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Singapore is a multicultural immigrant country, and the economically developed people live a rich life. After decades of rapid development, Singapore has become a global metropolis of "Trade Center + financial center + headquarters economy + investment center". According to the wealth Watch report in London, Singapore is currently the fourth largest offshore wealth management center in the world. It is expected that Singapore will become the largest offshore wealth management center in the world by 2020.
At present, the monetary authority of Singapore still implements relatively loose policies, and the success rate of account opening is usually relatively high. However, the Bank of Singapore has a fast response speed and a reasonable degree of risk control.
In the past few years, Hong Kong banks were judged by foreign governments to be related to major tax related issues and imposed huge fines. At present, Hong Kong banks have strict risk control over new accounts and existing accounts, and the success rate of account opening is getting lower and lower.
Pay attention to deposit the first deposit on time, keep enough minimum deposit, do not deal with the funds in the risk areas, avoid the sudden large amount of funds in excess of the normal business amount, so as to maintain the normal use of the account and prevent it from being closed.
It not only includes the requirements of Singapore bank, but now more and more Hong Kong banks require that enterprises holding accounts should provide annual financial reports, audit reports (audit reports of Hong Kong companies), reply to investigation letters within a time limit, declare their tax status, etc. otherwise, the accounts will be directly frozen or forced to close.
