Company Incorporation - Singapore Vs Hong Kong

Which is a great jurisdiction for company incorporation? Singapore and Hong Kong are already dominant players inside the Asian region, vying for the position of "the absolute right place to have an account." But the crucial questions are, which of these jurisdictions have an edge over the other? Does hk company set up easier ? or Is incorporating an enterprise easier in Singapore?

Minimum Statutory Requirements:

Singapore: a nearby registered address (commercial or residential but no PO Box), a local resident director, a nearby resident and qualified company secretary, a shareholder (individual or corporate), minimum paid up capital of SGD 1.00 (no authorized capital required)
Hong Kong: a local registered address (commercial or residential but no PO Box), a director (local or foreigner), a local resident company secretary (individual or corporate), a shareholder (individual or corporate), minimum paid up capital of HKD 1.00 + authorized share capital of HKD 10,000 represented by 10,000 ordinary shares of HKD 1.00 each
Incorporation Timeline:

Singapore: 1 working day
Hong Kong: 4-7 trading days
Foreign Ownership:

Singapore & Hong Kong: 100% foreign ownership allowed
Corporate Taxes:

Singapore: Current corporate income tax rate - 18%. However, corporate income tax rate effective 2010 - 17%. Note: The effective tax rate is lower - below 9% for profits up to SGD 300,000 and capped at 18% for profits above SGD 300,000
Hong Kong: Current corporate income tax rate - 16.5%
Government Fees:

Fees for company incorporation with Companies Registrar:

Singapore: SGD 315
Hong Kong : HKD 1,720 + capital fee of HKD 1.00 for each and every or a part of HKD 1,000 with the nominal share capital (limited to HKD 30,000)
Fees for company registration with tax department:

Singapore: Nil
Hong Kong - HKD 2,450 (12 months registration certificate) or HKD 6,550 (3 year registration certificate)
Annual Filing Requirements:

Singapore:

Annual returns in addition to audited annual accounts must be filed with Companies Registrar within one month from the Annual General Meeting.
Tax returns together with audited accounts need to be filed with the Inland Revenue Authority of Singapore by 31 October every year.
Note: Dormant companies (i.e no accounting transactions for the fiscal year) and exempt private companies (only 20 shareholders and shares usually are not held by another company) with an annual turnover of under SGD 5 million are exempt from audit requirements for both annual returns and tax statements. They then can file unaudited accounts.
Hong Kong:

Annual returns has to be filed with the Companies Registry once in most twelve months (except throughout the year of establishing a business in hong kong) within 42 days following your anniversary in the company's date of incorporation. Private limited companies are exempt from submitting accounts combined with the annual return.
Tax returns in addition to audited accounts need to be filed using the Inland Revenue Department by 31 April every year. The auditor have to be an affiliate from the Hong Kong Institute of Certified Public Accountants and must hold a practicing certificate. Dormant companies (i.e no accounting transactions to the financial year) and small corporations (i.e total revenues does not exceed HKD 500,000) are exempt from audit requirements and may file unaudited accounts.