Press release from Business Wire India
Source: SingaporeSetup.com
Thursday, October 21, 2010 10:30 AM IST (05:00 AM GMT)
Editors: General: Economy; Business: Accounting & management consultancy services, Business services, Information technology; Technology
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More Russian Firms Set to Incorporate in Singapore: SingaporeSetup.com
The strengthening of business ties between Singapore and Russia indicate that more Russian companies are likely to use Singapore as a springboard for business expansion in Asia.
Singapore, Thursday, October 21, 2010 -- (Business Wire India) -- Singapore company setup portal www.singaporesetup.com predicts that the growing bilateral ties between Singapore and Russia will result in heightened interest among the Russian business community in using Singapore as an operational base for regional expansion.
Singapore and Russia are actively promoting inter-regional trade and investment flows. The fifth annual Russian-Singapore Business Forum (RSBF) that was held in Singapore last month served as a platform to connect leading policy makers and business leaders from both the countries. The Investment Promotion and Protection Agreement (IPPA) that was signed between Singapore and Russia at the RSBF creates a framework for investor protection and guarantees free transfer of capital and returns in both the countries. The forum also witnessed the launch of the Russia-Singapore Inter-Governmental Commission (IGC) that aims to foster greater dialogue between Singapore and Russia in order to boost relations in the areas of trade and investment, science and technology and education.
Singapore is the perfect entry point into Asia for foreign companies and entrepreneurs. Singapore offers foreign firms a strategic location at the heart of ASEAN; a low tax environment; world-class business support infrastructure; free market economic principles; a talented workforce; political and economic stability; and an excellent living environment.
Commenting on the growing bilateral relations between Singapore and Russia, Ms. Catherine Lee, senior editorial board member of SingaporeSetup.com said, "Singapore is gaining prominence as one of the world's best places to do business. By setting up a Singapore subsidiary or a Singapore branch, Russian companies not only get to gain access to Asia's flourishing markets but also benefit from Singapore's business-friendly climate. Moreover, Singapore has extensive trade networks in Asia-Pacific and a strong understanding of business practices in the region. The country offers fantastic opportunities for internationally-minded companies that are seeking to unleash their potential in Asia."
Analysis of Singapore-Russia trade figures reveal that Russia was Singapore's 27th largest trading partner in 2009. Trade between Singapore and Russia totaled to S$3.9billion last year. Another indicator of robust Singapore-Russia ties includes the inking of seven MOUs between both the countries over a three-month period, especially in the areas of infrastructure, IT solutions and education. Russia has also expressed keen interest in Singapore's financial sector with six Russian companies contemplating a listing on the Singapore Exchange.
It is estimated that there are about 120 Singapore companies with Russians as their major shareholders. Earlier this year, Russian energy giant Gazprom chose Singapore as its base for expanding its shipping franchise in the Asian region. Another recent case in point is Uomo Collezioni, Moscow's leading luxury menswear boutique that chose Singapore as its launch pad for expansion into Asia primarily due to its location and security in business dealings. Ms. Lee anticipates that this trend will continue. "With the strengthening of ties between the Russian Federation and Singapore the number of Russian firms in the city-state will definitely rise in the months to come," added Ms. Lee.
About SingaporeSetup.com
Targeted for global entrepreneurs and small-to-midsize companies, SingaporeSetup.com is the leading business information portal that provides comprehensive and up-to-date information about starting and managing business operations in Singapore.
For more information, visit http://www.singaporesetup.com/
CONTACT DETAILS
Manish Ghosh, SingaporeSetup.com, +65 6726 5000, info@singaporesetup.com
KEYWORDS
ECONOMY, CONSULTANCY SERVICES, BUSINESS SERVICES, IT, TECHNOLOGY
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