Benefits of using accounting services in Singapore

July 25, 2013

I am very fond of the accounting services offered in Singapore. The Singaporean banking system is great for people who want to open an offshore account or want to open an account for conducting international business.

Singapore has a very fair banking system, and treats both local and foreign investors who want to open an account equally. It even allows 100 percent foreign ownership of a business. It is also considered as one of the safest options available for money transactions today.

Singapore has a very well-organized taxation rates, high global reputation and banking laws; it also has one of the lowest tax rates among Asian countries. No tax is imposed on financial profit made by foreign investors. Due to these factors, many companies are keen to invest in Singapore. Here are some of the major reasons why:

  • Singapore has a healthy economy and a stable government.
  • Singapore’s incorporation laws allow companies to be set up within an hour, provided all the paperwork is valid.
  • Singapore does not impose taxes on foreign investors.
  • Singapore imposes a flat tax rate of 17 % on corporate profits. But exemptions are allowed up to a profit of 30,000 dollars; as a result, the tax amount greatly decreases.
  • It is easy to get visa for Singapore hence the company can afford to recruit foreign employees easily to work in the company.
  • Singapore is a very developed country. It offers a standard of living which is similar to most of the western countries. As a result foreign investors find it easy to relocate to Singapore.
  • The interest rates offered by banks are very low.
  • An investor can open an offshore account in any currency format that is suitable to him.
  • Singapore is one of the world’s biggest financial centres, as a result opening an account in Singapore will add to the company’s positive image. This is great for attracting customers and other capitalists.
  • Singapore banks offer investors loans at very nominal interest rates. In fact Singapore banks offer the lowest interest rates in Asia.
  • Foreign investors with more than 3.6 million US dollars in a Singapore bank account which is recognized by the Monetary Authority of Singapore can apply for a permanent residence certificate.
  • Singapore offers the latest and modern state of the art banking services.
  • The rules and regulations for banking in Singapore are written in several foreign languages, so it is easy to understand for both the local and foreign investors.
  • Singapore has strong security laws to protect their bank account holder’s information. There are a wide range of financial service companies available in Singapore. So you can choose the bank which is suitable for your needs.

Though Singapore has always been very popular among Asian countries, in recent years it has attracted the attention of many European countries, and the banking activity in Singapore has increased by 25 %. Singapore’s offshore banking has attracted many reputed companies varying from the largest financial groups to small niche companies. Slowly but surely, Singapore is becoming the global hub of banking.

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