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Reasons that make Singapore banks the best choices

Updated time: 14 May, 2020, 12:07 (UTC+08:00)

During the last two decades, the world economy witnessed a difficult period of time. Sequently, a number of banks around the world went bankrupt. Yet Singapore banks are still in the safest group of banks that gain the trust of international clients up to now.

Reasons that make Singapore banks the best choices

The destination for private wealth management

Singapore banks manage around 5% of the world’s total private wealth and become the prime destination for private wealth management. Although there are many reputable banks from Switzerland or other regions in the world, banks in Singapore have remained competitive over the past decades that made the country a reliable destination in the foreign investment market. Singapore is considered to be a primary spot in the Asian subcontinent for foreign investors and businesses.

Safety and Secrecy

Singapore banks are among the safest banks in the world. Singapore has never had a bank failure in 43-year history even when times were turbulent and the world was in chaos. In 2011, Global Finance magazine ranked Singapore’s DBS bank at 19th place; OCBC Bank at 25th position and the United Overseas Bank (UOB) at 26th position.

These Singapore banks occupied higher rankings than other bigger and older banks like JP Morgan Chase, Deutsche Bank, and Barclays. Also, these Singapore banks stand in the top 3 for the same survey conducted for the Asian subcontinent.

Singapore has developed its banking secrecy laws over the past decade. A revised version of Banking Act (Cap 19) of Singapore allows banks in Singapore to exchange information for reasons such as willful tax evasion.

Only inquiries from public institutions supported by strong and reliable documentation to prove a case of tax evasion are accepted.

Welcoming clients from all over the world

Singapore banks are one of the best choices for opening an international bank account. This would be a useful recommendation for foreign investors and businessmen who would like to open an international bank account.

There are many benefits from banking services such as language support in English, state of the art Internet and Mobile Banking Services, and multi-currency availability. VISA/ MasterCard powered debit cards are available for most bank accounts that smooth international transactions. Exchange controls are minimal for remittance and repatriation between countries. Many banks in Singapore welcome companies from other nations to open international bank accounts and also allow individuals to open bank accounts without traveling to Singapore.

In a nutshell, Singapore is a good choice for corporates and individuals who are looking at safe, reliable, and high-quality banks. If you need support for your corporate bank account opening application in Singapore, please contact us at [email protected]

Source: http://www.worldwide-tax.com

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