Just like Hong Kong, Singapore has grown into a giant economy that the world respects as a major financial hub in the global stage. Perhaps its best asset is being one of the best banking sector in the globe because of its technologically advance economy that puts a lot of detail into their financial industry. As of late, Offshore Banking in Singapore become easier with 111 commercial banks, 49 merchant banks, 45 banks with representative offices, and 37 of whom are offshore banks. Apart from this, Singapore has a stable economy with a secure political environment, with durable laws and regulations that regulates their banking policies.
Singapore as a whole has an attractive tax schemes for companies and entrepreneurs. In fact, it is vital to say that Singapore has no capital gains tax, and no taxes are imposed on other valuable articles such as deposits or even investments.
Singapore bank account holder’s benefits from multi-currency accounts which makes it very convenient for them in terms of doing international business transactions without having to worry about the settlement account for those invoices. To take advantage of this, it’s possible in Singapore to diversify your capital in multiple currencies in an offshore bank account. This way, you will be able to reduce your currency risks, but also have a convenient way to use other currencies in your personal or business purposes.
Contrary to what others say that offshore accounts are hard to access, this is not true in Singapore. Once you have your offshore account in Singapore you can easily access your account, and with just a few clicks away you can make international wire transfers and access your online banking facilities anywhere around the world since majority of banks in Singapore are flexible globally.
International entrepreneurs are encouraged to open an account in Singapore since it allows structuration of offshore company that would get low tax rates and a special startup taxes for the first 3 years of operation would normally benefit with a large reduction on their taxes.
Ultra-High-Network-Individuals who plans to enter Singapore can avail of several financial facilities for bank accounts and financial services ranging from offshore investment accounts, trusts and mutual funds.
Offshore banks in Singapore are allowed to do business outside of the country but not within local businesses or locals. Moreover, offshore banking in general in the country covers the usual banking transactions such as deposits, savings accounts, time or fixed deposits, international debit/credit cards, withdrawals, letters of credit and online banking.
Singapore banks also offers tons of top notch banking products and services to suit the needs of an international entrepreneur and a multinational business.
In terms of tax benefits, Singapore has an existing Double Tax Agreements (DTA’s) with several countries, in which as to date, it has about 90 DTA’s. Under this setup, companies and entrepreneurs can avail of tax reliefs and tax reductions when they put forward the DTA’s.
How to open an offshore bank account in Singapore?
Similar in Hong Kong, Singapore banks requires a bank introduction company to help you in your applications for bank account opening. This is where we come into play, we specialized in bank introduction, company incorporation as well as tax optimization that would benefit a business and a company in the long term arrangement. You would be very interested to know that during our incorporation process, we can come up with a good setup that will greatly reduce your tax burdens if you shift your banking and company activities in Singapore. Always remember, there is no zero tax solution in Singapore and it’s almost impossible to do that without doing something illegal.
If you are planning to open a bank account in Singapore, we offer packages that covers incorporation of companies in Singapore as well as bank account opening in the country. Contact us today so we can assist you easily!