Singapore remains top 5 most chosen cities globally for arbitration, confirms Report
According to a recent report by the International Court of Arbitration of the International Chamber of Commerce (ICC), Singapore remains the world’s the fourth most chosen seat globally for arbitration hearings, and retains its position in the top five most chosen cities for 10 years in a row.
As a reputed seat of arbitration for Singaporean and foreign parties alike, Singapore ranked the 4th most preferred seat of arbitration in the world, upholding its ranking as No.1 seat for arbitration in Asia.
Whilst no of Singaporean parties remain constant of late, there are increasing foreign parties choosing Singapore for arbitration due to the fact that there’s no requirement for any Singaporean connection to arbitrage in Singapore, according to ICC Rules of Arbitration. It is also flexible to choose an arbitrator of any nationality, regardless of the seat of arbitration. This coincides well with Singapore’s ever-climbing startup ecosystem rankings and its reputation of being easy to setup businesses.
Growth has been impressive in the past year of 2015, the Court recording 2nd highest number of new cases at 801. Average value of new ICC disputes is also on the way up, with average monetary value rising to US$84 million in 2015 from US$63 million the year before. For details, please refer to ICC’s original media announcement here.
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