Singapore banking industry
Singapore is leading destination for private and corporate clients from all over the world.
Here are some good reasons why Singapore is often called "Switzerland of Asia".
- Firm banking secrecy laws. The Banking Act (Section 47) proclaims that the bank in no way shall disclose any information on the account holder to any other person (with the exceptions stated in the Banking Act)
- Singapore legislation does not recognize 2005 European Tax Directive – Singapore did not sign up to EU Savings Tax Directive, upon which participants can exchange information relating to bank accounts.
- Liberal tax system. 0% tax for non-resident companies and low taxation for resident companies; plus, no tax on capital gains and interests from outside Singapore; no withholding tax on dividends.
- Attention to small and medium enterprises, which in fact comprise a sizable market share in Singapore
- Asset protection hub. Advanced corporate and investment banking activities coupled with high standards of confidence and government support.
Almost all major banks of the world have their presence in Singapore. Banks are normally eager to open a corporate bank account for a Singapore or offshore company as long as the banks are satisfied with the information provided on company and client profile.
Most banks require that the account signatories and majority directors be physically present in Singapore for paperwork signing at the time of opening the company bank account. All required documents for the bank will be prepared and submitted for preliminary review prior to the bank meeting.
Most of the banks in Singapore offer internet banking facilities, multi-currency accounts, credit and debit cards, trade financing, freedom to transactions across countries, and more.
Domestic Singapore banks are in many cases favored by the foreign investors. Among local Singapore banks are already well known and reputable DBS, OCBC and UOB.
Singapore is a prosperous financial center of worldwide reputation servicing not only the domestic economy but as well the entire international business community. The banking industry is regarded as one of the strongest in the world. Singapore's financial center is the third largest in Asia, after Japan and Hong Kong. Today there are over 100 international banks and 6 domestic banks in Singapore.
HOW DARWIN TAX CAN HELP?
- Advise on structure and taxation opportunities - free of charge
- Select proper nominee structure depending on business requirements
- Introduce to Singapore or non-Singapore banks
- Preparation of financial reports, accounting and bookkeeping