Singapore is not only one of the best places to start a company but also deal with opening a bank account even if you do not reside in the country. Since 1990, a large number of foreign companies have set camp in the country with the primary goal being to take advantage of the various emerging markets not only in Singapore but also in the entire Asia Pacific region.
Here are five reasons to open a bank account in Singapore.
High Degree of Safety and Stability
There are more than 100 registered banks and financial institutions in the country. According to a report done in 2014, more than S$2.36 trillion is in Assets Under Management (AUM). The banking industry is very stable, and this makes it ideal for storing your legally acquired assets. It is important to note that the banking sector is highly regulated to prevent incidents of fraud and other related malpractices.
Access to Advanced Financial Platforms
The government is keen on embracing new technologies to fuel growth of the various industries and the entire economy at large. Financial institutions and banks have invested in cutting edge technology that allows their customers to access services quickly and conveniently. Security is not left to chance, and so you are guaranteed that your company earnings will not be lost.
Great Investment Opportunities
Singapore serves as a bridge between the East and the West. As a result, entrepreneurs are presented with countless investment opportunities especially in the technology sector. After successfully opening a bank account in the country, it is imperative to seek the services of a funds and wealth management firm to help you take advantage of the investment opportunities available.
Convenient Foreign Exchange Rates
As a newly incorporated company in Singapore, you will regularly need foreign exchange services to send money back home or purchase products overseas. Some banks in other countries require customers to have multiple accounts to handle different currencies or offer low exchange rates. Luckily, in Singapore, the banks are more customer-oriented and offer the best foreign exchange rates.
Finally, as your brand scales up, you may decide to invest in properties or open companies in other industries to expand your brand. When that time comes, you will have access to skilled and experienced financial management firms that will help you make informed business and investment decisions. They will give you detailed information about the various lucrative emerging markets that you can invest in and reap maximum returns.