An annual general meeting (AGM) is a mandatory yearly gathering of a company's stakeholders to discuss important matters concerning the business. At this event, the company's board of directors delivers an annual report containing information about the company's performance and strategies to shareholders. Shareholders with voting rights participate in the meeting to vote on various [...]
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 [...]
Opening a trading company in Singapore involves several steps that need to be followed. Here is a general guide on how to open a trading company in Singapore: Decide on the business structure: The first step in opening a trading company is to decide on the business structure. You can choose to set up a [...]
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 [...]
Personal tax filing season is once again upon us! Please note that personal and corporate tax filing deadlines are very different. Personal income taxes are to be filed by April and corporate income taxes are to be filed by November. When filing your personal income taxes in Singapore, here are some key things to keep [...]
Bootstrapping a business means starting and running a business using one's own resources without external funding or significant debt. In other words, it refers to building a business from scratch by relying on personal savings, revenue generated by the business, and other non-traditional funding sources. The concept of bootstrapping in business has gained popularity in [...]
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 [...]
There are two types of Payment Institution licences issued by the Monetary Authority of Singapore (MAS) under the Payment Services Act. They are the Standard Payment Institution Licence and the Major Payment Institution Licence. The Payment Institution Licences will allow licence holders to provide any of the seven payment services that are regulated by [...]
The principle of accrual accounting is a method of accounting that recognizes revenues and expenses when they are incurred, rather than when cash is received or paid. This means that transactions are recorded when they happen, rather than when money changes hands. In accrual accounting, revenues are recognized when they are earned, regardless of when [...]
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. [...]