The Top Reasons to Bank in Singapore. According to Channel News Asia, Singapore ‘may become largest offshore financial centre by 2018. Singapore, which has the world’s highest density of wealthy people, may overtake Switzerland as the world’s largest offshore financial centre as early as 2015, according to a forecast by United Kingdom financial consultant Wealth Insight. The report says that, as of the end of last year, Singapore had just over 150,000 high-net-worth individuals (HNWIs), each worth more than US$1 million ($1.29 million).
That equates to about one in 30 Singaporeans, it says. The combined wealth of Singapore’s HNWIs is US$730 billion, equivalent to 274 per cent of the country’s gross domestic product. Wealth Insight says HNWIs make up 2.9 per cent of Singapore’s population.In the 10 years to 2010, the total assets managed by the Singapore’s wealth management and private banking sector increased 11-fold to US$550 billion.”By 2015, Singapore is expected to have gained significant ground on, and could even surpass, Switzerland as the world’s largest offshore financial centre,” said Wealth Insight analyst Andrew Amoils.”
This will be fuelled by HNWI growth in the Asia-Pacific region and global clients moving their offshore funds from other financial centres to Singapore,” he said in a statement. Publisher’s note: If you require either a company bank account or a personal bank account in Singapore, we can accommodate you with several excellent banks that do not require a personal visit to Singapore. We suggest a Belize company because unlike Singapore which requires annual tax filings, Belize does not. E-mail for particulars by placing “Singapore Bank Account” in your subject heading.
More Top Reasons to Bank in Singapore
Singapore’s political and legal security, an attractive tax framework and strict banking secrecy laws make the country a preferred location for private investors. Political and legal security Singapore has a thriving financial sector, a highly-developed economy, a transparent and corruption-free environment and stable prices.
The country consistently ranks in the global top 5 of most competitive economies and most influential financial centers. Attractive tax framework One of the most attractive aspects of Singapore as an offshore jurisdiction is that it has one of the lowest taxation rates in Asia.
Non-residents who park their money in Singapore pay no taxes if that money is earned outside of Singapore, and investment gains earned in Singapore (from stocks for example) are also exempt from tax. Singapore is also one of the few offshore centers which was not included in the EU Savings Tax Directive in 2005, an EU initiative to exchange information on EU citizens parking money abroad for tax reasons. In Singapore, not paying taxes owed to foreign authorities is not a crime. In 2004, Singapore amended its trust laws to allow foreigners to sidestep state interference in many European countries which dictates how inheritance is carved up.
Banking secrecy law
Singapore have very strict banking secrecy laws: customer confidentiality can only be lifted under a court order. A sentence of $78,000 or three years in prison is given for the disclosing of information about customers and their accounts.
Singapore Company & Bank Account At your option you can elect to have a Singapore company in your chosen name. Just select three names in order of preference bearing in mind the companies suffix should end in an Inc. Ltd. or Corp. One of your three company names is sure to be available for creation.
Approval of your company name availability takes one or two working day’s to confirm and we will inform you immediately thereof. Your company papers, bank papers and digit pass [for online internet banking authentication] will be sent by courier to the client anywhere in the world.