More MNCs choose Singapore for HQ, but outsized workforce no longer a given

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More MNCs choose Singapore for HQs, but workforce gains are smaller as firms adopt leaner regional setups. Read more at straitstimes.com.

The number of foreign HQs in the Republic has increased from about 770 in 2019 to 1,030 in 2024, reflecting an almost 34% jump, according official statistics.

SINGAPORE – More multinational corporations (MNCs) are anchoring their global or regional headquarters in the Republic, but the move no longer entails having a larger workforce here as compared with other markets.

The number of foreign HQs has increased from about 770 in 2019 to 1,030 in 2024, reflecting an almost 34% jump, according official statistics.

Over the same period, the number of resident professionals, managers and executives employed by foreign HQs rose by less than 8%, from 12,700 to 13,700.

This is the latest available data, with preliminary figures for 2025 due to be released in early 2027.

Experts told The Straits Times that foreign firms have steadily continued to set up HQs in Singapore, without committing to an outsized headcount.

Patrick Na from professional services firm TMF Group said: “Foreign HQs have been growing since 2019, and Singapore keeps pulling in new ones, especially the higher-value strategic ones. The numbers are still going up.”

He added: “A regional HQ does not automatically mean ‘the place with the most people in the region’ any more. These days, it is often a leaner set-up focused on senior decision-making, strategy and key functions, while a lot of the middle-layer operational and coordination jobs get moved to lower-cost locations.”

Ray Tay, co-founder and managing director at business advisory and immigration firm VIVOS, observed that many foreign companies with Singapore HQs had fewer employees here than in neighbouring lower-cost markets such as Malaysia or the Philippines.

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