In order to promote openness and minimize the mismanagement of corporations, Singapore needs details of proprietors to be maintained in the form of a RORC. These details should be readily available to the ACRA whenever needed.
Banks are part of Swiss culture since 16th century, therefore there is no surprise that the Swiss banking system is one of the biggest strengths of the country. The Swiss banking system is different than other European banking systems because it is based on the universal banking concept. This concept refers to offering all the banking services both commercial and investment. This is so that the risk to be spread over a greater number of business and customers.
The Swiss banking sector is the key factor in the economy, as it has an international reputation when it comes to the diversity of services offered, competence and sophistication. Swiss banks are typically engaged in various types of activities, in relation with both the private and commercial sector. Switzerland is considered to be the world leader in private banking.
One of the first steps when registering a new company in Switzerland, regardless of its type, is to open a bank account with a Swiss bank. The account is necessary to deposit is required minimum capital when founding a GmbH or an AG, but bank account are also use for other legal entities as well.