Singapore is one of the most important monetary
centers of the world and a major distribution hub of investment in Southeast Asia. As our accountants in Singapore
remind, the country has formed one of the most progressive banking structure
in the world, totaling about 700 local and foreign banks and financial organizations
that offer services ranging from consumer banking and strength management, to investment banking, stock exchange and specialized coverage services.
Singapore’s leading banks
are DBS, Citibank, HSBC, UOB, OCBC, ABN AMRO and Standard Chartered. Country’s central bank is the Monetary Authority of Singapore
(MAS), which controls financial policy
, normalizes banks and financial institutions
and issues the exchange.
Regardless of the present absence of government-sponsored deposit insurance program, MAS plans to create such a system in the near future.
The main aspects that have contributed to the success of the banking industry in Singapore are the following:
• identifying and providing to the needs of Small and Medium Enterprises that cover a substantial banking market
• establishment of sophisticated banking services
like company and investment banking actions
, apart from traditional loaning and deposit-taking purposes.
• development of foreign banks
, some of which made Singapore a local or even global platform for important banking services
, which in turn led to enlarged effectiveness.
• strict banking privacy laws, tax friendly policies
and a group of wealth management services that created a private banking
The accounting firm in Singapore
tells to their clients that commercial banks
may involve in all possible types of banking
Furthermore, to provide commercial banking facilities
, such as lending and checking operations or deposit-taking, banks
may also engage in any other kind of banking commerce
, which is permitted by Monetary Authority in Singapore, including consulting services in investment
, brokerage services in the field of insurance and capital market
in Singapore such as Credit Suisse, Citigroup, UBS or Standard Chartered offer:
• credit services;
• tax and estate development;
• global wealth administration services;
• benefit protection;
• investment plans
• wealth and lifestyle suggested services.
Our accountants in Singapore
can provide to their clients information on existing banking services
and also consultancy for future private investments
Presently in Singapore function 113 commercial banks
and five of them are listed at the local level and are maintained by three local financial groups.
Also there are 28 banks that offer the full range of services and work under the “Banking Act in Singapore”. Five of them are listed and owned by three local financial groups and the remaining 23 banks are divisions of banks
registered in a foreign country. Six of the 23 divisions of foreign banks
have the license to implement a full range of banking services
Our accounting firm in Singapore
can help foreign business people to create bank accounts
for their own private affairs or for dealing matters.
Furthermore, our accountants in Singapore
offer public accountancy services
, reporting of financial statements
, analyzing of commercial transactions
For any other information regarding our accounting services
, please contact
our financial specialists in Singapore