Offshore Account

Offshore account — a business open abroad to benefit from better conditions, such as tax reliefs, ease of opening and managing business, or lower costs. Often used with a negative connotation when describing illegal activities, such as tax evasion or money laundering. If you set up a company in Singapore, your bank account will not be seen as offshore as Singapore aims for the transparency of its banking system and has a better reputation than offshore jurisductions.

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