Use a Singapore company for global money transfers. Expert advice

Singapore is one of the world’s top financial hubs—right up there with New York, London, and Hong Kong.

Its banking system is not only modern but also incredibly secure. That’s why thousands of global businesses choose to set up companies there.

But what do these businesses gain by doing so, especially when it comes to sending and receiving money internationally?

In this guide, we’ll break down the real, practical benefits of owning a Singapore company for cross-border payments

1. Singapore: The financial powerhouse of the world

1.1. Leading position in the region

Singapore has built a strong position as a global financial center through a perfect combination of smart economic policies, modern infrastructure, and a transparent legal framework.

According to the Global Financial Centres Index (GFCI) 37 report published in 2024, Singapore ranks 4th globally in financial competitiveness, only behind New York, London, and Hong Kong.

What's notable is that Singapore not only leads the Asia-Pacific region but also far surpasses traditional competitors like Tokyo and Sydney.

According to the Bank for International Settlements (BIS), as of 2022, Singapore processes about 9% of the world's total foreign exchange trading volume, with average daily revenue of about $633 billion in FX derivatives and OTC products.

1.2. World-class banking system

Singapore's banking system is rated as one of the safest and most stable in the world.

The Monetary Authority of Singapore (MAS) - which acts as both the central bank and financial regulator - applies strict risk management standards according to Basel III standards and even exceeds international requirements.

Local banks like DBS, OCBC, and UOB are all among Asia's safest banks, with AAA ratings from international credit rating agencies.

1.3. Modern international payment system

Singapore has one of the world's most modern and efficient payment systems. Besides famous international bank headquarters, Singapore is also home to Asian headquarters managing famous payment gateways like PayPal, Stripe, Wise, Payoneer, and Shopify.

Singapore is an important hub in the global SWIFT payment network, processing millions of transactions daily.

2. Best Singapore company structure for international transactions

Private Limited Company (Pte Ltd) is the most chosen business type for international businesses in Singapore.

This company type's advantages also allow the company to serve the payment and financial transaction areas easily.
Key features:

• Limited liability for shareholders (only responsible up to the amount of capital contributed)
• Minimum 1 shareholder, maximum 50 shareholders
• Minimum paid-up capital 1 SGD (no need to pay immediately)
• Must have at least 1 director who is Singaporean or a Singapore resident

3. Important notes for international money transfers with a Singapore company

3.1. Receiving money from abroad

Singapore does not have strict restrictions on receiving money from abroad and does not restrict any currency types like USD, EUR, HKD, CNY, etc.

However, businesses need to comply with some important regulations:

Money that Singapore companies are allowed to receive includes:

• Payment for exported goods and services
• Investment capital from foreign investors
• Interest and dividends from international investments
• Royalties and service fees
• Loans from foreign financial institutions
• Payment for consulting, design, IT services

Important notes when receiving money:

• Source of Funds Documentation

Singapore banks require clear proof of money origin:

1. Commercial invoice
2. Service or purchase contract
3. Bank statement of the sender
4. Documents proving the relationship with sender

• Money recording must comply with Anti-Money Laundering (AML) laws

For every transaction that your company has, you must

• Carefully check who is sending money - are they from sanctioned countries or countries on high-risk lists?
• Are the transactions too large or happening too quickly and suddenly? (Example: transactions over 20,000 SGD happening 10 times in 2 minutes)

3.2. Sending money abroad

Sending money abroad from Singapore is relatively flexible but has many conditions to comply with:

Permitted purposes:

• Payment to foreign suppliers
• Investment in overseas projects and companies
• Transfer profits to foreign shareholders
• Repay international loans
• International marketing and advertising expenses
• Consulting and professional service fees

Special restrictions when sending money abroad:

• Cannot send money to intermediaries or people living in sanctioned or dangerous countries
• Transfer limits cannot exceed daily regulations:
  • 10,000 SGD: Bank monitoring
  • 20,000 SGD: Clear verification before transaction
  • 50,000 SGD: Must be checked by MAS
  • 100,000 SGD: Must comply with the strictest financial inspection laws

4. How can we help you incorporate and manage the Singapore company with ease?

Setting up a company in Singapore not only helps businesses optimize taxes and easily conduct international transactions but also enhances credibility and access to investment capital.

In the context of an increasingly volatile global economy, Singapore represents a smart and sustainable choice for the future.

However, to succeed in Singapore, businesses need to clearly understand legal regulations, strictly comply with tax obligations, and have a clear business strategy.

• Register a company in Singapore;
• Open a corporate bank account in Singapore with a 99% success rate;
• Choose the right company types for tax optimization in Singapore;
• Apply for Singapore business licenses;
• Get an affordable, professional registered office address for business;
• Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
• Handle all your tax accounting needs, timely annual filings, auditing, and more.

5. FAQs about Singapore company incorporation

With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an  expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries

Our areas of expertise include:

• Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
• Account opening for personal and corporate bank accounts, as well as setting up PayPal and Stripe gateqays in countries like Singapore, Hong Kong, and the U.S..
• Tax Consulting and Preparation for SFRS IFRS financial reports, corporate income tax returns, VAT/GST (Value Added Tax/Goods and Services Tax), and more.
• Opreation support:
• Registered adress;
• Foreign consular legalization;
• Trademark and patent protection registration in Singapore and the US;
• Employment Pass application in Singapore and Hong Kong;
• Website design, international SIM number provision;
• DUNS registration.

With over 10 years of experience and a team of experts with 5 to 25 years of experience (international standard certifications) as well as direct partnerships with institutions such as OCBC, UOB, DBS, PayPal, and Stripe, we are proud to offer professional, legal, transparent, sustainable services with no hidden costs.

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