What is a digital bank?

A digital bank is an online-only platform that provides new and traditional banking products and services to customers. The difference between a digital bank and a traditional bank is that a digital bank does not have a physical bank that customers can visit. However, most of the online functions that can be performed online for [...]

By |2021-12-14T15:12:08+08:00December 14th, 2021|What Is...|

What is a dividend voucher?

A company may wish to return its profits in the form of dividends to its shareholders. To declare dividends, the following documents should be prepared. A directors' resolution There should be meeting minutes or a form of written declaration where the directors of the company had voted for and approved that dividends are to be [...]

By |2021-03-24T16:33:34+08:00March 24th, 2021|What Is...|

What is a Letter of Consent?

A Letter of Consent (LOC) is an authorisation letter that is issued by the Ministry of Manpower (MOM) that allows eligible holders of Dependant Passes (DP Holders) or Long-Term Visit Pass (LTVP or LTVP+) to work in Singapore. By default, DP, LTVP and LTVP+ holders are not allowed to work in Singapore. To be eligible [...]

By |2021-02-08T16:31:24+08:00February 8th, 2021|Employment and Immigration, What Is...|

What is Form C-S (Lite)

Form C-S (Lite), which is introduced from YA2020, is a simplified income tax return for companies with annual revenue of SGD$200,000 and below. The intent is to make corporate tax filing easier and faster for small companies. Form C-S (Lite) only requires six essential fields to be completed for companies with straight-forward tax matters.   [...]

By |2020-10-27T13:44:19+08:00October 18th, 2020|Accounting Bookkeeping Tax and XBRL, What Is...|

What is an SSIC code?

SSIC stands for Singapore Standard Industrial Classification. It is a code that is assigned to each business activity. The Singapore Standard Industrial Classification (SSIC) is the national standard for classifying economic activities undertaken by economic units and is used in censuses of population, household and establishment surveys and in administrative databases. The SSIC adopts the [...]

By |2020-10-09T05:24:40+08:00October 9th, 2020|What Is...|
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