Author: Lawyer Zhang Jingxinyue, PRC-qualified Lawyer | Singapore Registered Foreign Lawyer
Note: The Hong Kong International Arbitration Centre (HKIAC) and the Singapore International Arbitration Centre (SIAC) are both widely recognized as among the best arbitration centres in the world, and each handles a large number of international arbitration cases every year. As the two leading arbitration centres in Asia, they share many similarities, but also have some notable differences. In recent years, some media reports have suggested that SIAC may be overtaking HKIAC.
The previous article from Zhongxin Law News introduced the advantages and disadvantages of Singapore’s arbitration regime. In this article, we provide a comparative analysis of SIAC and HKIAC to help you determine which arbitration venue is more suitable.
01 Rules
The Hong Kong International Arbitration Centre was first established in 1985 and generally uses the 2013 Administered Arbitration Rules for international and domestic arbitration. The Singapore International Arbitration Centre began operations in 1991 and primarily uses its own rules, currently the 2013 edition of the SIAC Rules. Both institutions may also apply other institutional rules at the parties’ request and are able to administer ad hoc arbitrations.
02 Fees
The fees of both institutions are divided into three parts: registration or filing fee, administrative fee, and arbitrator’s fees. Overall costs are generally similar, with the Singapore International Arbitration Centre slightly higher. For example, for a US$1 million dispute, HKIAC’s fees are approximately US$62,000, while SIAC’s fees are approximately US$65,000. For a US$500 million dispute, HKIAC’s fees are US$445,000, while SIAC’s fees are approximately US$555,000.
03 Timelines
Although arbitrators may be removed by the court for acting too slowly, there is no prescribed time limit for rendering an award in Hong Kong. Experience suggests that awards are usually rendered within 12 to 18 months, or within 6 months under expedited procedures. If the parties agree, or in cases deemed “particularly urgent,” the expedited procedure permits claims exceeding HK$25 million (US$3.2 million) to be determined within 6 months. Generally, these disputes are decided based on documentary evidence. In Singapore, a sole-arbitrator tribunal typically issues awards within 9 to 12 months, while a three-member tribunal issues awards within 12 to 18 months. With the parties’ agreement or in urgent cases, Singapore may also issue awards within 6 months if the amount in dispute does not exceed SGD 5 million (US$3.6 million).
04 Enforcement
Both Hong Kong and Singapore are signatories to the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”), meaning that awards rendered in either jurisdiction can be enforced in more than 150 signatory countries.
05 Emergency Arbitration
When urgent decisions are needed, both arbitration centres offer emergency arbitration, such as preservation or freezing orders, or inspection of property. Generally, such decisions or orders are issued within 8 to 10 days in Singapore and within 15 days in Hong Kong.
06 Arbitrators
Both centres naturally claim to have high-quality arbitrators. SIAC states that its panel of legal and industry experts includes more than 400 expert arbitrators from over 40 civil law and common law jurisdictions. HKIAC, meanwhile, has experts from civil law and common law countries around the world, spanning six areas of legal and jurisdictional expertise and 13 languages.
07 Attitude of Local Courts
The courts in Hong Kong and Singapore adopt a minimal intervention approach, and arbitral awards are rarely set aside by the courts.
08 Facilities
HKIAC aims to accommodate as many different meetings and hearings as possible, with 20 rooms, including 7 hearing rooms and 10 meeting rooms of varying sizes. These rooms can accommodate between 4 and 185 people. According to SIAC, Maxwell Chambers in Singapore is the world’s first integrated dispute resolution complex, with 10 hearing rooms and 12 preparation rooms.
Maxwell Chambers in Singapore (Maxwell Chambers)
- For more information on arbitration in Singapore, applying for third-party funding, and dispute resolution matters, please contact the professional consultants at Zhongxin Law News.
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This article is for informational purposes only and does not constitute formal legal advice.
This article is general information and not legal advice. Specific matters require assessment by appropriately qualified professionals.