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There is no place in the modern world that has utilized the “hub-network effect” as efficiently as Singapore. The business corridor between Singapore and India has flourished as a result. Where business leads, legal services follow. The two countries share a rich historical and cultural heritage. This was cemented when economic ties were boosted in 2005 with the signing of the Comprehensive Economic Co-operation Agreement (CECA).
The tax protocol was amended and brought almost on a par with Mauritius. Singapore quickly leapt into pole position, or close enough, when it came to investment into India. Singapore is the second-largest contributing country for FDI into India. The relationship between the two governments has always been very good, and this has helped nurture a natural affinity that exists between the two. When Nishith Desai Associates decided to open an office in Singapore in 2005, the firm received its licence to practice Indian law in three days. We have never looked back.
The focus of a number of international companies to set up their regional headquarters in Singapore also meant that legal services were being bought in Singapore, for India and the region. Many US and European companies have their RHQs in Singapore courtesy of a clever strategy of incentives from the Singapore government.
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VIVEK KATHPALIA is head of the Singapore office of Nishith Desai Associates. He can be contacted on +65 6550 9855 or on email at vivek.kathpalia@nishithdesai.com
