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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
The corporate veil is a metaphor to recognise that a validly registered company has its own legal identity that is distinct from its members (shareholders) and officers (for example, directors and secretaries). The effect of incorporation is that the company is a body corporate with a distinct legal identity. It may sue and be sued, [...]
Introduction A share split is also commonly referred to as a stock split. It is usually done for commercial reasons. Usually, when the price of a share is restrictively high, the company may decide to break up or split that share into multiple smaller shares. For example, instead of 1 share being priced at $100, [...]