BBG: Singapore Hedge Fund Mecca Lures Japanese Dismayed by Regulator

The title says it all. A Bloomberg article explains why hedge funds don't set up shop in the world's second-largest economy. In two words: taxes, regulation.
Let's quote:

"Japanese taxes were four times more and Singapore had a quicker approval process"

"just two weeks to get a license from the Monetary Authority of Singapore to operate as an investment manager and...started in two months"
vs.
"waited for six months to get approval from Japan's Financial Services Agency to manage its own funds"