The success of Singapore as an offshore banking hub is a result of the country's economic stability, security and business-friendly practices. The country's taxation rates, which are among the lowest in Asia, its rating as a grade A offshore center and its relationship with many major international financial institutions are just some of the factors that make Singapore an ideal offshore banking center.
Is a Singapore Offshore Account for you?
Individuals who open offshore accounts in Singapore are typically investors from North America, Europe and Australia who look for high quality banking services.
Singapore fits the bill perfectly, with its world-class banking structures, proficiency in English and an independent business environment that is outside the United States and European Union's influence.
The country's stable economy, flexible regulations and sophisticated legal system help ensure individuals are able to efficiently conduct their offshore businesses.
Singapore Offshore Banking and Tax Regulations
One factor that makes Singapore ideal as an offshore banking site is its tax regulations on foreign account holders. Interest earned by foreign individuals on bank deposits, overseas income and Singapore-based investments are tax-exempt. Individuals with accounts in Singapore are also free from capital gains taxes and estate duties on deposits and investments.
Singapore bank accounts can also be maintained in all major currencies, allowing for a wider range of account options for individuals from all over the world. Bank accounts may also be opened in the name of corporations or trusts, allowing individuals great flexibility in asset reporting.
Opening an Offshore Bank Account in Singapore
Using some Corporate Services firms can allow the individual to open an account without having to be physically present at the bank.
Some information that Singapore's offshore banks might require include:
(i) Individual's proof of identity and address
(ii) Type of business proposed by individual
(iii) Legitimate source of business capital
(iv) Projected annual turnover
(v) Projected transaction volume
(vi) Company beneficiaries list
(vii) Proof of beneficial ownership
(viii) Reference letters from individuals' previous banks
Singapore is home to some of the most reputable global financial institutions, such as Citigroup, HSBC and Standard Chartered Bank - all of which will accommodate individuals looking to set up an offshore account in the country.
Offshore banking in Singapore is a seamless way for foreign investors to enter the Asian region. With the country's economic, banking and tax policies foreign individuals can be assured of conducting their businesses in a secure, flexible and reliable environment.