business

Tokyo, Sydney aim to lure HK financial firms, but Singapore a top draw

14 Comments
By Alun John, Scott Murdoch and Anshuman Daga

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14 Comments
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Under COVID-19 conditions I wonder how much one’s location is relevant.

In time COVID-19 will blow over, but the impact in working will remain.

Personal tax rates being lower would be a draw for individuals but do businesses need to be situated in the same location as the individuals, when many are working from home anyway?

0 ( +0 / -0 )

It’s the personal tax rates that are the biggest issue. Why would financial professionals agree to pay 50% in Australia or Japan when they can pay 20% in Singapore

5 ( +5 / -0 )

Japan needs to ease the excessive tax rules for foreign residents and finance rules if they want to get the bankers back. I know many who moved away to HK and Singapore because of these issues but most would like to return to Tokyo if things relaxed a bit.

1 ( +3 / -2 )

Japan has little clue on how to attract talented foreigners-Singapore is the clear winner here.

7 ( +7 / -0 )

Singapore is the best choice for now, but I wish Taiwan is able to attract a few.

Costs of living are much lower, it is a safe, clean and organized country without the rigid laws and regulations of Singapore. The drawback is language, Taiwan is still not very English friendly.

But I am still rooting for them!!

2 ( +2 / -0 )

Australia has shown it may quickly close its borders so I not sure it is a good candidate.

1 ( +1 / -0 )

Smart countries would try to  repel bankers and asset managers, rather than attract them. There's a good article about how London has suffered economically rather benefited from being a global financial capital.

The bankers add very little value to the real economy, while their presence pushes up property values and other local assets, making life miserable for everyone else.

3 ( +5 / -2 )

The xenophobia combined with all the red tape and taxes should put Tokyo near the bottom of any list.

The drawback is language, Taiwan is still not very English friendly.

Is it really as bad as Japan? I know that the Taipei metro uses English only as the fourth language in announcements but it has to give priority to its own languages first.

2 ( +2 / -0 )

Singapore is HK's twin in so many ways so it's a no brainer. However the future of HK as a financial hub solely depends on US policy on HK dollar. And I strongly doubt Trump or any president pull the trigger, the implications are just too big. They will probably just throw sanctions on some individuals and business will return to normal. No mass panic or exodus will happen

1 ( +1 / -0 )

There's a good article about how London has suffered economically rather benefited from being a global financial capital.

Jeff, which article you are referring to ?

0 ( +0 / -0 )

Of course Singapore is the draw (not sure about Australia)

Japan suffers from red tape and an inability to adapt and change in the banking sector. Faxes, seals, paper documentation, it goes on and on.

1 ( +1 / -0 )

Is it really as bad as Japan? 

Yes I think its a bit worse than Japan in terms of language.

But Taiwan has potential and I wish they develop on it.

0 ( +0 / -0 )

Any companies considering relocating to Japan will already have a decent sized base in Japan and have been watching how Japan has handled COVID-19. They will also have seen workers locked out of Japan and unable to re-enter - even with Permanent Resident visas - if they happened to leave Japan before countries went in the ban list. They will have seen discrimination.

The politicians here have no clue the damage that did to Japans reputation to foreign companies. Even if they call it the Come To... Japan campaign, they won’t repair that damage.

4 ( +4 / -0 )

Jeff, which article you are referring to ?

I read it about a year ago, but sorry, I can't find it now. It argued how London's financial sector has sucked up huge amounts of the UK's human resources and other resources, which if employed by manufacturing, IT, etc., would have spread wealth more thoroughly thru society, instead of so much of the UK's wealthy being locked up in the 1%, many of whom are foreigners, anyway.

0 ( +0 / -0 )

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