Singapore is one of the leading financial hubs in Asia. The country is home to many options for banking facilities for offshore companies. Singapore offers business owners a variety of banking benefits such as the ability to have a multi-currency account, the option to have an account in a local or foreign bank, or the ability to transfer funds between two bank accounts. The process of opening a bank account in Singapore is not complicated, this also applies to offshore company owners intending to own a bank account; it should not take more than 15 working days to be completed. Most Singaporean banks require the owner of the account to open it by themselves. However, some allow a representative to have the account opened on behalf of the owner. Whether you choose to open an account by yourself or through an agent, be sure to provide all the documents required for Customer Due Diligence (CDD). CDD is carried out by all banks as required by the legal authorities to verify, the prospective banker, the company’s key leaders, the money source, and the nature of the business that a company does.
Low Amount of Required Capital
Offshore companies which have been incorporated in Singapore have the advantage of offering flexibility through the relatively low required capital for establishment. As business entities in Singapore do not require excessive amounts of capital to be established, the incorporation process there is relatively inexpensive.
Openness to Foreign Ownership
Another advantage is that any foreigner setting up an offshore company in Singapore and with the capability to take ownership of a Singapore company may choose to do so. You can own a company partially or fully. Regardless of the company’s industry, the Singaporean government as well as other authorities encourage foreign company ownership. Furthermore, authorities treat foreign-owned companies, whether offshore or otherwise, which have been incorporated in Singapore as a legal entity within the country.
In summary, Singapore is one of the leading destinations for foreigners who start a business in the Asia-Pacific region because of its business-friendly environment and its high level of ease of doing business. Furthermore, foreigners can incorporate companies in Singapore with ease. The low corporate tax rates and lenient foreign ownership laws have also served to increase the number of offshore companies which have been established in Singapore.