Singapore banking appeals to those looking for a reputable jurisdiction from which to conduct an international business, as an investment opportunity or as a location for establishing a personal offshore account.
Singapore has clear and fair banking and investment laws, many knowledgeably private bankers and a tradition of high standards for personal banking services that investors and wealthy individuals appreciate. The laws of Singapore treat foreign and domestic businesses equitably and allow 100% foreign ownership in most businesses.
Why Many Choose Singapore for their Personal and Business Offshore Banking
• Singapore has a stable government and healthy economy making offshore bank accounts located there safe and secure and providing a good home for private offshore accounts, businesses and investments.
• Singapore’s incorporation laws are simple allowing the creation of a corporation in less than a day.
• Singapore does not tax non-Singapore resident’s bank accounts.
• Singapore tax laws do not tax financial gains made from investments in the country.
• Singapore taxes annual corporate profits at a flat rate of 17% however exemptions may lower that rate considerably on the first $300,000 of a domestic corporation’s annual profits.
• It is easy to get Employment and Entrepreneur Passes or Visas for you or your corporate staff to reside in Singapore.
• Singapore offers a standard of living similar to most Western countries and most expats find it easy to relocate to and live in this friendly, English speaking country.
• Singapore offshore bank accounts offer favorable interest rates.
• Singapore offshore bank accounts are available in multiple currencies.
• Singapore has a great reputation as a financial center, establishing an offshore account in Singapore enhances a company’s positive image for potential customers and suppliers, possible investors and venture capitalists and others.
• Singapore banks offer Singapore companies with accounts letters of credit and international mortgages to support their international business and investment activities.
• Non-Singapore residents with around $3.6 million in US dollars in an account with a financial institution regulated by the Monetary Authority of Singapore are eligible to apply for permanent Singapore residency status.
• Singapore offers a state-of-the-art business communication infrastructure including excellent Internet banking services.
• Singapore banking laws are easy to understand, investor-friendly and written in English.
• Singapore offshore bank accounts are protected by Singapore’s strong security laws protecting account holders information. There are exceptions to the security laws with respect to foreign governments so it is important that potential Singapore investors work with a knowledgeable professional to find the best way to structure their investments and accounts to meet their specific business and banking needs.
Maybe one of the most attractive benefits of offshore banking in Singapore is the wide range of financial service companies located in Singapore. You can find offices of the largest international banking groups as well as small specialized investment funds located in Singapore. There are many private bankers available to choose among whether you are establishing a personal offshore account or setting up a complicated corporate business account.