Lawyer Monthly Legal Awards 2023 ventures. Singapore’s pro-business environment and regulatory structure and Thailand’s Foreign Business Act, civil law statutory remedies and vibrant hospitality sector often intersect. Lack of knowledge or experience with the effects on transactions of multi-jurisdictional legal systems can create unnecessary resource expenditure and tentativeness. Time is a deal killer; we leverage our knowledge and experience of industry and country-specific deal structures and legal impacts to quickly identify and implement appropriate solutions for timely completion of these transactions that ensure clients are not exposed to unnecessary risk and accomplish their business goals. Singapore has hosted numerous global events, conferences, and festivals over the years. How do these large-scale events impact the legal considerations for the hospitality sector? These large-scale events spawn initiatives such as the Business Events in Singapore, Singapore Incentives & Rewards program and Double Tax Deduction for Approved International Fair scheme that requiring compliance with their regulatory frameworks and stakeholder contracts that incorporate terms aligning with the unique requirements of each event. With the Singaporean government’s emphasis on sustainability, how do you see this affecting the legal landscape for hotels and resorts in the country? The impact of this emphasis is evident in numerous initiatives such as Singapore’s Tourism Sustainability Program certification and Hotel and MICE Sustainability Roadmaps, which can result in increased development and operational obligations and compliance costs for hotels and resorts. Consumers are increasingly inclined to support sustainability, however, and embracing sustainable models can reduce operating costs, foster growth, and enhance business resilience; intelligent business model alignment with these achievable long-term benefits by industry participants can offset any initial increased sustainability compliance costs or obligations. SINGAPORE 105 How has the recent COVID-19 pandemic influenced contractual obligations and risk management for businesses in Singapore’s and Thailand’s hospitality sector? In addition to increased focus on force majeure clauses and the efficacy of non-contingent business interruption insurance policies (and in particular, the fine print of coverage exclusions), hospitality businesses must consider impacts of current or future legislation that can cause or relieve contractual nonperformance such as the Singapore COVID-19 (Temporary Measures) Act, and the Thailand Asset-Warehousing and REIT with buy-back initiatives regarding the sale, rent and repurchase of collateralized hospitality assets. These developments are of particular concern to hospitality businesses with an asset light business model as they increase risk and jeopardize the certainty of their investments through circumstances they may not be able to influence or control. The above has understandingly resulted in corresponding contractual reallocation of the commercial and legal risks inherent in these transactions. Singapore is a hub for international business. How do cross-border transactions and international partnerships affect legal considerations in leisure and hospitality here? International hospitality and leisure business must navigate a complex web of ever-present and extensive legal considerations in cross-border transactions to survive and thrive. Singapore has established itself as an APAC business hub by consciously creating a pro-business environment with a non-interventionist regulatory structure, legal system, and alternative dispute resolution forums touted as suitable for international transactions and partnerships due to efficiency and reliability that promotes neutrality. While these attributes can catalyze international growth and theoretically level the playing field, they can also be easily exploited by Machiavellian organizations during expansion into frontier markets with civil law legal systems. As with most things in life, actor intent is primary. “Doing business in the Asia-Pacific region extends far beyond mere transactional considerations.”
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