Singaporeans in the job market, Visas for expat financiers fell to record lows in 2020, Americas national beer could soon be Mexican as Memorial Day weekend sales drop plunges Bud Light further into crisis. While Hong Kong shows no signs of opening its borders this year, Singapore is taking a major step next week. For VFs distribution business, one Asian trade hub is as good as another. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. The question is on the table. Details of upcoming events and ongoing initiatives can be found here. Press statements, transcripts of speeches & interviews, and photos can be found here. Travellers entering Macaofromother foreign placeswill have to present a negative proof of antigen or nucleic acid test (can be self-administered or by professional swab sampling) for COVID-19 conducted within 48 hours prior to entering Macao. Singapore International Travel Stifled by strict Covid restrictions in Hong Kong, residents from the financial hub are continuing to move to its rival, Singapore. Many so-called high-net-worth individuals expected the crackdown to come, he said, but were caught by surprise when the mainland authorities used the pro-democracy protests in Hong Kong that blew up in 2019 to push through the national security law and arrest dozens of activists for alleged sedition. Visitor arrivals from Hong Kong to Singapore nearly doubled from January to February this year, according to Singapore's tourism board. Speaking to the AFP news agency, Albert Lai said "the failure does not mean the movement was meaningless.". While 18% reported that the business environment had been poor over the last 12 months, 47% said it was either good or very good. A few months after consulting firms like Accenture, Bain and McKinsey & Co. started inviting new graduate hires to defer their start dates, and paying them to do something else instead, Credit Suisse and UBS are doing the same.. Instagram account Litquidity reported yesterday that the ", "Well, fast forward [two years], Singapore is a shining light," he said. Singapore Property Realtor capacity to act does not at first imply a specific moral dimension to the ability to make the choice to act, therefore moral agency (Moral agency is a person's capacity for making moral judgments and taking actions that comport with morality.) Its not an unreasonable goal. Students are now being paid to go away. This includes an average layover time of around 1h 17m. WebHong Kong, 30 Dec, 2021 Travelling to Singapore is about to get much more affordable and enjoyable. Hong Kong: international companies reconsider future in wake of All travellers entering Singapore via air or sea (including Singapore residents), and STVs entering via land, must continue to submit an electronic health declaration via theSG Arrival Card e-Servicewithin 3 daysbefore their arrival in Singapore. With businesses already facing restrictions because of the pandemic, the introduction of the national security law last year and the government shutdown of the pro-democracy Apple Daily newspaper have sparked its biggest-ever exodus of people and rocked confidence in a city once synonymous with vibrant economic activity. The stay is usually short with a period of 14 days. Beloware 10 recruitment agencies in Singapore to consider when youre on the market for your next job. All rights reserved. "In the past, maybe I could have entertained staying long enough to be a Hong Kong [permanent resident], but for now, I think with the current situation, it's unlikely that I will do so," he said. Agency (philosophy), the capacity to make choices $2,600 - $5,000 a month. Its southeast Asia, and I dont think many people are saying southeast Asia is going to be hot as it comes out of the pandemic.. There are these network effects that Hong Kong has built up over the last few decades that are not easy to replicate. In the medium to long term, he says, current frustration over COVID regulations may seem relatively trivial.. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Hong Kong visa for Philippine citizens It is the employer who will have to pay them a commission when you get hired. Sure enough, recruitment companies are reporting an uptick in business from executives in Hong Kong looking for new jobs in Singapore, though theres no firm data on how many people have made the move. If youve got Japanese language skills or have experience working in a Japanese company, that can be a distinct advantage. Will people keep an eye on NSL (national security law) or sanctions? Despite headwinds from the slowdown in its property market and President Xi Jinpings crackdown on Chinese tech companies, the countrys economy grew by 8.1% in 2021 after China managed to keep its COVID cases low and its domestic market open. "If something comes along, the numbers are right, it aligns with my career goals, why not right? travel Day 0) until Day 5 after arrival at Hong Kong. LATEST ENTRY REQUIREMENTS TO HONG KONG . Singapore. With effect from6 February 2023, travellers aged 4 and aboveentering Macaofrommainland China, Hong Kong or Taiwan regions,orentering Hong Kong from Macaowill not need to present any proof of COVID-19 testing. The new rules make it more expensive to bring in staff from overseas, hampering businesses trying to do so. Some content may be compensated through third-party advertisers. Like many countries, Singapore relies on friendly relations with China for trade and capital. Gollob said that most international firms were in a sit and wait pattern to see what happened next in terms of new laws or further restrictions on freedoms, but the acceleration towards China is everyones gut feeling. So if youre an HR professional whos always wanted to work overseas, Frazer Jonescould be your ticket out of here. Rental prices in Singapore were already moving higher during the pandemic due to demand from various sources, including young adults moving out of their parents' homes and people looking for interim housing because of construction delays. And so it begins. And yet Singapore is not quite as accommodating as it was before it shut its borders in March 2020. Cheap Flights from Hong Kong to Singapore Pernod Ricard, a French drinks giant, has announced a review of its position in Hong Kong, as have Bank of America and the hotel group Mandarin Oriental. The Hong Kong authoritiesannouncedon 03 February 2023 thatwith effect from 06 February 2023, non-Hong Kong residents coming to Hong Kong from overseas places need not be fully vaccinated. Hong Kong tourist visa is free for Philippine citizens. Hong Kong has a dynamic zero strategy for Covid and imposed strict measures from January in a bid to slow the spread of the virus, which included a ban on dining in from 6 p.m. daily. Government agency, a department of a local or national government responsible for the oversight and administration of a specific function The Hong Kong migrants fleeing to start The Monetary Authority of Singapore (MAS) has issued five-year prohibition orders (POs) against Mr Chan Jun Yi, Ms Chanel Quah Hui Wen, Mr Lim Zhan Yi, Ms Realtor. Lesperance said enquiries doubled with the push for the extradition bill in 2019, then doubled again with the protests, and had spiked again in the wake of attacks on tech billionaires such as Jack Ma on the mainland and the media tycoon and Apple Daily owner Jimmy Lai in Hong Kong. China concerned about keeping Hong Kong as offshore financial center: Professor. Singapore vs Hong Kong: Comparison Between Their New Visa
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