Singapore Offshore Banking @ Asia Business Set Up


Singapore Offshore Banking
Singapore offshore banking is internationally well-regarded for its security, stability and reputation. According to the 2007 Global Financial Centres Index (GFCI) Singapore is the world's fourth largest global financial centre, after London, New York and Hong Kong. As such, the banking sector is sophisticated. Important points to note about offshore banking in Singapore include:
1.	Singapore is an international paradise for wealthy individuals seeking a secure, stable and reputable jurisdiction with a highly advanced communications banking infrastructure. Consequently, the number of millionaires in Singapore rose 15% to 77,000 according to the 2008 edition of the world wealth report.
2.	This sector of banking is highly regarded for its transparency and good business practice, and receives average daily capital inflows of US$66.3 million. Strong capital inflows are from the European Union and the US in particular. Global capital flows into Asia amounted to US$88 billion in 2006 (US$60 billion in 2005).
3.	The Monetary Authority of Singapore is the government authority responsible for formulating and executing Singapore's monetary policy. Consequently, it ensures a stable financial system in which over 100 foreign banks operate, and provides a stable basis for offshore banking.
4.	Singapore boasts strong client confidentiality laws and refuses to exchange banking information on investors with member states of the Organisation for Economic Cooperation and Development. This ensures a secure long term option when compared to other 'offshore' jurisdictions.
5.	The offshore banking sector also benefits from a boom in the value of assets under management - as at end-2007, total assets managed by Singapore-based asset managers showed a strong 32% growth rate to reach S$1.173 trillion (approximately US$814 billion). 86% of total assets under management were sourced outside Singapore (84% in 2006).
6.	Singapore offshore banking is becoming more difficult due to the increased due diligence procedures in Singapore banks as well as the increased demand for corporate bank accounts in Singapore. The process to open a bank account in Singapore will take approximately two months.
7.	By holding at least S$5 million (US$3.5 million) in a Singapore offshore bank account, global entrepreneurs can apply for residency in Singapore.
Contact Us
For more information on Singapore offshore banking, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.
Back to Home page