亞太區的全球性經濟被預測為從目前的31%上升到2030年的36%，因而跨國企業重視在亞太區設立地區總部。亞太區的地區總部排名次序為新加坡，香港，上海，悉尼，東京和北京(註1)。但地區總部的概念正在改變，財團發覺將所有活動集中在一組建築物內未必划算。這影響了企業財資中心的定位。
香港：地區商務樞紐
投資推廣署表示，香港在2016年有1379個地區總部，最大數目的來自日本。但從2007年至今，其增長率很低，約為毎年1至2%。全數外地註港公司為7986家，就業人數為35萬人。這些公司以少於20人的佔約7成。
根據另一項按年統計調查 顯示，於2016 年，母公司在海外及內地的駐港公司共有7,986
家。在這些公司中，3,731
家為地區總部及地區辦事處。此統計調查內的公司為香港創造了435,000
個就業機會。
新加坡現況
新加坡擁有不少國際知名的跨國企業在其設立地區總部，例如：博世、卡爾蔡司、拜爾、寶馬、索尼、松下、怡安、臉書、推特、微軟、蘋果、谷歌、輝瑞、迪斯尼、雪佛龍、通用電氣、利維斯特勞斯公司、思科系統、通用汽車、UPS快遞服務、惠普等。(註九)
集團營業額為279億英鎊的全球第六大藥廠的英國葛蘭素史克有限公司，在2017年在新加坡設立地區總部，新的地區總部將佔地14,330
平方米，僱用800位員工。(註六)
新加坡的優勢為：
一，方便企業進入印度；
二，政治穩定，由於政府嚴格執行法規，2015年被列為亞洲腐敗最少的國家，世界第六大腐敗國家 （IMD世界競爭力報告）。
三，知識產權（IP）保護，新加坡為亞洲知識產權最重要的目的地，它使得新加坡成為企業建立研發（R＆D）部門的有吸引力的目的地。(註7
)
但新加坡也面對很大的競爭壓力，例如，一些航運公司，如Subsea
7 Still，正將其地區總部遷出新加坡。馬士基航運集裝箱航運集團在2015年宣布將新亞太區總部設在香港。麥克德莫特，Technip和Saipem
- 已經搬遷到吉隆坡。(註8)
JETRO Singapore在2015年發表了日本公司在新加坡設立地區總部的第四次調查報告，顯示日本公司從2010至14年有大幅增長。(與此同時，香港的數字則不理想。)(註10)
In
terms of factors such as tax incentives and convenience of access within the
Asian region, we believe that there are significant advantages in establishing
RHQ in Singapore. (Non-manufacturing)
租金
香港一直為全球最昂貴的辦公室租金，僅次於倫敦和紐約。在每平方米的基礎上，香港幾乎比上海和新加坡貴一倍，其空間利用率為三個市場中最糟糕。相比之下，新加坡的空間利用率最高。(註3)
稅務
香港的企業稅約為盈利的16.5%，而新加坡約為5至10%(註2)。為此香港在2016年修訂稅務條例，調整利息扣除規則，消除不對稱的情況，並對合資格企業財資中心的指明財資業務的相關利潤實施進一步利得稅寬減50%，惠及100至200家在香港設有企業財資中心的跨國企業。
陳德霖在2017年8月28日表示，“華能集團、國家電投及三峽集團計劃短期內在本港開展或擴充企業財資中心業務；中石油集團、中廣核集團、上汽集團、TCL集團等籌備來港設立或進一步拓展企業財資中心；一些跨國企業例如Newell
Brands Inc.、日立金融等，亦計劃利用香港擴充它們的企業財資中心功能。”(註四)
但港府只是講D唔講D，其修例似乎只吸引大陸國企。日本3大商業銀行銀行之一的瑞穗銀行的2016年研究報告發現，香港的企業融資業務稅務優惠
(CTC)並不如新加坡的吸引(FTC)。由於地區總行的概念不斷改變，日本銀行的地區總行包括很大部份的其他業務，令其不符合香港的扣稅要求。有4成的受訪銀行表示，它們在目前雖然符合要求，但它們不知道在未來是否符合要求。有6成受訪者表示無意申請CTC
，而相反，在新加坡的銀行則積極申請FTC，包括重組其業務以符合要求。這是一明顯的分別。
當香港在2016年5月通過CTC之際，新加坡的FTC
原應在當年3月結束，但新加坡延長了它，並將稅務優惠由10%減至8%。與此同時，泰國和馬來西亞在2015年尾在東盟經濟共同體成立之前，也為企業財資中心引入稅務優惠，令地區政府之間的競爭加劇。
總結
香港的問題是：一，開發商業優質用地的速度太慢；二，其稅務優惠並不成功，特別是2016年的企業財資中心修例；三，其法治和廉潔度受到大陸侵蝕；四，社會的不穩定因素被外商關注；五，地產霸權腐蝕整個社會。
而另一方面，以中國市場為主的外商可以直接在上海或北京設立地區總部。從圖表的走勢上看，香港政府的政策努力似乎沒有成效。筆者認為，在5個因素中，地產霸權為最，若不能解決這問題，香港無力與新加坡競爭。
----------------全文完--------------
備註
註一
The analysis shows that all of
the six cities covered – Singapore, Hong Kong, Shanghai, Sydney, Tokyo and
Beijing – have their positive, and negative, aspects, but that on balance
Singapore comes out on top. While Sydney and Tokyo are established RHQ
destinations, their location on the geographic periphery of the Asia Pacific
region counts against them both. However, recent depreciation of their respective
currencies has resulted in a reduction in costs, which acts in their favor.
Beijing has seen costs rise including cost of acquiring land as well increasing
employment costs. As the political center of China, Beijing has its fair share
of state-owned enterprises, however it is also quite entrepreneurial. Beijing
is the country’s single largest hub of both mature TMT industries and incubator
for related start-ups.
Considering the top 3, Shanghai
which placed third, has been the great improver – increasing from just 53 RHQs
in 2003 to 470 in 2014 at an average annual growth rate of 21% per annum.
Direct access into China has been the main propulsion behind the rise of
Shanghai, though it has also been aided by its diverse economic base, access to
local talent and that it is the commercial heart of China. However the rising
cost of land and cost of leasing prime properties are concerns, as are rising
salaries and mounting local business competition.
註二
https://home.kpmg.com/xx/en/home/insights/2017/10/tnf-hong-kong-regional-headquarter-tax-incentive-would-benefit-local-economy.html
FATCA, CRS information for 2016 reports in Guernsey
Additional validations and corrections relating to FATCA, CRS 2016 reporting
in Guernsey
While Hong Kong is a leading international financial centre and regional
business hub, Singapore has historically been seen as the clear leader in the
Asia Pacific region as a regional headquarter hub. Hong Kong currently does not
have a regional headquarter tax incentive regime. Accordingly, profits of a
Hong Kong regional headquarter generally are subject to profits tax at a rate
of 16.5%, whereas the tax rate under the regional headquarter tax incentive in
Singapore typically ranges between 5% to 10% on eligible profits.
註三
https://www.businesswire.com/news/home/20160407005681/en/Asia-Pacific-Regional-Headquarters-Singapore-Top-Competition
The report notes, that Asia
Pacific is forecast to increase its share of Global GDP from 31% in 2015 to 36%
in 2030. As businesses continue to seek locations that are close to their
target growth markets, the number of RHQs located in Asia Pacific is therefore
expected to increase.
The analysis shows that all of
the six cities covered – Singapore, Hong Kong, Shanghai, Sydney, Tokyo and
Beijing – have their positive, and negative, aspects, but that on balance
Singapore comes out on top. While Sydney and Tokyo are established RHQ
destinations, their location on the geographic periphery of the Asia Pacific
region counts against them both. However, recent depreciation of their
respective currencies has resulted in a reduction in costs, which acts in their
favor. Beijing has seen costs rise including cost of acquiring land as well
increasing employment costs. As the political center of China, Beijing has its
fair share of state-owned enterprises, however it is also quite
entrepreneurial. Beijing is the country’s single largest hub of both mature TMT
industries and incubator for related start-ups.
In addition, Hong Kong has
regularly been near the top of the most expensive office locations around the
world in which to rent space, normally placing behind London and New York.
Indeed, on a per square meter basis, Hong Kong is practically twice as
expensive as Shanghai and Singapore. The differences are further increased on a
per workstation measure, with Hong Kong having the worst space efficiency of
the three markets. In contrast, not only is Singapore the most space efficient
market of the top three but as a result of rental decline in 2015, it is the
cheapest on both a per square meter and per workstation basis.
註四
“一年多來，我們已接觸逾百家中外企業，當中超過30家表示正積極考慮來港成立或擴充企業財資中心。除了之前提到的三家央企，還有不少內地大型企業（如：中石油集團、中廣核集團、上汽集團、TCL集團等）作為先頭部隊，紛紛籌備來港設立或進一步拓展企業財資中心，支援他們海外的業務。「行動最實際」，這正好是對香港最佳的宣傳，吸引不少其他公司跟隨。事實上，一些跨國企業例如Newell
Brands Inc.、日立金融等，亦計劃利用香港擴充它們的企業財資中心功能。”
註五
https://www.mizuhobank.com/fin_info/cndb/economics/kanan_asia/pdf/R421-0058-XF-0105.pdf
企業財資中心
香港立法會於2016
年5
月26
日通過《2015
年稅務(修訂)(第4
號)條例草案》(條例草案)為.
《2016
年稅務(修訂)(第2
號)條例》(修訂條例)。
《2016年稅務（修訂）（第2號）條例》主要是調整利息扣除規則，容許在符合指明條件的情況下，企業集團內部融資業務的相關利息支出在計算利得稅時可獲扣免。另外，合資格企業財資中心的指明財資業務的相關利潤的利得稅率獲減一半，即是由現時的16.5%減至8.25%。
http://www.hkma.gov.hk/chi/key-information/insight/20160603.shtml
ISE01/15-16
主題： 財經事務、財資活動集中化、稅務優惠、財資樞杻
Tag Cloud
亞洲商業市場越來越重要，鼓勵了跨國企業在區內設立企業財資中心。企業財資中心普遍被視為跨國企業的"內部銀行"，為集團屬下公司提供各種財資服務。企業財資中心的主要活動一般包括：(a)
集團內部資金借貸；(b)
現金與流動資金管理；(c)
向服務供應商付款；(d)
協助集團集資；以及(e)
風險管理。此外，企業財資中心亦可代表集團總部履行管控職能，以及協助監察地區規例和市場變化。
從跨國企業的角度來看，集中財資活動的運作和管理，有助達到規模經濟、提高效率，以及把各程序與過程標準化。政府早前建議修訂《稅務條例》(第112章)，在符合指明條件下，為企業財資中心提供稅務優惠，以吸引跨國企業及內地企業來港建立企業財資中心。政府當局曾於2015年6月向財經事務委員會簡報有關建議。據政府表示，當局將於2015-2016立法年度向立法會提交相關的立法建議。
不少亞洲城市希望成為區內的財資樞紐，冀能受惠於各式各樣的財資活動。根據一項有關企業財資中心的調查，新加坡是亞洲區內設立企業財資中心的首選地點，而香港則緊隨其後。本期《資訊述要》旨在概述新加坡向當地企業財資中心提供的稅務優惠、香港現時及擬
在預扣稅的規例下，付款人向非新加坡居民支付利息時，須預扣15%的款項作為稅款。被扣除的稅款會送交稅務局。
2. 有關擬議稅務規例的資料來自政府當局於2015年6月向財經事務委員會作出的簡報。請參閱Financial
Services and the Treasury Bureau (2015).
3. 在總部計劃下，符合指明條件的地區總部公司或可按15%的較低稅率繳納公司利得稅，為期3年。若有關公司在該3年優惠期間能夠維持各項最低規定，則可獲額外兩年時間按15%的優惠稅率就合資格收入課稅
註六
PUBLISHEDOCT 30, 2017, 2:39 PM
SGTUPDATEDOCT 30, 2017, 6:34 PM
Chia Yan MinEconomics
Correspondent
SINGAPORE - British
pharmaceutical giant GSK officially opened its Asia headquarters here on Monday
(Oct 30).
http://www.straitstimes.com/business/companies-markets/pharma-giant-gsks-regional-hq-in-singapore-will-nurture-asia-talent-for
The Singapore headquarters will work alongside
GSK's US hub to support its global headquarters in Britain in managing
commercial activities around the world.
More than 800 employees work
there, including the senior regional leadership teams of the pharmaceuticals,
vaccines and consumer healthcare businesses.
The Singapore headquarters will
work alongside GSK's US hub to support its global headquarters in Britain in
managing commercial activities around the world.
The company declined to reveal
how much it invested in the 14,330 sq m facility, which has been up and running
since May.
GSK was the first global
healthcare company to establish a presence in Singapore, opening an outlet in
1959. Since then, it has invested more than US$2.5 billion here.
註七
Should Companies Move Their
Headquarters to Singapore?
TOPICS:Singapore.
.
Posted By: Shona July 3, 2016
Singapore has always been an
attractive location for multinational companies to set up their regional
headquarters. In recent years, a vibrant startup ecosystem is also growing in
Singapore, placing it to be among the top tech startup hubs in the world. But
what are the factors that have contributed into making Singapore to be an
attractive location for businesses to establish their headquarters?
Here are some contributing
factors that could entice businesses to establish or relocate their
headquarters to Singapore.
----
Since 2010, the government has
been implementing measures to moderate the influx of foreign workers into
Singapore. This results in higher labour costs as the local labour market
becomes increasingly tight. The cost of living in Singapore is also high with
Singapore being ranked as the world’s most expensive city to live in for three
consecutive years since 2014.
The small local market may also
deter businesses from establishing or relocating their headquarters into
Singapore. For businesses whose growth markets are mainly located in North
Asia, the 5 to 6-hour flight from Singapore may be far from being ideal.
Final Thoughts
In a study by Towers Watson Asia,
it was found that among 319 global Fortune 500 companies, 41 percent chose
Singapore to be their Asia Pacific headquarters. This favorable outlook may be
attributed to Singapore’s strategic location, its economic and political stability,
pro-business stance, a skilled workforce and world-class infrastructure.
Startups intending to establish or relocate their businesses to Singapore may
take advantage of the government-led incentives and grants, its access to
venture capital investments, and its robust and vibrant startup ecosystem.
However, Singapore will continue
to face stiff competition from countries such as Hong Kong and China, in
attracting businesses to establish their regional headquarters. The rising cost
of labour and doing business in the country are some of the challenges that
Singapore has to mitigate in order to maintain its competitiveness in the
world’s market.
註八
Singapore
More firms setting up regional
headquarters in Singapore, even as others relocate
Although more firms in industries
like aerospace and biomedical are seeking to set up their regional headquarters
here, other firms are shifting out of Singapore amid challenging economic
conditions.
By Nicole Tan @NicoleTanCNA
03 Mar 2016 10:14AM
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SINGAPORE: A growing number of
firms that require higher value-add capabilities – such as those in the
aerospace and biomedical industries – are seeking to set up their regional
headquarters in Singapore, even as others are moving out of the city-state to
cut costs, observers said.
The city-state remains a key hub
for business activities such as research and development (R&D) and
training, amid the shift in focus towards higher value-add activities,
economists said.
Said Mr Harvey Koenig, head of
ASEAN Incentives Advisory at KPMG: "Singapore is a high-cost location and
not every industry will be able to work through Singapore. Sectors such as
aerospace, biomedical science and financial services have continued to come and
invest in Singapore by virtue of things like political stability, being able to
find the right kind of talent, and supporting infrastructure like banking
facilities to support high value-added activities.
"Singapore continues to
provide support for research and development, and grants to spur activities
such as this."
Mr Jeff Ng, an economist for
Southeast Asia at Standard Chartered Bank, said companies engaged in higher
value-added manufacturing or those in the information communications, financial
services and tourism sectors could be attracted to Singapore as the Government
has been focusing on these sectors over the last few decades.
SOME RELOCATING TO 'RATIONALISE
CAPITAL'
原文網址：https://kknews.cc/finance/bzga99.html
Still, some firms are shifting
their regional headquarters out of Singapore. Container carrier Maersk Line
recently announced plans to merge its Asia headquarters in Singapore and Hong
Kong into a single head office in Hong Kong. Meanwhile, other offshore and
marine firms - including Subsea 7, McDermott, Technip and Saipem - have
relocated to Kuala Lumpur.
馬士基航運公司在2015年11月4日宣佈將進行組織架構調整，自2016年1月1日起，馬士基航運公司將此前的亞太區（包括東南亞和大洋洲）和北亞區（包括中國大陸、香港、台灣、韓國和日本）合併組成新的亞太業務區域，此舉使得馬士基航運公司總業務區域數量從8個減至7個。新亞太區總部設在香港。
註九
Global Companies with Regional
Headquarters in Singapore
TOPICS:Headquarters Singapore
POSTED BY: SHONA AUGUST 8, 2016
http://www.demystifyasia.com/global-companies-regional-headquarters-singapore/
Singapore has been known to be an
attractive location for multinational companies to establish their regional
headquarters in the Asia Pacific region due to its strategic location, access
to skilled talent, ease of doing business, world-class infrastructure, and a
stable economic and political system.
The following is a list of top
multinational corporations that has established their regional headquarters in
Singapore (Note: List is not exhaustive).
Company Country of Origin Product/Services Provided
Nuscience Group Belgium Feed
manufacturers
CIC France Financial
services
Bosch Germany Automotive
technology, industrial technology, building technology and consumer goods
Carl Zeiss Germany Optical
systems, industrial measurements and medical devices manufacturer
Bayer AG Germany Pharmaceuticals
and chemicals
BMW Germany Automotive
Deutsche Post DHL Germany Courier services
Actavis Ireland /United States Pharmaceuticals
Rakuten Japan E-commerce
Brother Industries Japan Printers,
sewing machines, fax machines and computer-related electronics
Sony Corporation Japan Consumer electronics, gaming, entertainment and financial services
Panasonic Japan Electronics
Omron Japan Electronics
Bridgestone Japan Automotive,
tire manufacturer
Philips Netherlands Consumer
electronics, healthcare and lighting
Unilever Netherlands / United Kingdom Consumer
goods
Xero New Zealand Cloud-based
accounting software for SMEs
Roche Switzerland Pharmaceuticals
and healthcare diagnosis
AdNovum Switzerland High-end
software and security engineering
Novartis Switzerland Pharmaceuticals
Panalpina Switzerland Forwarding
and logistics service provider
Ferring Pharmaceuticals Switzerland Pharmaceuticals
GlaxoSmithKline United Kingdom Pharmaceuticals
Aon United Kingdom Financial
Services
Facebook United States Online social
networking service
Twitter United States Online
social networking service
LinkedIn United States Business-oriented
social networking service
Microsoft United States Consumer
electronics and computer software & services
Apple United States Consumer
electronics and computer software & services
Google United States Internet-related
services
Micron Technology Inc. United States Semiconductor
devices
Pfitzer United States Pharmaceuticals
Walt Disney Company United States Mass media and entertainment conglomerate
Chevron United States Petrochemicals,
oil, natural gas and geothermal energy products & services
Merck & Co. United States Pharmaceuticals
General Electric United States Aviation,
healthcare, transportation, oil & gas, capital and automotive
Levi Strauss & Co. United States Clothing
Cisco Systems United States Networking equipment manufacturer
Procter & Gamble United States Consumer goods
General Motors United States Automotive
Archer Daniels Midland United States Food
processing and commodities trading
Quintiles United States Biopharmaceuticals
UPS United States Courier
services
Hewlett-Packard United States Consumer
electronics and computer hardware, software & services
Electronic Arts United States Gaming developer and distributor
Cargill United States Agricultural
commodities
Kimberly-Clark United States Paper-based consumer products
Donaldson United States Air
filtration
Mondelez International United States Confectionary,
food and beverage
註十
The 4th Survey on the Regional
Headquarters (RHQ) Functions of Japanese Companies in Singapore
December 2015
Conducted by
JETRO Singapore
Cooperated by
Embassy of Japan in Singapore
Japanese Chamber of Commerce
& Industry, Singapore
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