Foreign HQ count rises as locals hold most MNC leadership roles

Replies show sustained growth.

Singapore’s foreign headquarters base grew to about 1,030 in 2024 from about 770 in 2019, whilst resident Professionals, Managers and Executives employed in these foreign HQs rose to 13,700 from 12,700 over the same period, according to a written parliamentary reply from the Ministry of Trade and Industry.

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong said Singapore must continue strengthening its value proposition to attract and retain multinational corporations through good governance, rule of law, a well-trained workforce, a strong science and technology base, and regional and global connectivity.

He added that the government does not collect data on the reasons why Singaporean youths relocate overseas for full-time employment.

In a separate written reply, the Ministry of Manpower said that Singapore Citizens, Permanent Residents, and Employment Pass holders accounted for 67.3%, 17.4%, and 15.3%, respectively, of senior management roles in multinational corporations in 2025.

The ministry said these roles are concentrated in the services sector, especially financial and insurance services, information and communications, and professional services.

Singapore residents formed the majority of senior management roles across the sectors disclosed by MOM, accounting for 79.9% in financial and insurance services, 68.0% in information and communications, 54.9% in professional services, and 92.4% in community, social, and personal services.

Employment Pass holders accounted for the balance, with the largest share in professional services at 45.1%.

MOM said firms with 500 or more employees were used as a proxy for multinational corporations because Singapore has no standard statistical definition of an MNC.