Offshore Banking Singapore
Offshore Banking in Singapore is part of the complex and intricate financial and banking sector in Singapore. As of 2009, there were at least 200 banks in Singapore, 42 of which are offshore banks. Singapore has long enjoyed international reputation as a first class financial center. Singapore offshore banking is a well regulated sector is supported by a solid banking and communications infrastructure, a transparent legal system.
As with most offshore banking jurisdiction, the appeal for offshore banking is driven by low or no taxed legislation, and the same is true for Singapore. There is no capital gains tax or other taxes on movable objects such as cash deposits and investments in Singapore. Locally the country is subject to a high tax on all income generated in Singapore. Further, international investor using offshore banking in Singapore can benefit from multicurrency accounts.
Singapore banking is part and parcel of business activities serving greater Asia area. International businesses rely on offshore banking services to conduct business transactions while benefitting from the advances of offshore banking.
Offshore banks in Singapore can only conduct business off shore that is with non local business or non local persons only. The Offshore banking services offered by Singapore offshore banks are customized by the bank itself, but normal bank services will include deposit taking, savings accounts, time and fixed deposits, international debit and credit cards, deposits, withdrawals, letters of credit, online banking.
While Singapore has over 30 double tax treaties; it should not be a deterrent for offshore investors. Under current Singapore offshore banking legislation, bank official or representatives with access to offshore bank records, may not reveal information about individual bank accounts at any time.
Offshore banks in Singapore may require an introduction before an application for a bank account is considered. If you form a Singapore offshore company through a local agent in Singapore, chances are as an additional service that agent will provide bank introduction for a fee.
The Singapore bank requires this list of personal documents for each owner, director and signatory.
Some Singapore offshore banks may need a personal visit, while others will set up account remotely with the use of a local intermediary.
Singapore offshore bank accounts can be opened with as little as US500, but will depend on the currency of the account.