How to avail the accounting services of Singapore

I recently opened a bank account in Singapore. Most of the reputed international banks have their branches in Singapore. I needed an offshore account and Singapore was the best option available. I want to share my experience with you. Since there are a wide variety of accounting services available, you have an option to choose a bank account of your choice. Singapore offers very modern banking facilities, so by using online banking you should not have any problem in making banking transactions online. So you can be in any part of the world and still avail all the banking facilities. Singapore banks are regulated and controlled by the monetary authority of Singapore. The exact requirement of opening up an account in different banks is different. Most of the banks allow a corporation to open only one account. The type of monetary transaction can be decided by you. They allow you to open a different account for different type of currency transaction. The deposit and withdrawal of money should abide by the rules and regulation set by the country in which the company is incorporated, so that there are problems in the future. The interest earned on bank deposits by foreign investors is exempted from taxation. You can form the account in the name of foreign companies, trusts and LLCs, providing a great deal of privacy and helps in avoiding asset reporting requests.

The following documents are required, if you want to open a bank account in Singapore. You need to fill the respective bank account opening forms. It should be properly filled and duly signed. The form should contain all the details of the company’s board of directors, and signed by authorities who will be operating the bank account. You will have to provide a copy of the company’s authorization certificate. Next you will have to provide a certified proof of the company’s memo and articles associated with the company. You need to provide verified copies of the passport of the various people associated with the company. You need to provide details of the residential address of all the company’s dignitaries and people who will be handling the account and the ultimate beneficiaries. You should also provide a certified copy of the business profile of the company. If all the valid documents are available, then it is possible to open up an accounting service in Singapore within a day. The process can be much faster if all the documents are provided by the company’s dignitaries in person. The initial level of deposit money required is quite high. Some banks require an initial deposit of $ 100,000 or more. But this amount varies from bank to bank. You can choose a bank which has lower requirements for cooperates. But you should keep in mind that banks asking for a higher deposit amount provide higher security and better service. So, depending on your banking requirements and level of investment you should select an appropriate bank to open your offshore account in Singapore.