Singapore may very well be considered to be another word for business and free market. Thanks to its firm decision to fight corruption, this country has been able to grow from a poor rural country to a world-class business center in only 20 years. It has the second GDP per capita on the planet and some of the best offshore bank accounts.

Another reason why such a small island country became so rich, is the tax and business incentives that incentivized investment, production, and the development of the economy.

This special country offers a corporate tax break of only 8.5% or 17%, and the personal income tax varies from 0% to 22% –in both cases depending on the income– and there is no capital gains tax. Singapore is one of the few countries in the world that have a territorial tax system, which means only locally-sourced income is taxed. In some cases, and provided certain conditions are met, it may also be possible to be exempt from tax on corporate-sourced foreign income that is remitted to Singapore.

Other advantages of Singapore as a business center include tax incentives for startups, offshore funds, foreign trading companies and banks, and a strong judiciary and regulatory system which help businesspeople from all over the world to optimize their profits and grow their business in a reliable and compliant environment.

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Banking and corporate in Singapore 

The Central Bank of Singapore has managed to strengthen its monetary credit policy and was considered the best central bank in 2019. The banking sector here is wide and strong with 127 commercial banks, 5 local banks, and 122 foreign banks (28 entirely foreign banks, 56 partially foreign banks, and 38 offshore banks). 

To learn the 7 reasons why Singapore is one of the best countries to open an offshore bank account, visit our article here.

In Singapore you can find three main baking services: 

• Checking accounts for natural persons. 

• Corporate accounts for banks. 

• Savings accounts and asset management accounts including private and priority banking. 

The first option is only available for Singaporeans while the second and third are available for foreigners as well. Priority banking is mainly aimed at high-net-worth individuals who deposit large sums of money. In exchange for the cash flow they are providing the banks, they get special interest rates, lower exchange costs and fees, and better credit conditions.

Singapore is an excellent banking option especially for those who want to expand their businesses into Asia. However, opening a bank account as a foreigner may be complicated as it requires the client´s presence in the country and many other requirements regarding minimum initial deposit and average balances. However, Singapore is totally worth the effort as you will be getting one of the best offshore bank accounts in the world.

Luckily, our experts in Singapore can help you open a bank account here, and better yet, they are offering a special promotion for company registration plus bank account opening.

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Singapore advantages as a corporate jurisdiction  

Besides being one of the best countries to open an offshore bank account, this jurisdiction also surprises us with its corporate environment and opportunities.

Like we stated above, the maximum corporate tax is 17% and capital gains are not taxable. Also, Singapore is a good choice when it comes to companies holding revenue-generating assets as there is no withholding tax in Singapore. 

The country welcomes startups by providing interesting incentives including some tax exemptions. During the first three years, a startup is not bound to pay tax on the first $100,000 of taxable income and will pay only 50% of the corporate tax rate on the next 200,000 of taxable income. In order to be eligible for these exemptions and deductions, a startup needs to meet certain conditions. Please contact our experts to know if your startup qualifies for tax exemptions and deductions in Singapore. 

As a world-class business center, Singapore´s government has released many financial incentives and it will continue to do so. Businesses in this county can benefit from debt financing schemes and government-assisted financing, cash grants, and other incentives. Moreover, aligned with the government’s desire to incentivize business, incorporations in Singapore are carried out through smooth and straightforward processes and you can register your company in only 5 days after the documentation has been approved.

Why Singapore? To learn the five reasons why you should incorporate your company in Singapore, read our article.

Our expert´s offer  

Establishing a company and opening an account in Singapore is very convenient for business people and it is very easy with the help of the right professionals. There are over 200 banks in the country that ask for different requirements and implement different policies, and they usually require physical presence. Thanks to our wide network of experts, we can connect you with experts in Singapore financial services to help you achieve your goals as smoothly as possible. In this section, we describe our expert´s special offer. 

One of the advantages of working with our experts is that they can improve your chances and help you earn time. They will send preliminary copies of your documents and application to different banks at the same time and will only send the actual documentation to those banks who are willing to accept you as their client. This process is called pre-approval. Thus, you will submit your documents only to the bank you know will accept you and will travel to Singapore once the process is almost complete. Thanks to this approach you will be saving time and money.

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Singapore company with a bank account from 6920 USD  

For this incredible price, our experts offer a package that includes: 

• A fully registered Singapore company with all documents. 

• A bank account.    

• A crypto wallet. 

 Total: USD 9000    USD 6920  

 The offer also includes: 

• Nominee directors and a one-time refundable security deposit.

• Annual secretary fee and registered address. 

• Routine annual filling. 

• AGM document preparation and standard resolutions.

 The offer does not include: 

• Accounting, GST report, taxation, XBRL financial statement. 

• Share-related changes and exercise of the required EGM. 

• Government fees for annual fillings.

You will receive the following documents: 

•  Company constitution. 

• Certificate of incorporation. 

• Business Profile containing the key details of the company: 

1.Company name, registration number (UEN or Unique Entity Number), incorporation date, etc. 

2.Main activities. 

3.Share capital. 

4.Directors´ information. 

5.Secretary information. 

6.Shareholders´information. 

7.Address. 

8.Compliance status. 

The company can be opened in as little as 3 to 7 days after the fees have been paid and the documents submitted.

After incorporation, we will help you to choose the best bank for your type of business and will start with the pre-approval process which was already described above. Requirements and conditions vary according to the bank, but we can list a standard set of requirements that you may be asked to meet in order to open your account. Documents must be provided in due time and form and translated into English.

Documents required to open a company in Singapore:   

• Certified copy of the passport. 

• Certified copy of proof of address (utility bill not older than 3 months).

• Bank reference letter or bank statement. 

• Professional reference. 

• CV. 

• Completed and signed order form and KYC1 form. 

Start today. Contact us and establish your Singaporean company. 

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