Singapore Offshore Banking - Is It Right For You?

An Expert's View about Banking Industry in Singapore

Posted on: 30 Jul 2010

There are a number of reasons for the success of Singapore as an offshore banking facility. One of the reasons is simply down to the country's financial and economic stability, its high level of security, and its overall business friendly practices. Singapore offshore banking is also appealing due to the efficient taxation system within the country, some of the lowest rates in Asia.

 

In addition, Singapore is also rated as a grade A offshore centre, and all highly reputable international financial institutions have a presence in Singapore. These reasons combine to make Singapore ideal for many people who are looking for offshore banking facilities within a foreign country.

 

So, one question to ask - is a Singapore banking facility is right for you? Well, it depends many factors including personal attributes and business objectives, however, these types of banking facilities are commonly used by investors and entrepreneurs from America, Australia, and Europe who are searching for highly rated and high-quality banking services.

 

Certainly, to this end Singapore meets the requirements. This is down to the a world class banking infrastructure, the overall proficiency that you will find with speaking English, and a business environment that is completely independent from the European and American markets and influence.

 

One of the reasons why Singapore is appealing are the tax regulations that are set up for foreign bank account holders. Any interest that is earned through different foreign investments, overseas income, and deposits, is tax-exempt. In addition, those who have accounts in Singapore will also be exempt from capital gains taxes as well.

 

It is also possible to maintain your Singapore bank account with access to multiple world currencies. This will certainly lead to a much wider range of account options for individuals from all over the world. In addition to this, it is possible to open bank accounts in the name of trusts or corporations, which will provide individuals a much higher level of flexibility with their asset management.

 

The process of opening an offshore bank account in Singapore can be managed by a corporate services Firm that has experience with meeting the required due diligence and banking regulations. Required documentation can vary from bank to bank but generally includes proof of identity, proof of address, source of business capital, projected transaction volume and turnover etc.

 

Singapore is a regional hub for many of the world's most powerful financial institutions.  All major banks have a presence including HSBC, Citigroup, and Standard Chartered Bank.  There is no doubt that offshore banking in Singapore is a seamless way for international individuals to enter the Asian markets and efficiently manage international financial transactions.


Useful links:

  • Healy Consultants : Healy Consultants is a leading corporate services firm that assists entrepreneurs and investors with their offshore banking requirements. The firm provides a range of services for Singapore offshore banking, tax planning and offshore investing.
Posted: 30 July 2010

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