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According to the research data of “DayDayUp International Innovation Accelerator”, Singapore ranks first in the ranking of countries with the highest density of unicorn companies. Data shows that more than 7,000 multinational companies have set up operations in Singapore, about 4,200 multinational companies have set up regional headquarters, and one-third of the Fortune 500 companies have chosen to set up their Asian headquarters in Singapore. The favorable entrepreneurial environment has not only contributed to the rapid development of Lazada, shopee and other unicorn enterprises in the region, but also well-known overseas brands such as SHEIN and TikTok, which have chosen Singapore as their international headquarters. In addition to the giants scrambling to lay out their business in Singapore, many entrepreneurial companies have also set their landing in Singapore as the first step towards corporate globalization. What exactly is the charm of Singapore that attracts tens of thousands of international companies?
Singapore: the “cradle” of enterprise internationalization
Geographically, Singapore is located in the center of Southeast Asia, holding a choke point in the Straits of Malacca, so Singapore’s shipbuilding, shipping, aviation industry is quite developed, the port’s annual throughput of more than 100 million tons of goods, ranking 5th in the world, ranking among the world’s leading international air passenger turnover is second only to the U.S., Britain, France, Japan.It’s foreign trade is thriving. After years of development, Singapore has become Asia’s trade and shipping center, known as one of the world’s top ten ports, one of the world’s three major oil refining center. The unique geographical advantages constitute the original attraction of Singapore to international enterprises.
In addition, Singapore’s policy advantages, tax environment, and social environment are also important factors that attract international enterprises to settle in the country. The Singapore government attaches great importance to the development of industry and commerce, and has signed double taxation exemption agreements with more than 50 countries, and has implemented non-discriminatory treatment for foreign-funded enterprises, so as to achieve equal treatment. Thanks to its comprehensive laws and regulations, open and transparent policies, Singapore has been ranked among the top countries in the World Bank’s global business environment ranking for many years. Data shows that foreign investors in Singapore to set up enterprises, registration procedures are simple, generally no restrictions on the proportion and mode of capital contribution, foreign exchange free access to enjoy the ASEAN 10 countries zero-tariff free trade, greatly saving business operating costs and reduce business risks.
CBiBank fully supports international enterprises to enter the Singapore market
Under the trend of going overseas, when it comes to enterprises landing in Singapore, cross-border capital flow is a important topic that every enterprise going overseas need pay attention . What kind of bank account should an enterprise open in Singapore? How to comply with the flow of funds?
Relying on the strength of the Group, CBiBank, an emerging commercial bank in the United States, has landed in Singapore, set up CBi Pay and obtained the MPI license issued by the Monetary Authority of Singapore (MAS) as a large-scale payment institution, which can provide a series of financial services including account opening, local payment, cross-border remittance, acquiring and settlement and e-money haircut, etc., and provide comprehensive support for international enterprises to land in Singapore, providing a one-stop solution for overseas enterprises to open accounts, make payments and receive payments. CBiBank can provide one-stop, full-process cross-border financial solutions for enterprises going overseas.
After researching the demands of a large number of enterprises going overseas, CBiBank, based on digital innovation and artificial intelligence systems, has pioneered the launch of a fully online “zero-touch” service model, which simplifies the operational steps of traditional banking operations through technological means. With simple and easy-to-understand process guidelines and innovative KYC authentication methods, customers can avoid filling out complicated forms and waiting for long audits. In addition, customers can view and manage their accounts online at any time.
Compared with traditional banks, CBiBank choose to pay attention to the unfocused and under-appreciated customer groups with efficient and high-quality services and emerging technologies, and customizes highly personalized services based on the preferences of these customer groups, and continues to carry out product and service innovations. On this basis, CBiBank accurately locates the cross-border financial needs of overseas enterprises and provides them with a more focused and efficient service experience.
From a comprehensive point of view, CBiBank is extremely friendly to all kinds of enterprises, including startups, that are going overseas to Singapore. Enterprises can not only open accounts quickly and smoothly for compliant cross-border capital flows, but also obtain more business partners and cooperation opportunities through CBiBank.
With the trend of globalization, more and more international companies are carving out their own business in Singapore. Enterprises such as DayDayUp have become the engine that drives the exchange of businesses and talents between the two countries to promote a win-win situation.
DayDayUp has always been committed to providing a full range of services for enterprises going overseas, covering various aspects such as policy consultation, pass application, company registration, bank account opening, etc., to ensure that our clients are able to carry out their business smoothly in the new market. Now, DayDayUp has been the official partner of EntrePass (Singapore Entrepreneurship Visa) authorized by the Singapore government in China. Cooperating with CBiBank, a premium international bank specializing in cross-border financial services with rich experience and expertise, to further enhance our service quality and provide even better and more comprehensive support to our customers. Both parties expect that through the cooperation, more business opportunities will be created for customers.
jointly promote the success of enterprises in the international market.
Cecilia XU
CB INTERNATIONAL BANK LLC
email us here
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