Singapore is one of the business epicenters in Asia. Its strategic geographical location along with considerable development in various spheres…
Banking and Finance
Why are Singapore Bank Accounts Highly Sought after?
- Singapore Financial Hub: Singapore is an internationally acclaimed and prosperous financial hub, serving not only the domestic economy, but the entire Asia-Pacific region. The banking sector is a major player in the country’s financial market segment and will soon become one of the most powerful in the world. Today, 117 foreign banks and 6 regional banks dominate the banking industry.
- MAS Regulatory Strengths: The Monetary Authority of Singapore (MAS) is Singapore’s central bank and financial regulator. In addition to issuing currencies, it controls a variety of laws related to money, banking, insurance, equities and the financial sector in general.
- Singapore Banking (Local / Foreign) Strengths: An important step in the local banking sector was to integrate the previous six local banking groups into the current three local main banks (DBS, OCBC, UOB). As a result, banks have been strengthened, management teams have been built, and operational efficiency has improved. They have expanded the scope of their business activities and improved their business and risk management skills. Today, local banks are “one-stop shops” that meet all the needs of banking customers. With the financial strength gained from merger and intensifying domestic competition, local banks have begun to expand their presence in the region through overseas expansion and overseas acquisitions.
What We Do
- Corporate Bank Accounts: Singapore has many of the largest banks in the world, and with the correct documentation, you can open a corporate account for any business, Singapore or abroad. Many types of companies can be registered in Singapore, including Limited Liability Companies (LLCs), Sole Proprietorships and Partnerships. With adequate documentation, bank accounts can be started and operated while you are in Singapore or overseas.
- Private Bank Accounts: Private banking is a growing industry in Singapore. There are many banks to choose from, each with its own advantages depending on the type of customer. For high net worth individuals who are eligible for Singapore government promoted investment schemes, we provide one to one consultation for banking operations.
- Trade Finance: Trade Finance enables companies to trade in and out from SMEs that import their first private label products from abroad to MNCs that import or export large amounts of inventory worldwide each year. Small businesses often have very limited access to credits and other forms of bridge loans to cover the cost of the goods they want to buy or sell. We have a role to play in corporate trade finance.
- Private Wealth Solutions: Singapore has established itself as one of the world’s leading private banking and wealth management centers. Wealthy people choose Singapore because of its strong financial regulations, strong rule of law, and political and economic stability. It is undoubtedly Asia’s matured hub for wealth management.
Our Advantages
Access to the Right Banks and Departments
Choosing the right banking partner to bank with comes handy with Consulti as your regional representative. Getting in touch with the right people at the right departments within Singapore is the key to smooth financial management. We can direct you to the trade department at the bank if you are a wholesale company. Are you an investment holding or PE firm? We can liaise you with cash management departments at Singaporean banks. For high net worth individuals, there are numerous banking solutions with short and long term benefits that the private banking departments can help with. Knowing where to approach is strategic and Consulti does it all for you.
Local Relationship Management
It can be confusing and frustrating when it comes to banking policies, rules and regulations in a new market. Even with a successful financial background in your home country, it can be challenging to start and operate a bank account in Singapore. When we represent your interests in Singapore, we make it to a point that we undertake all your banking needs inside the country. Right from account opening, management and exploration of new banking products and services, we do it all for you, we understand you! We help businesses protect and enhance their corporate value in an increasingly complex legal, regulatory and economic environment. No matter how demanding and complex your tasks are, you will benefit from our extensive local, regional and global experience and knowledge.
Insights into Banking Applications
Our first hand experience and knowledge handling with local and international banks in Singapore is an added advantage representing your business interests. We assess your application and ensure that it goes through successfully. In case of rejections, we can always guide in opening accounts with other banks or jurisdictions. New account opening, existing account management, deposits and withdrawals, credit management, interest calculation, customer relationship management (CRM), introduction of new financial products and maintenance of data records and many more insights into banking applications are offered in our service portfolio.
Partnerships with Banks in Multiple Jurisdictions
We liaise with banks operating in multiple countries. Not all banks accept businesses with high risk elements. If you are into game development, crypto or for that matter any new age business, we have what it takes to get you the right banking services in Singapore. To save valuable time for customers, Consulti helps businesses engage in banking activities from the comfort of
Ways to Engage Us
Are you ready to explore what Singapore has to offer with its banking and finance? To know more about your eligibility to open a Corporate bank account in Singapore, use our Eligibility Checker.
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