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  • Russia Singapore Busiess Relations
    Russia Singapore Business Relations

    Russia Singapore relations started actively develop last 10-15 years. The nest steps were taken in taxation, investment, economic and over the last decade:
    TAXATION


    9 September 2002 Government of Russia and Singapore signed the agreement "Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income". It took almost 7 years to implement it in practice, so since 1st of September 2009 the Agreement came into force.
    This agreement applies to residents of both countries and examines countries relations on two main taxes: income tax expense of legal entities and and private income tax. It provides conditions to businesses and individuals in Russia and Singapore to avoid double taxation with the same types of income and assets in the country of residence and the partner country.

    INVESTMENT

    Investment Promotion and Protection Agreement (IPPA)

    27 Sep 2010 Russia and Singapore signed the Investment Promotion and Protection Agreement (IPPA). It finally The IPPA came into force on 16 June 2012.

    Key highlights of the IPPA include:

    non-discriminatory, fair and equitable treatment for Singapore investors and investments in Russia, and vice versa;
    prompt, adequate and effective compensation in the event of expropriation;
    guarantee of free transfers of capital, returns, proceeds and other payments;
    access to international arbitral tribunals in the event of any investor to state disputes.

    ECONOMIC COOPERATION

    In Aug 2006, Singapore and Russia signed an Memorandum of Understanding (MOU) on Economic Cooperation in Special Economic Zones (SEZs), formalizing Singapore’s advisory role on Russian SEZs. Companies like Jurong Consultants and RSP Architects have master-planned industrial parks in Russia.

    GOVERNMENT COLLABORATION

    After the visit of Russian President Dmitriy Medvedev in November 2009, the High Level Russia-Singapore Inter-governmental Commission (IGC) has been set up. The IGC is a high-level dialogue aimed at exploring and promoting broad-based cooperation between Russia and Singapore in various fields, including trade and investment, information and communications technology, transportation, health, education, people to people ties, culture and other areas of mutual interest.
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