Open A Bank Account In Singapore
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About Singapore
Located in Asia, with more than 5 million of population, the Republic of Singapore has a highly developed free-market economy, with low tax rates and has the third highest per-capita GDP in the world, besides Singapore is a politically - economically stable country and has a fundamentally sound economy with strong growth potential. The official languages are English, Malay, Standard Chinese or Mandarin, and Tamil. Exports, particularly in electronics, chemicals and services provide the main source of revenue for the economy.
Banking in Singapore
You can open a bank account in Singapore without having to visit Singapore, that means you can apply for a bank account online. In this country you can find almost all the major global banks, if you already have an account in one of them, it might be easier for you to apply for a new account as an existing customer. Each bank has its own process for opening accounts but in most cases, you need in order to open the account: Proof of identity and residence, references, introduction letter or recommendations from your home bank. If you want to open a corporate bank account probably you need to file: a resolution by company’s board of directors , the company’s certificate of incorporation, the company’s business profile ,Memorandum and Articles of Association, copies of passports or Singapore national identification cards of all the company directors, proof of residential addresses of the directors and ultimate beneficial owners of the company, also every Singapore bank has to perform a detailed “KYC” assessment of all new applicants before it can accept them as clients to avoid money laundering. The copies of documents shall be “Certified True” by the company secretary or one of the company directors. Most of the banks in Singapore offer attractive features such as multi-currency accounts, internet banking, credit cards, trade financing, freedom to move funds across countries the accounts can be operated in both Singapore dollars and foreign currencies. Singapore residents and non-residents alike enjoy low tax rates that are paid only on income earned within the nation.
Advantages included:
- Banks with high creditworthiness and standard of confidentiality
- Singapore is a Stable and Safe Country to Keep Your Cash In
- Business focus of the Banks
- Fully Automated Services
- Ease of Access to Account Services and Online Security
- Quality and range of Banking Support
- Highly Advanced Financial Platforms
- Highly-Skilled Wealth Management Teams
If you want to open a bank account in Singapore, Moshe Strugano & Co is specializes in open bank accounts abroad and provides a full range of services - advisory, asset management, and professional legal support.