No taxes on a personal account. The issue becomes when you have a business doing so. But, in theory, as a foreigner, you'd have to figure out how to be in SG with employment in the first place...
I've gone down this route so thought I'd just share.
Audit requirement depends on how you setup your company. If there are any corporations that are shareholders, then you will need an audit. Even so, for a small firm to do your audit will only cost around 2K/yr.
MAS is quite practical. No one...