Singapore, one of Asia’s financial centers, is a favorite destination not only for tourists but also for business. Everyone from the US to China has flocked to invest in Singapore since the 90s. Here are 4 reasons why a company owner should consider opening an offshore bank account in Singapore for a foreign company (Seychelles, Belize, BVI, etc…)
In the past, many account authorizers didn’t pay much attention to choosing banks to deposit, but now after many incidents related to deposits at unreliable banks, they have considered more and more in choosing banks.
Singapore’s banks and financial systems use cutting-edge technology while there are equally safe countries to invest money, very few can provide easy access from Singapore banks. In many other countries, overseas transactions can take days to process and require a complex series of phone calls and exchanges between the authorizer and the bank.
Singapore is a leading global financial hub for providing leading banking infrastructure to support international business. For example, Singapore does not apply capital controls, so currencies are free to exchange and move in and out of the city-state.
Offshore bank accounts in Singapore provide convenient platforms for a company to keep their money in foreign currency, collect and deposit money to bank accounts around the world.
The Singapore Dollar (SGD) is not the required base currency of a Singapore business bank account. The authorizer could hold multiple currencies in their overseas Singapore account and an obvious way to curb the volatility of their base currency in the market and to ensure their purchasing power.
Opening offshore bank accounts in countries having stable legal status with low debt levels, transparent government, good infrastructure system will help investors and account authorizers feel secure with the money.
If bank account authorizer’s country is experiencing political turmoil, or there is a worry of instability in the banking system, Singapore is a safe place to store their assets. Singapore’s banking sector is subject to strict regulation, which is especially important if they are investing a substantial amount of their wealth.
Singapore’s unique position, as a bridge between East and West, gives investment opportunities that they won’t get anywhere.
Firstly, they can find many asset management services, funds, brokers, etc. to manage their money if they want to save time through arbitrary asset management.
Secondly, they will be positioned to take advantage of the markets in Singapore (itself as a strong economy), the United States, Hong Kong / China, and Europe, through a range of advanced trading platforms.
If you would like to open an offshore bank account, contact us for free consultation!
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