The Monetary Authority of Singapore is the government body responsible for Singapore's monetary policy and ensures a stable financial system in which over 100 foreign banks operate.

As a global financial centre, many of the world's leading retail banks - including HSBC, Standard Chartered and Citibank - have major operations in Singapore. International business people can therefore choose the Singapore corporate bank account which precisely meets their needs.

A Singapore corporate bank account is secure thanks to Singapore’s strong client confidentiality laws. For example, Singapore refuses to exchange the bank account details of individuals with member states of the Organisation for Economic Cooperation and Development (OECD). Consequently, international entrepreneurs migrate their wealth from traditional offshore tax havens such as the British Virgin Islands (BVI) and Cayman Islands towards Singapore, a more secure, tax-efficient trading jurisdiction. This fuels demand for Singapore corporate bank accounts.

Because of its highly advanced communications banking infrastructure, Singapore is the latest paradise for wealthy individuals seeking a jurisdiction in which to invest. To illustrate this, the number of millionaires in Singapore rose 21% in 2006 to 67,000, the fastest-growing rate in Asia.

Because of the increased demand for Singapore corporate bank accounts, it is becoming increasingly difficult to open an account, especially for non-resident individuals and non-resident companies. Approval now takes up to two months, with delays caused by:

i) The understaffing of bank account opening departments with inadequately trained personnel;

ii) Increased due diligence requirements by Singapore banks to combat potential money laundering.