International firms pick SG over HK for Asian headquarters

Singapore has become the preferred Asian headquarters for international businesses, hosting 4,200 multinational firms in 2023 compared to Hong Kong's 1,336, reveals a Bloomberg Intelligence report. The report highlights Singapore's appeal over Hong Kong for global and Chinese companies due to its strong Western relations, diverse talent pool, diversified economy, and attractive tax incentives. Singapore's political stability and freedom, amidst regional geopolitical risks, further bolster its position. Despite Hong Kong's efforts to remain China's finance centre, Singapore's strategic tax programs and incentives for foreign companies to establish regional hubs have made it the top choice for giants like FedEx, Microsoft, Google, and newer players such as TikTok and Nio.