Why Singapore For Offshore Banking?

An Expert's View about Business Administration in Singapore

Posted on: 23 Aug 2010

Singapore offshore banking offers one of the safest options available for your money today. But why Singapore as opposed to other popular options for offshore accounts? The answer lies in key aspects of efficient taxation rates, high global reputation and banking laws. Singapore boasts tax rates that are among the lowest of any Asian countries. About five years ago, laws were changed to protect any financial gain made from investments in Singapore from being taxed. This has considerably increased the amount of business, and investment, in Singapore.

Offshore banking in Singapore has other advantages as well. Singapore offshore banking has attracted all major financial players in today’s global marketplace. A range of financial service companies, from the largest international consumer banking groups to small niche investment funds, have a presence in Singapore. So you are among good company when you decide to invest in Singapore’s banking sector. There are many options available, whether you are looking for a personal account or if you are strictly doing business and need to set up a Singapore corporate bank account.

While many Europeans have decided to bank in Singapore, it is obvious that geographically speaking, Singapore offshore banking is very popular with Asian companies and individuals. In general, the future of the global economy is shifting to the East. The Chinese in particular have increasingly started to bank in Singapore. Some reports show that there was as much as a 40% increase in banking activity about six years ago in Singapore, and as much as a 25% increase again over recent years. That kind of a jump isn’t surprising given the many advantages a Singapore account offers you and how much of the world is starting to look eastward for banking opportunities that just aren’t available in the West.

Singapore is a respected global business hub with a reputation for state-of-the-art infrastructure and a high level of efficiency.  Singapore meets the international standards set by the Organisation For Economic Cooperation and Development (OECD) and is not burdened by negative stigmas, sometimes placed on other offshore jurisdictions.

A Singapore offshore account is also protected and confidential. Singapore has strong security laws in regards to the banking industry and the disclosure of bank account information. Singapore offshore banking is known to be particularly safe and secure.

Investors are advised to know details of the protection laws applicable to banking in Singapore and exceptions to these laws. Engaging the services of an experienced corporate service provider can assist investors with developing the most appropriate solutions for their personal, or business objectives.

Healy Consultants is a leading corporate services firm that assists entrepreneurs and investors with offshore banking in Singapore. The firm provides a range of corporate services to assist entrepreneurs including setting up a Singapore corporate bank account, Singapore company formation and offshore tax planning. More information on international banking can be found by visiting http://www.healyconsultants.com.


Posted: 23 August 2010

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