1. What is an offshore bank account?
In simplest terms, an offshore bank account is a bank account opened in a country where the account holder neither resides nor owns a company in that country. An offshore bank account in Singapore is a bank account whose owner or business does not reside in Singapore.
The services that could be used with an offshore bank account are no different from those with a regular physical bank account. Despite the fact that it is more complicated and costly to open an offshore bank account, many individuals/businesses around the world still want to own an offshore bank account because of the following benefits:
- To diversify foreign investments
- To minimize political and financial risk
- To limit tax levied on personal accounts of foreigners in the home country
2. Are offshore bank accounts legal?
Individuals and businesses may have some concerns about the legality of offshore bank accounts when considering opening one. In fact, this type of bank account is completely legal. Opening an offshore bank account does not mean that the owner is avoiding tax obligations to the country of residence - it simply helps the holder to minimize the political risk by parking money in the host country, receiving better incentives from foreign banks, and planning for future investment.
You can read more in-depth about the Benefits of opening a bank account in Singapore to decide whether or not to open an offshore bank account in Singapore.
3. Why should you open an offshore bank account in Singapore?
Having a bank account in Singapore offer many benefits such as:
- To minimize political-financial risks: Risks associated with deposits are usually caused by market volatility, but in some cases, they are also caused by the policies enforced by governments in response to economic crises. Governments are known to have taken many measures such as taxing, controlling, or nationalizing deposit accounts to solve the problems caused by economic crises. Obvious examples include taxing deposits (Spain), nationalizing pensions (Poland, Hungary, Portugal, and Argentina), or controlling the capital (Cyprus and Ireland).
- To access a prestigious, modern banking system: Previously, account holders may not pay attention to choosing which bank to deposit their savings. However, they are now more conscious about that after many incidents with deposits at banks that have bad reputations. Opening offshore bank accounts in Singapore has become so popular thanks to its world-standard modern and prestigious banking system. In addition, Global Link Asia Consulting can support you to open an account at the top 10 reputable domestic banks in Singapore - the best places for deposits.
- To enhance asset safety: Owning an offshore bank account in a politically stable country with low debt, transparent government, good infrastructure system will help investors and account holders less worried about their money.
- To diversify currencies and process rapid international transactions: The popularity of international payments has led many account holders to consider opening an offshore bank account so that they can make payments more quickly and easily. In addition, with an offshore bank account, account holders can keep multiple currencies in their accounts and take advantage of exchange rates.
4. How can Global Link Asia Consulting help you to open an offshore bank account in Singapore?
Global Link Asia Consulting has supported many businesses to open their offshore bank accounts successfully in Singapore. With our experience, Global Link Asia Consulting will support you to open offshore bank accounts in Singapore. Our standard process is as follows:
- Consult, review your business and evaluate your chance of successfully opening a bank account in Singapore.
- Guide you to prepare the required documents to open an offshore bank account in Singapore.
- Assist you to make an appointment with a banker and prepare you for the interview (Note: When opening a bank account in Singapore, interviewing with a banker in Singapore is compulsory).
Depending on your business and asset, it may not be easy for a foreign individual/business to successfully open an offshore bank account in Singapore - Asia's leading financial center. This requires that the individual/business prepare complete and accurate documents – something that not everyone has the knowledge and expertise in. Contact Global Link Asia Consulting now to receive the best support and maximize your chance of having a bank account in Singapore.
Global Links Asia Consulting Company - a consulting firm specializing in offering ONE-STOP solutions for every business at every level of your business development - is ready to support your business with the following services:
- Overseas incorporation consultancy services (especially in Singapore, Hong Kong (China), the USA, BVI, Seychelles, etc.)
- Opening bank accounts consultancy services in Singapore (for Personal and Business Account)
- Tax - Accounting consultancy services (in Singapore, Hong Kong (China), etc.)
- QuickBooks Online consultancy services (Training and Licensing)
- Register international phone transfer in Singapore, the United States, EU, etc.
- Payment solutions consultancy services (support to open PayPal Business account, register for PayPal Pro, etc.)
With our one-stop solutions, we pride ourselves on being a trustworthy partner - working directly with major notable banks such as OCBC, DBS, UOB, Standard Charter Bank, ANZ, etc and international payment gateways such as PayPal and many other partners. With many years of experience working in this industry and having supported many companies, Global Link Asia Consulting are confident to bring the best quality of our services to all clients.
Contact us now:
- Vietnamese Hotline: (+84) 0938 531 588 (Call/ Skype)
- Singaporean Hotline: (+65) 3163 4102 (Call)
This article was written by Global Link Asia Consulting Pte. Ltd. and was first published on https://www.globallinkconsulting.sg/ on 25th October 2021. Its copyright belongs to Global Link Asia Consulting Pte. Ltd. All rights reserved. You may not, except with our express written permission, copy, modify, commercially distribute or exploit the content.