Form of government:A parliamentary republic with a dominant party
Currency:Singapore Dollar (SGD)
Opening an account in Singapore
To date, Singapore has firmly established itself as one of the advanced modern financial centers that successfully works in the area of capital distribution in South-East Asia. This became possible due to the good development and reliable functioning of the banking sector.
Currently this sector represents about a hundred financial institutions. There is a considerable number of units of foreign banks with an exemplary reputation among them. The work of financial structures is licensed, in addition, control is carried out by the Monetary Authority of Singapore (MAS). The regulation by the legislation is also mandatory. You can often hear that an account in one of the banks of Singapore is a good substitute for the prestigious Swiss banks.
Advantages of Singapore banks
- The banking sector of Singapore operates under conditions of political and economic stability, which seriously reduces the risks for customers.
- After opening an account in Singapore, customers will be provided with a full package of services, including a standard package of services, asset management, lending services, check settlements, quality investment and stock exchange services.
- The guarantee of the safety of accounts of legal entities and natural persons is a special state program, developed on the basis of the law on deposit insurance, adopted in 2011.
- In the event of an insured event, the client is paid compensation in the amount of S$ 50,000.
- Protection of bank secrecy takes place at the legislative level, providing the client with complete confidentiality.
- The contracts signed by Singapore with a large number of countries allow avoiding double taxation, which is also a rather interesting factor for investing and doing business.
- Internet banking, using the latest means of protection, helps to manage the account from anywhere in the world.
- The advantage of Singapore banks is loyalty to their customers and high-level service.
The standard procedure for opening a bank account in Singapore has its own nuances, depending on the requirements of the financial institution. In order to simplify the procedure as much as possible, the specialists of Finance Business Service will prepare a list of necessary documents, provide assistance in the paperwork, tell about the details and hold consultations on all possible financial issues.