The surveyed corporate consulting firms said that Singapore is one of the first few Asian countries to reopen its borders after the epidemic, coupled with the stable political situation and the speed of promoting policies, attracting companies to move from Hong Kong to Singapore to set up regional headquarters. The number of related inquiries received and applications processed by consultants with relocation services has tripled year-on-year this year.
China’s earliest lifting of anti-epidemic measures and vigorously attracting foreign investment has driven multinational enterprises to set up regional headquarters locally, and recently there has been a phenomenon of some companies moving their regional headquarters from Hong Kong to Singapore in search of a more stable business environment. Interviewed business consulting firms and relocation service consultants pointed out that the previous uncertainty of when the Hong Kong government will fully open up has created uncertainty for multinational enterprises. Despite Hong Kong’s further relaxation of entry segregation restrictions from December 14, industry players believe that multinational companies will still assess the long-term perspective, especially the stability of the political situation.
According to Mr. Philip Ng, director of OCSC Global, a relocation services company, multinational companies are still uneasy about the long-term political situation in Hong Kong, and they are unlikely to change their views as a result of the lifting of local vaccination measures. In contrast, our political situation is stable and the speed of policy implementation provides greater certainty for businesses.
Article and image credit to Zaobao Singapore.