Dechert has opened in Singapore this week after obtaining a Foreign Legal Practice (FLP) licence from the local authorities.

News that the US firm had finalised its plans to launch in the city-state was first revealed by Legal Week in February, when sources confirmed the hire of O'Melveny & Myers (OMM) partner Dean Collins to head up the venture.

The new office is located in Ocean Financial Centre alongside the likes of Freshfields Bruckhaus Deringer, Reed Smith, K&L Gates and Dentons, and will initially be staffed with Collins and two associates.

Its focus is predominantly on fund formation, private equity, M&A and financial services regulatory work across South East Asia, with the FLP licence limiting lawyers to practising international law.

The firm may later look to hire another M&A partner and an investment funds arbitration specialist as workflow increases.

Singapore continues to attract the attention of foreign law firms despite its restrictions on which can practice locally.

Among the most recent entrants include PricewaterhouseCoopers (PwC), Freshfields and Morrison & Foerster, while others to have expressed an interest in the city-state include Paul Hastings, Ernst & Young (EY), Minter Ellison and King & Wood Mallesons – the latter among those expected to open in the city later this year.

However, currently only nine firms are permitted to practice local law through a Qualifying Foreign Law Practice (QFLP) licence; and a number of others offer local capability through associations, joint law ventures (JLVs) or foreign law alliances (FLAs) with local outfits.

Those with QFLPs include Norton Rose Fulbright, Clifford Chance, Latham & Watkins, Allen & Overy, White & Case, Linklaters, Jones Day, Gibson Dunn & Crutcher and Sidley Austin.

Earlier this year, Herbert Smith Freehills did not have its licence renewed amid strict growth targets set by the government.