It is possible for corporations to open bank accounts in Singapore without going through too much red tape.
With several international banks in the country, and many domestic banks within Singapore, companies have various options for opening a bank account. Features like multi-currency accounts and the freedom to move funds from Singapore to your domestic country make these accounts appealing. It is important to acknowledge that although Singapore doesn’t have restrictions, your domestic country may. Singapore has one of the fastest growing offshore banking economies due to having one of the lowest taxation rates in Asia and recent policy decisions favorable to the banking industry. In 2004 offshore assets in Singapore grew by 40%.