At the moment, Singapore is the largest financial center of the Asian region and a recognized leader in providing financial services to the East. The local banking sector is represented by many branches of a large number of the world’s largest banks, as well as local financial institutions. So what makes Singapore so attractive for foreign investment and deposit management?
Advantages of the Singapore banking system
- Transparent banking policy. Investors should not be afraid of illegal schemes and other unscrupulous processes that can cause tangible damage to their assets (or affect their value).
- Singapore is one of the fast- growing financial centers in Asia. Therefore, the local banking system is constantly being modernized in accordance with the latest technical developments.
- Local legislation in force is aimed at ensuring maximum protection of deposits (both residents and non-residents), and implementing transparent financial policies.
- The quality of service in banks of Singapore is recognized throughout the world as one of the best. Clients are guaranteed maximum prompt processing of all incoming requests and conducting financial transactions with minimal time.
- Investors can monitor the status of their assets and perform the full range of financial transactions from anywhere in the world. Remote access is provided through functional and secure banking applications.
What is required to register a bank account in Singapore?
One of the most significant innovations in Singapore’s financial legislation is the complication of checking out a potential foreign investor. Unfortunately, special attention of local authorities is paid to clients from the CIS countries due to the low reputation of business in the countries of the post-Soviet space. When submitting an application, the legality of the origin of assets is carefully checked to prevent money laundering and tax evasion.
Among the basic documents required to open an account with banks in Singapore are:
- A certificate confirming your permanent address.
Many banks also require a letter of recommendation from the previous financial institution of your country, whose services you used before.
Cyworld Wealth Limited lawyers will provide you with expert assistance with registering an account in any bank in Singapore. We will prepare all necessary papers, follow the legality of the progress of all stages of registration and provide you with confidential advice on all matters.