Singapore beats Hong Kong as top Asian location for MNC headquarters

KPMG cited Singapore's tax loss relief as something Hong Kong should follow.

Singapore beats Hong Kong as the top Asian location for multinational corporations (MNC) to set up regional headquarters. About 46% are stationed in Singapore, whilst only 37% are in Hong Kong, KPMG revealed.

According to their Budget 2018/19 report, in terms of technology MNCs, the disparity is more evident. Singapore blows Hong Kong out of the running after accounting for more than half (59%) of tech MNCs whilst Hong Kong accounts for barely a fifth of the pie at 18%.

The Philippines and China both account for 4% whilst Taiwan and Malaysia house 2% of the tech MNCs.

KPMG cited the country's tax loss relief - which is an emerging global trend - which helps attract MNCs, and said if Hong Kong wants to catch up, it should follow along.