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City most attractive for EU firms to open Asia-Pacific headquarters
By Wang Yanlin |
April 7, 2011, Thursday
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Online Edition
Online Edition
SHANGHAI is the most attractive city for multinational companies to locate their Asia-Pacific headquarters, according to a survey released today by the European Union Chamber of Commerce in China.
Shanghai topped other places, including Hong Kong and Singapore, in the category of proximity to clients, which is regarded the most important of selection criteria for the regional headquarters location.
However, Shanghai needs to improve its regulatory and tax environment, further loosen up its restrictions on convertibility of the yuan, and offer more skilled professionals to become a better home for multinational companies, the survey said.
"The findings reflected China's growing importance in the world and the significance of Shanghai as the largest center of business and finance in China," said Piter de Jong, vice president of the European Chamber and chairman of the Shanghai Board.
"However, seeing how Shanghai is perceived vis-a-vis Hong Kong and Singapore on issues such as the legal and regulatory environment shows there still is room for improvement in these areas," Jong said.
For example, survey respondents suggested the city should provide earlier and more detailed notice of impending regulatory changes, and develop a consultation for regulatory issues facing multinational companies.
Also, the level of both corporate and individual income tax makes Shanghai less competitive as a center for regional headquarters. Striving to increase the competitiveness of corporate tax levels as well as reducing the effective individual income tax burden is recommended.
"It will be difficult, we know, because some policies are made nationwide," Jong said. "But we look forward to some pilot programs that help Shanghai to become more attractive."
By the end of last year, 305 multinational companies had set up their regional headquarters in Shanghai, including 74 on the Fortune Global 500 list, while 319 foreign-invested research and development centers were established in the city.
Shanghai topped other places, including Hong Kong and Singapore, in the category of proximity to clients, which is regarded the most important of selection criteria for the regional headquarters location.
However, Shanghai needs to improve its regulatory and tax environment, further loosen up its restrictions on convertibility of the yuan, and offer more skilled professionals to become a better home for multinational companies, the survey said.
"The findings reflected China's growing importance in the world and the significance of Shanghai as the largest center of business and finance in China," said Piter de Jong, vice president of the European Chamber and chairman of the Shanghai Board.
"However, seeing how Shanghai is perceived vis-a-vis Hong Kong and Singapore on issues such as the legal and regulatory environment shows there still is room for improvement in these areas," Jong said.
For example, survey respondents suggested the city should provide earlier and more detailed notice of impending regulatory changes, and develop a consultation for regulatory issues facing multinational companies.
Also, the level of both corporate and individual income tax makes Shanghai less competitive as a center for regional headquarters. Striving to increase the competitiveness of corporate tax levels as well as reducing the effective individual income tax burden is recommended.
"It will be difficult, we know, because some policies are made nationwide," Jong said. "But we look forward to some pilot programs that help Shanghai to become more attractive."
By the end of last year, 305 multinational companies had set up their regional headquarters in Shanghai, including 74 on the Fortune Global 500 list, while 319 foreign-invested research and development centers were established in the city.
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