In the process of establishing the International Commercial Arbitration Center in Hainan, there is a proposal to advance the openness of arbitration services by introducing overseas arbitration institutions. However, there is currently a challenge in the implementation of the proposal. The introduction of overseas arbitration institutions in Hainan Free Trade Port can be divided into two modes. Firstly, overseas arbitration institutions establish branches independently in Hainan. Secondly, overseas arbitration institutions establish joint arbitration bodies with domestic entities. Under existing conditions, the second mode is more feasible than the first one. Because it is more convenient and better at cost-sharing and risk diversification. Additionally, it highlights the neutrality of arbitration and combines the strengths of both parties, and it is more conducive to the cultivation of international arbitration talents. The joint arbitration institutions can be clearly categorized as legal persons for arbitration, with internal decision-making, executive, and supervisory powers balanced in a corporatized governance structure. Free trade port policies and legislative privileges may be utilized in Hainan Free Trade Port to implement a policy of “broad entry, strict management and multiple supports” for the establishment of institutions by overseas arbitration institutions. Legislatively, it can temporarily suspend the application of certain provisions of the Arbitration Law and enact supplementary legislation.