Singapore is one of the largest financial centers in Asia. Every year, many entrepreneurs decide to register a Singapore company or open an account in Singapore.
There are a number of reasons for this, including the ability to not pay taxes for the first three years, to reduce tax rates to a minimum, there is no control on foreign exchange transactions, there is no capital gains tax, there are no restrictions on the repatriation (export) of profits, etc. The developed banking sector is another important advantage of the state. You can consider another major bank in Singapore and open an account with UOB (Singapore). UOB Branches are also an interesting topic to talk about. You can find out more on https://sgbanks.com/branches/uob-singapore-branches. The bank works with a variety of financial services, offers favorable conditions for corporations, asset management, investment, insurance, etc. For remote work with the bank, there is internet banking.
In theory, the bank does not charge a fee for opening an account, but you will be required to pay SGD 600 to cover related costs: studying the history of your company, especially if there is a foreign corporation among its founders.
The minimum deposit on the company’s account must be at least USD 100,000 or EUR 100,000 (you can choose any option depending on the currency that interests you as the main one). The non-reducing account balance is also limited to this amount.
UOB Privileged Banking:
A privileged account allows you to keep your finances and grow your capital.
- Banking advisors manage clients’ assets focusing on needs and priorities, as well as what are the goals and risks that the client is willing to take.
- The bank provides competitive interest rates on deposits.
- 2.1% for 6 months USD deposit
Deposits are available for American Dollar, Australian Dollar, British Pound, Canadian Dollar, Euro, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Swiss Franc, RMB. This is all besides the Singapore dollar.
When it comes to saving in foreign currency, having premium interest rates along with control and flexibility can maximize profits.