Singapore Bank Account

Singapore Saving Bank Account     |     Singapore Current Bank Account

General Information About Singapore

Singapore is situated at the southern tip of the Malaysian Peninsula. Strategically located along the major shipping and air routes of Asia, it is the major nerve centre for trade and investments in the region. Spanning just over 622 sq km, Singapore though small, is undoubtedly an advanced and bustling economy. It thrives on an excellent infrastructure, highly educated labour force, political stability and an efficient business environment. Singapore is an ideal holding company and headquarters location and a gateway for foreign investments in to the emerging economies of Asia, such as China, India, Vietnam, Indonesia and Thailand.

• Population: Singapore has a population of approximately 3 million people. More than 75% are Chinese with the remaining 25%, mainly Malays, Indians and others. The different races live together with mutual respect and in racial harmony. The work force is well educated and hardworking and there is a high level of managerial and technical expertise available.
• Political Structure: The People’s Action Party, its single dominant ruling party since its independence in 1965, rules Singapore. There is no strong opposition party in Singapore.

communication facilities and road transport system. It operates busy and efficient air and seaports and is a free port with no customs and excise duties on most items.

Singapore is also one of the leading international financial centres. Offshore investors are well served by representatives of most major international banks, financial institutions, investment management companies and accounting and legal firms

The Singapore Government actively woos foreign investments with generous tax and financial incentives. This has successfully attracted numerous regional holding companies, corporate headquarters, business and service centres, group finance and treasury centres as well as investments in high tech industries, media and communications, shipping and financial services.

• Language: The most commonly used official languages are English and to a lesser extent, Mandarin, Malay and Tamil which are also official languages.
• Currency: Singapore Dollar.
• Exchange Control: None.
• Type of Law: Common Law.
• Principal Corporate Legalisation: The Companies Act, The Singapore Income Tax Act, The Economics Expansion Incentive Act.

Banking Industry In Singapore

The Singaporean bank, one of the top banks in Asia, has a combined banking group total customer deposit base of more than S$67 billion, and a total asset base of over S$107 billion as at 31 December 2002.

The Singaporean bank's vast network of 249 offices around the world comprises bank branches in Singapore and overseas offices in the Philippines, Malaysia, Thailand, Indonesia, China, Hong Kong S.A.R., USA, Taiwan, Australia, Brunei, Canada, France, Japan, Myanmar, South Korea, United Kingdom and Vietnam.