The Top Reasons to Bank in Singapore

According to Channel NewsAsia, Singapore 'may become largest offshore financial centre by 2015'

Singapore, which has the world's highest density of wealthy people, may overtake Switzerland as the world's largest offshore financial centre as early as 2015, according to a forecast by United Kingdom financial consultant Wealth Insight.

The report says that, as of the end of last year, Singapore had just over 150,000 high-net-worth individuals (HNWIs), each worth more than US$1 million (S$1.29 million). That equates to about one in 30 Singaporeans, it says.

The combined wealth of Singapore's HNWIs is US$730 billion, equivalent to 274 per cent of the country's gross domestic product. Wealth Insight says HNWIs make up 2.9 per cent of Singapore's population.

In the 10 years to 2010, the total assets managed by the Singapore's wealth management and private banking sector increased 11-fold to US$550 billion.

"By 2015, Singapore is expected to have gained significant ground on, and could even surpass, Switzerland as the world's largest offshore financial centre," said Wealth Insight analyst Andrew Amoils.

"This will be fuelled by HNWI growth in the Asia-Pacific region and global clients moving their offshore funds from other financial centres to Singapore," he said in a statement.

Publisher's note: If you require either a company bank account or a personal bank account in Singapore, we can accommadate you with several excellent banks that do not require a personal visit to Singapore. We suggest a Belize company becausae unlike Singapore which requires annual tax filings, Belize does not.

E-mail for particulars by placing "Singapore Bank Account" in your subject heading.

More Reasons to Bank in Singapore

Singapore's political and legal security, an attractive tax framework and strict banking secrecy laws make the country a preferred location for private investors. Political and legal security Singapore has a thriving financial sector, a highly-developed economy, a transparent and corruption-free environment and stable prices.

The country consistently ranks in the global top 5 of most competitive economies and most influential financial centers.

Attractive tax framework One of the most attractive aspects of Singapore as an offshore jurisdiction is that it has one of the lowest taxation rates in Asia.

Non-residents who park their money in Singapore pay no taxes if that money is earned outside of Singapore, and investment gains earned in Singapore (from stocks for example) are also exempt from tax.

Singapore is also one of the few offshore centers which was not included in the EU Savings Tax Directive in 2005, an EU initiative to exchange information on EU citizens parking money abroad for tax reasons. In Singapore, not paying taxes owed to foreign authorities is not a crime.

In 2004, Singapore amended its trust laws to allow foreigners to sidestep state interference in many European countries which dictates how inheritance is carved up.

Banking secrecy laws Singapore has very strict banking secrecy laws: customer confidentiality can only be lifted under a court order. A sentence of $78,000 or three years in prison is given for the disclosing of information about customers and their accounts.

Singapore Company & Bank Account At your option you can elect to have a Singapore company in your chosen name. Just select three names in order of preference bearing in mind the companies suffix should end in an Inc., Ltd. or Corp. One of your three company names is sure to be available for creation.

Approval of your company name availability takes one or two working days to confirm and we will inform you immediately thereof. Your company papers, bank papers and digit pass [for online internet banking authentication] will be sent by courier to the client anywhere in the world.

Your business address can be in another country other than where you reside. If you require a mail accommodation address, please e-mail us for the modalities.

The bank's requirements are: The client simply needs to engage a notary public to certify your passport copy and current utility bill [less than three months old,], plus witness you signing the bank application forms. Absolutely no banker's references are required!

Please note that the cost below is for our browsers only. For a Singapore Company and Singapore bank account opening, including internet banking and an ATM card; the cost for our clients is Euro 3,750 inclusive.

In the event you require a Nominee Director and Nominee Shareholder please add US$1,250. This option is recommended for added privacy if desired. In addition you will need to submit a short Business plan of your company, which we'll be happy to assist you with after we receive your paid order.

The bank in Singapore is tops offering first rate customer service, something sorely missing in many banks in today's world. Please understand that due to contractual agreement we are unable to disclose the names of our banks on offer until and unless we receive a paid order.

Act now for a world class bank and world class jurisdiction. To order and pay by Bank Wire Transfer, Pecunix, Liberty Reserve, MoneyGram or Western Union, please proceed to our secure on-line order form at Click here to order Your ordering code is "Singapore".

Thank you for your interest in our products and services.

Bob Williams