Banking services in Singapore
Singapore is a thriving financial centre, not just for the Asia Pacific region but across the globe too. And, with one of the strongest banking industries in the world, it’s strong economic and political environment, favourable tax and legal frameworks and strict enforcement against money laundering and financial terrorism, Singapore is deserving of its reputation as a leading International Financial Centre (IFC).
It's the third largest Asian financial centre after Japan and Hong Kong and provides an extensive offering to real estate, aviation, shipping, and infrastructure assets and is a leading destination for asset managers.
Trustees need expert international banking providers who have strong relationships with all the major banks to offer their clients a seamless solution when it comes to their Singapore banking requirements.
Doing Business in Singapore: the benefits
Singapore is ranked 2/190 for Ease of Doing Business thanks to its attractive tax regime, solid banking system, excellent telecoms and transportation and well-qualified workforce. It’s a jurisdiction fully of diversity and actively promoting research and development as well as innovation to maintain its attractiveness for international business.
Singapore has been a part of the World Trade Organisation (WTO) since its inception in 1995 and with its low tax regime, business-friendly regulatory structure, corruption-free political system, excellent strategic location, world class infrastructure, low trade barriers and welcoming attitude to foreign investments, Singapore is an ideal jurisdiction for doing business.
And, due to its history as a British colony, Singapore’s legal system is generally modelled on the English legal system; robust, efficient, and known for its strict stance against financial corruption.
Banking in Singapore
Singapore hosts around 117 international banks and 6 local banks and has a successful banking industry thanks to its liberalisation of the domestic banking market and expansion of foreign banks. Singapore’s banking sector caters to needs of SMEs as well as international corporations through its sophisticated banking services. Many of the larger banking giants have also expanded their operations to Singapore to accommodate demand from Asian and European customers.
And with its strict banking secrecy laws, tax friendly policies and wealth management services, Singapore has become a leading jurisdiction for private banking, including high-net-worth individuals and family offices.
Having the right partners in place to support your banking requirements in Singapore will be of huge benefit to you and your businesses success.
ikyc can assist with expert international banking solutions.
Established since 2012, we assist regulated CSPs, family offices and professional advisors with their international banking requirements. With a network over 30 international and offshore banks, we’re experts when it comes to helping businesses open bank accounts promptly.
If you’re a trustee looking to open a bank account for your clients or a family office seeking banking services for your clients, we can help.
ikyc international banking services:
Banking solutions for regulated trustees, family offices and professional advisors (e.g. law firms)
Quick and efficient set up of international bank accounts
Treasury risk management
Designated banking and cash management
Multi-currency offshore and onshore bank accounts.
Real estate financing and real estate lending options
Get in touch with us today to learn more about how we can support you with your international banking requirements in Singapore.