Home » Blog » Cross-border arbitration – multi billion-dollar industry in Singapore
Looking at the recent developments, Singapore is set to emerge as a premier International Arbitration Centre in Asia.
With increased cross-border trade and the growing complexity and sophistication of businesses, dispute resolution has taken centre stage, with Singapore being the star performer in Asia. The country has everything going in its favour as a preferred venue for dispute resolution – a strategic location accessible to key markets, a reputation for neutrality and efficiency of the legal system, excellent infrastructure, competent arbitration professionals and last but definitely not the least, affordable costs. The government’s recent launch of a Qualifying Foreign Law Practice Scheme that gives licences to foreign firms to practise Singapore law is another positive step to strengthen the legal competitive landscape of Singapore.
The country now looks to be on par with matured financial centres like New York, London and Hong Kong who are generally considered doyens of the legal industry. In fact, in the Asia-Pacific region the focus of power is shifting from Hong Kong to Singapore.
Interested in doing business in Singapore? Find out how to setup a Singapore company.
