Domicile Wars: Singapore sees captive growth from Asia parented companies

• Asia-based captives saw 58% increase in premiums in 2022
• Captive professionals in Singapore not concerned about OECD global minimum 15% tax
• More local talent needed to compete as jurisdiction grows

Singapore is experiencing “significant captive growth” from Asian parented companies, as the region sees an uptick in captive formations.

Captives can be formed in a number of different jurisdictions in the Asia Pacific region including domiciles such as Labuan, Hong Kong, Micronesia, Mainland China, and the Cook Islands. There is also a small number of captives in New Zealand and Australia.