Singapore has always done exceedingly well when it comes to ranking jurisdictions based on their business friendliness.
Offshore bank account Singapore has always been a crowd-puller for business investors.
Thanks to the ease with which people can conduct businesses in the country, Singapore has always come out at the top of the World Bank survey. Moreover, the Economic Intelligence Unit (EIU) ranked Singapore as the number one country among 82 countries for an efficient and business-friendly open economy.
If you wish to open an offshore bank account in Singapore, the time is now. But, first, let's have a look at why the country is such an attractive location for entrepreneurs.
What Makes Singapore so Attractive?
- A Powerful Economy
The free-market economy of Singapore relies heavily on trade, finance, and manufacturing. As a result, the country has paved the way for a low unemployment rate alongside low inflation.
Every year, Singapore accounts for S$500 billion worth of exports and boasts the 10th largest foreign currency reserves across the globe. The government allocates more than enough funds towards housing, education, transport, and so forth.
Despite limited natural resources, Singapore has always managed to come out at the top. Its robust economy is one of the biggest reasons why offshore companies in Singapore have witnessed a rise.
2. A Flexible Taxation System
The taxation system in Singapore is one of the most simple and attractive ones. Business owners need not worry about the imposition of tax on capital gains or dividends.
The country has also entered into Avoidance of Double Taxation Agreements (DTAs) with multiple countries. These agreements warrant those economic transactions that aren't subject to double taxation.
Lastly, the list of offshore companies in Singapore keeps on growing owing to low value-added tax rates.
3. Access to Highly Talented Local Talent Pool
In 2014, the Business Environment Risk Intelligence (BERI) ranked Singapore at the top for a labour force that was exceedingly well-concerning workers' productivity and general attitude.
On-going training programs, flexible immigration policies, and an attractive education system are the most significant factors behind the jurisdiction's highly skilled local talent pool.
The jurisdiction also promotes great camaraderie among employers and the workforce.
Benefits of Singapore Offshore Bank Accounts for Business Investors
Opening an offshore bank account in Singapore is a massive feat for interested investors and entrepreneurs. So let's have a look at some benefits.
Offshore banking policies in Singapore cover business investors in a shroud of anonymity. However, many successful business owners have opened an account in the jurisdiction due to the tax authorities enjoying zero access to individual account information.
Banking privacy in Singapore is both warranted by the laws and the cultural custom in the jurisdiction.
- Tax Benefits
Singapore follows a territorial taxation system. Foreign business investors will be happy to know that Singapore does not levy any taxes on income and dividends acquired from cross-border nations. The jurisdiction follows the same deal with bank deposits.
In the country, a company that has been newly incorporated gets to enjoy a 0% tax rate on the first S$100,000 taxable income for the first three tax filing years, given that the company boasts 20 shareholders out of which one person is an individual shareholder in possession of at least 10% of company shares.
The flexible taxation system allows businesses to increase, which is why a personal offshore bank account in Singapore is of paramount importance these days.
We have already mulled over the flexible regulations in Singapore, accompanied by a top-notch economic and political balance within the jurisdiction.
It is also a well-revered financial hub, and the banks in Singapore come equipped with a wide range of tools to manage significant assets properly.
There has been a significant rise in the number of business persons investing heavily in business undertakings in Singapore owing to sophisticated banking features.
Singapore's wide range of banking facilities includes internet banking, credit cards, trade financing, ease of moving funds across countries, and so forth.
Several reputed banks in the country are even willing to forego the notion of physical presence when opening an account on a case-by-case basis.
If you are on the lookout for a jurisdiction that offers the privacy of funds, solvency, tax exemptions, and proper management of assets, a bank account in Singapore should be your go-to choice.
If you want to learn more about offshore bank account in Singapore, we can help. Our experienced consultants will work closely with you to comprehend and work upon your business needs and offer some valuable insights. So get in touch with us today to get started!