Offshore Banking in Singapore

Offshore Banking in Singapore

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!

        Benefit of a Mauritius offshore bank account

        Apart from being a tourist destination, Mauritius is an island nation that is well known in the global offshore scene. The country has been the primary destinations of global entrepreneurs, business and companies since the Mauritius offshore bank account industry is rather welcoming compared to other offshore countries.

        Practically speaking, entrepreneurs and companies can easily open a Mauritius offshore bank account because of its improved banking laws and superior banking sector. The on-boarding procedure in itself is not too complicated and is very accommodating global entrepreneurs who are in need of global solutions to their problems.

        We may well inform you that incorporating a company and opening a Mauritius offshore bank account are but some of our biggest strengths as a bank introductory firm and intermediary. When we accompany you in the process, your chances are incrementally increased as we move forward, sealing your chances of approval in a much higher possibility.

        Here are some of the most attractive features and benefits that a bank account holder in Mauritius can enjoy:

        Optimized Banking Security & Protection

        A Mauritius offshore bank account is well protected and secured in terms of keeping your wealth and assets safe. Deposits in the country are assured to not be disturbed by political or economic downturns unlike other jurisdictions. Online banking in Mauritius is very good, you can easily access your funds, make payments and receive profits anytime and anywhere. Perhaps its most attractive feature is with regards to confidentiality, wherein Mauritius itself has a strict policy on bank secrecy.

          Mauritius offshore bank account

          High Interest Rates

          Account holders in Mauritius can also benefit from high interest rates if compared directly with other offshore countries. This is very appealing to entrepreneurs who intend to maintain a hedge of their wealth and assets without having to worry about other things.

          Global Investment Opportunities

          Mauritius is a global offshore jurisdiction, with ties with multiple countries around the globe. Hence, investment opportunities are readily offered and available in banks of your choosing in the country. Clients of these banks would enjoy an access to investment fund managers and other investment firms that are secured and legitimate. Once you have an offshore bank account in Mauritius, you can easily tap on this financial facility and diversity your wealth and assets smartly through investment opportunities.

          Tax Optimization

          It is innate for offshore jurisdiction to benefit from tax reductions or exemptions. This fact is particularly true in Mauritius. Offshore banking in the country can open doors for any entrepreneur and account holder to seek tax reliefs through deposits, investments and savings with no worries on tax implications on their actions. This kinds of benefits can never be enjoyed if you are dealing with your country of origin where your tax residency is located at due to its high tax schemes to citizens. By the way, charges on bank account related transactions are very minimal since Mauritius has one of the cheapest maintenance cost compared to other offshore nations.

          Easy Global Access

          Mauritius bank account holders are given a unique advantage of having a technologically advance offshore online banking that makes it easy to access your bank account through telephone banking, mobile banking, and internet banking. Through this, you can easily access the funds in your bank account in the convenience of your home country or any parts of the globe. This way you can properly monitor the movements of your wealth and assets so that you can keep track on your financial standing on a need be basis without any hassles.

          How we can help you

          Our team of experts are ready to accommodate your request if you want to incorporate a company and open bank account in Mauritius. For years, we have been navigating through the banking and regulatory laws of the country, and we can ensure that the process will be quick, smooth, confidential and worriless if you obtain our bank introductory services in Mauritius. Once you become our client, you will benefit from an extensive ground up approach so that we can support and provide assistance to you in matters relating to your company incorporation or bank account opening application.

          Contact us now and our team of experts will speak to you about this in detail.

            Hong Kong Holding Company, powerful advantages in 2020.

            A Hong Kong Holding Company will benefit from the territorial tax system,

            1. The dividends received from a local company subject to profits tax, so resulting from an investment by the Hong Kong Holding company into another Hong Kong company are specifically exempt from profits tax.
            2. Dividends received from companies that are managed and controlled outside Hong Kong and carry on no business in Hong Kong are in practice exempt on the basis that they are not derived from Hong Kong.
            3. Any profits derived from the subsequent exit by sale or disposal of the local holding company should generally be treated as exempt from profits tax because Hong Kong does not tax profits derived from the sale of capital assets.
            4. The disposal of any foreign subsidiaries held by a Hong Kong holding company is not taxed in Hong Kong unless the acquisition of these subsidiaries is considered as speculative or as part of a trade carried out in Hong Kong.
            5. Disposal of a Hong Kong subsidiary is subject to 0.02 % stamp duty on the value of the shares transferred.

            Additionally, there is no dividends tax in Hong Kong so no withholding taxes on payments of dividends and interest.

            Hong Kong signed Double Treaty Agreements with numerous countries

            IRD (Hong Kong Inland Revenue Department) is making it more difficult to obtain Tax Residence Certificates for HK companies to claim tax benefits and foreign tax authorities are also expecting the Hong Kong Holding Companies to demonstrate their place of control and management in the city in order to enjoy the tax benefits. This means that the Hong Kong holding company would not be considered as having an offshore status.

            In order to obtain the Tax Residence Certificate, the Hong Kong Holding Company will have to demonstrate the below;

            1. Local resident Director with the abilities to 1. Formulate strategic policies 2. Determinate business directions 3. Organize the work plan 4. Decide on the mode of business financing 5. Implement management policies, work plan etc. 6. Evaluate the business performance
            2. The Director will organize the meetings in Hong Kong for the directors/partners to make resolutions with a description of the subject matters discussed.
            3. The company should hire employees besides administrative officers; this could be “solved” with an employment contract for the local resident Director.
            4. The fix place of business should be in Hong Kong, an office lease (sublet) would suffice
            5. The main banker should be in Hong Kong.

            Hong Kong Offshore company, the untold truth.

            The concept of a Hong Kong offshore company will only be valid after acceptance of the offshore profits claim.

            The incorporation of a Hong Kong company is the same whatever its future use as a Holding Company , a Special Purpose Vehicle , a trading or consulting company etc..

            The Company can’t be legally defined as a Hong Kong Offshore Company from its incorporation process. Only after deployed activities and when preparing , a maximum of 18 months after inception, the Company audit the Company will be then in a position to claim offshore profits.

            Its a claim, this means that the Hong Kong offshore profits claim could be questioned and so ..rejected.

            The Company should be prepared to demonstrate the absence of activities in Hong Kong and the process should be repeated as a company could change its business models and activities.

            The Hong Kong offshore Company concept also trigger additional and complex questions as if the company doesn’t have activities in Hong Kong the effective place of management should be located somewhere else.

            When Hong Kong isn’t the effective place of management , if the offshore profit claim is accepted by the Inland Revenue Department, then the Company will be exempt of profits tax in Hong Kong.

            Hong Kong with notable absence of VAT and Capital Gain has anyway a low tax and pro-business environment.

            Paying profits tax in Hong Kong is advantageous, only 8.25 % till USD 250,000 and 16.5 % after this threshold.

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