A Singapore corporate bank account is secure due to Singapore’s strong client confidentiality laws, which are moving toward following the globally recognised standards of the Organisation for Economic Cooperation and Development (OECD). Consequently, many international entrepreneurs are migrating their wealth from traditional offshore tax havens to the secure, tax-efficient trading jurisdiction of Singapore. This has fueled the growth in demand for Singapore corporate bank accounts.

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 have major operations in Singapore, including HSBC, Standard Chartered and Citibank. International business people can therefore choose the Singapore corporate bank account which precisely meets their needs.

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.