Buying a property and got lots of forms which have this Singapore company's name on them.
I did some search and apparently it's owned by Queensland Law Society, so it must be major player in the field if not the only one (my solicitor said all law firms in QLD use them, which I just couldn't believe).
Isn't it super weird that most (if not all) home buyers in QLD sign a bunch of papers which have a Singapore company name on the top??? This really hurts my brain.
It's just unbelievable….
It's probably sufficiently cheap that's it not worth anyone competing, hence why it's the only one around.
or invested parties have a keen interest in keeping competition out of the market.
Yeah nah, I don't buy it. Even if the net profit rate is low, the volume is huge. For the rich, owning an insurance business is surely better than most of other options for parking money.
If they're owned by the law society, it probably doesn't make any profit.
If it doesn't make profit, why choose a low tax country :)
@Zephyrus: That's ok, I didn't know even law firms / insurance companies are moving overseas nowadays, can't wait to see when we start growing kangaroos overseas!
Look at IAG (Australia not the airlines group that owns BA) and QBE. Both basket cases.
Not that weird, Queensland is part of the global economy. Singapore has a lower tax rate.
For an insurance business that's ok, but when a state/country's all conveyancing documents have a foreign company name at the top, isn't that weird? Or is it just because my solicitor is too lazy and used some 'templates' while they do have the freedom to make their own version based on the templates.
It seems Queensland often doesn’t want to even be part of the Australian economy.
Singapore has a reputation for resolving international contract disputes objectively. It is often used as the independent and fair territory of choice. I think this is done to keep things at arms length from the conflict of interests of lawyers suing lawyers here.
It's the only insurance available to Queensland firms, and as you note, owned by the Queensland Law Society.
Interstate and international firms have other insurance options available.