Thanks to Korea’s robust IT infrastructure, geographic proximity to sizeable consumer markets, well-established supply chain infrastructure and shifts in international tax regulations, Korea emerges as an optimal destination for multinational companies’ Asia-Pacific regional headquarters, AmCham Korea said in a report titled “Korea as an Asia-Pacific Regional Headquarters.”Tax regulations mentioned in the report refers to the BEPS Pillar Two under the OECD, where 140 countries agreed to adopt a global minimum effective tax rate via a system applying to multinational groups with a certain level of revenue.
In that regard, Korea could overtake the Southeast Asian country as the most favorite Asia headquarters for foreign companies.“If (the South Korean government) relaxes excessive regulatory hurdles for foreign companies, AmCham will encourage global companies to establish Asia-Pacific headquarters in Korea,” he told The Korea Economic Daily in an interview on Monday.
South Korea has outstripped Hong Kong and Shanghai as a preferred Asia-Pacific headquarter destination for global companies following Singapore as geopolitical concerns and economic uncertainties in China prompt multinational firms to explore alternative locations, a survey by the American Chamber of Commerce in Korea, or AMCHAM Korea, showed.
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