Singapore Shines

Dominic Carman

Singapore is having ‘a real moment in the sun’ according to offshore lawyers, but it is still unlikely to eclipse Hong Kong – at least for now.

For offshore law firms, Singapore has long been an attractive addition to Hong Kong, serving as a hub to reach the ASEAN markets and beyond. Its many attributes are well-documented: political stability, a robust legal framework and a well-regulated financial sector, excellent infrastructure, pro-business policies, favourable taxes, a highly skilled workforce, cutting edge innovation and technology. And so on. Everything works in harmony to attract and retain foreign investment. But over recent years, Singapore has increasingly become not just an Asian addition to a Hong Kong base, but a genuine alternative. The exodus of international law firms from Hong Kong to Singapore has not yet reached a tipping point, nor is it likely to: even in hard times, China is simply far too important and too big a market to ignore. But the influx of offshore lawyers into the Lion City looks set to continue with Mourant being the most recent arrival.