Singapore has become an increasingly popular tourism and business management year after year. We decided to meet with Tatiana Sheremeteva, Director General of the Russian-Singapore Business Union, to understand the reasons for Singapore ' s attractiveness for business.
♪ Tatiana, is it true that the flow of people who want to open a business in Singapore increases every day?
♪ Yeah, it's really felt right now. If former businessmen from Russia preferred Cyprus and Hong Kong, more clients now transfer their assets to Singapore. Another interesting trend is the expansion of customer geography. Up to the middle of last year, the opening of the business in Singapore was primarily concerned by the people of Moscow and Vladivostok, and there is now an increasing number of business openings from Novosibirsk, Irkutsk, Kemerovo, Chelabinsk, Kazakhstan, Ukraine, Greece, Cyprus, Azerbaijan, Latvia and other countries.
♪ What do you think is the reason for Singapore's popularity?
♪ In my view, there are several reasons for this: Singapore ' s leading economic indicators, the stability of political and economic systems, concessional taxation and investment security. Singapore ' s publicity has grown very since the adoption by Europe of amendments to anti-money-laundering legislation in May 2015, which will provide tax services with unrestricted information on European offshore beneficiaries. In this vein, Singapore can replace European offshores, by the way, has a double taxation agreement with Russia. Nor should we forget the large number of public support programmes offered by Singapore. In particular, in 2015, it was announced that the State would contribute $7,5 billion to support medium- and Small business♪ Virtually any company registered in Singapore can benefit from these grants, subject to certain conditions, of course.
♪ What directions will money be allocated?
- Singapore invests mainly in innovation, automation and internationalization of business, as well as in staff training, payroll and technological innovation.