Offshore Banking

Offshore banking allows international entrepreneurs and global organisations to conduct financial transactions through a bank account outside their country of residence or incorporation. Healy Consultants assists clients gain access to a wide range of offshore banking products and services. The following will help you determine whether offshore banking fulfills your international business objectives:

Advantages of Offshore Banking

1. If appropriately researched, banking offshore is a secure, confidential and legitimate way for entrepreneurs and organisations to make tax-efficient international financial transactions.
2. Offshore bank accounts are available in multiple currencies, allowing efficient transfer of funds without high foreign exchange commission payments.
3. An offshore account provides favourable interest rates because interest in paid tax-exempt.
4. Increased global wealth generates high demand for quality offshore bank services in stable jurisdictions such as Singapore or Hong Kong, which have strict client confidentiality

2. Although offshore banking remains a preferred way to protect international personal and corporate assets, the term portrays a negative image. Since 11 September 2001, offshore banking has been associated with money laundering for terrorist groups and criminal gangs.
3. Offshore jurisdictions tend to be in remote locations with poorly-developed communications infrastructure.
4. Many European Union countries agree to exchange bank account holders' information with OECD member states. To tackle tax evasion, in 2005 the EU introduced a Savings Tax Directive which obliges EU residents with offshore accounts to either pay a withholding tax on savings to maintain privacy, or have their identities revealed to the tax authorities in their country of residence. For more information, visit the EU website.
5. Pressure from international bodies such as the Organisation for Economic Cooperation and Development (OECD) and the Financial Action Task Force (FATF) has put the offshore bank sector under the global spotlight. While the majority of offshore banks adhere to customer confidentiality laws, the OECD is increasing pressure on offshore banks to disclose customer information across borders.

• Excellent tax benefits from small-to-midsize companies: 0% taxes on 100K annual profits (first 3 years), approx. 9% tax on annual profits up-to 300K
• Low overall tax rate of 18% on profits above 300K
• Zero taxes on capital gains in general
• We can incorporate a Singapore company in one day
  (after incorporation documents are signed by you)
• 100% foreign shareholding allowed
• Minimum paid-up capital of $1 only
• Singapore rated as #1 in ease of doing business in the world
• Singapore rated as the best place to work and live in Asia
• Immigration visa (entrepreneur pass) available for company owners wishing to relocate to Singapore to run their new Singapore company

Procedure and timeline for Singapore Company Registration

The basic steps are as below:

• Get company name approval
• Prepare registration documents
• Client to sign company registration documents
• Register company
• Open bank account