What is PayNow and PayNow Corporate?

PayNow offers an improved money transfer experience, allowing retail customers of participating banks and non-financial institutions (NFIs) in Singapore to swiftly send and receive Singapore Dollar funds within the country. This can be done using only a mobile number, Singapore NRIC/FIN, or a Virtual Payment Address (VPA). Importantly, the sender no longer needs to possess [...]

By |2023-10-06T15:22:32+08:00September 5th, 2023|Running a Company, What Is...|

What is a Double Taxation Avoidance Agreement (DTA)?

Juridical double taxation occurs when the same income is subject to taxation twice—first in the jurisdiction where the income is generated and then again in the jurisdiction where it is received. To alleviate the implications of double taxation, countries enter into DTAs. A DTA partner refers to a jurisdiction that has signed a DTA with [...]

By |2023-08-22T15:48:41+08:00August 25th, 2023|What Is...|

What is Base erosion and profit shifting (BEPS)?

Base erosion and profit shifting (BEPS) is a term used to describe tax planning strategies employed by multinational enterprises (MNEs) that take advantage of gaps and inconsistencies in tax regulations to avoid paying taxes. Developing countries, which heavily rely on corporate income tax, are disproportionately affected by BEPS. These practices result in annual revenue losses [...]

By |2023-07-03T12:09:19+08:00July 3rd, 2023|What Is...|

What is KYC?

KYC stands for "Know Your Customer." It is a process that businesses use to verify the identity of their customers and assess the potential risks involved in doing business with them. The KYC process involves collecting and verifying personal and financial information about the customer, such as their name, address, date of birth, and government-issued [...]

By |2023-10-27T13:35:08+08:00April 20th, 2023|What Is...|

What is directors and officers liability insurance?

Directors and Officers (D&O) Liability insurance is a type of insurance policy that provides coverage to directors and officers of a company for claims made against them while performing their duties. The policy covers the costs associated with defending against claims or lawsuits brought by employees, shareholders, customers, or other parties alleging wrongdoing or negligence [...]

By |2023-10-27T14:05:27+08:00April 12th, 2023|What Is...|

What is the fit and property criteria as defined by the Monetary Authority of Singapore?

The Monetary Authority of Singapore (MAS) has defined several fit and proper criteria that individuals and entities must meet to obtain and maintain their licenses to operate in the financial sector. These criteria are intended to ensure that only competent and trustworthy individuals and entities are allowed to operate in the financial sector and to [...]

By |2023-04-03T16:46:39+08:00April 5th, 2023|What Is...|

What is the principle of separate legal personality

The principle of separate legal personality is a fundamental concept in corporate law, which states that a corporation is a separate legal entity distinct from its shareholders or owners. This means that a corporation can enter into contracts, sue or be sued, and own property in its own name, independent of its shareholders or owners. [...]

By |2023-11-14T11:57:04+08:00March 29th, 2023|What Is...|

What is e-invoicing?

E-invoicing (short for electronic invoicing) is the process of creating, sending, receiving, and processing invoices electronically, rather than using paper-based invoicing methods. E-invoicing allows businesses to exchange invoices in a standardized digital format, eliminating the need for paper-based processes, reducing manual data entry, and enabling faster, more accurate invoicing. E-invoicing can be initiated by the [...]

By |2023-11-14T13:08:55+08:00March 24th, 2023|What Is...|

What is the Singapore Peppol e-invoicing scheme?

The Singapore Peppol e-invoicing scheme is an electronic invoicing initiative launched by the Singaporean government to facilitate efficient, secure and seamless invoicing between businesses in the country. Peppol stands for Pan-European Public Procurement Online and is a framework developed by the European Committee for Standardization to support cross-border electronic procurement processes. Under the Singapore Peppol [...]

By |2023-11-14T13:23:39+08:00March 20th, 2023|What Is...|

What is a Scheme of Arrangement?

A Scheme of Arrangement is a legal procedure under which a company can make an agreement with its shareholders or creditors to restructure its operations or financial affairs. It is a mechanism provided by law to facilitate a compromise between a company and its members or creditors. A scheme of arrangement is not the end [...]

By |2023-02-22T16:17:38+08:00March 3rd, 2023|What Is...|
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