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So far Daryl has created 444 blog entries.

Applying for a Major Payment Institution Licence with the MAS

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 [...]

By |2023-04-03T16:36:26+08:00April 3rd, 2023|Running a Company|

The principle of accrual accounting

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 [...]

By |2023-04-04T16:49:28+08:00March 31st, 2023|Accounting Bookkeeping Tax and XBRL|

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...|

Should I join the Singapore Peppol e-invoicing scheme?

If you are a business operating in Singapore, joining the Singapore Peppol e-invoicing scheme can be a beneficial step. Here are some reasons why: Faster and more efficient invoicing: By using e-invoicing, you can send and receive invoices in a matter of seconds, reducing processing times and improving cash flow. Lower administrative costs: E-invoicing eliminates [...]

By |2023-11-14T13:19:00+08:00March 22nd, 2023|Questions and Answers|

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 tax haven?

A tax haven is a country or jurisdiction that offers individuals and businesses little or no tax liability, usually through the implementation of favourable tax policies, such as low or no tax rates, lax financial regulations, and strict secrecy laws. These jurisdictions may also offer other advantages, such as political and economic stability, ease of [...]

By |2023-03-02T13:14:38+08:00March 15th, 2023|Questions and Answers|

How to determine the tax residency of a company

According to tax law in Singapore, a company's tax residency is determined by where its business is managed and controlled. This status can change on a yearly basis. Typically, a company is considered a Singapore tax resident for a specific Year of Assessment (YA) if its business was controlled and managed in Singapore during the [...]

By |2023-11-14T14:43:04+08:00March 13th, 2023|Accounting Bookkeeping Tax and XBRL, Running a Company|

Starting an Import / Export Business in Singapore

For a start, you will need to know that there are two types of goods. Controlled goods and non-controlled goods. If you intend to bring goods from abroad to sell in Singapore, you must obtain import permits and licenses for "controlled goods." First, ensure that your business is registered with the Accounting and Corporate Regulatory [...]

By |2023-11-14T14:52:57+08:00March 10th, 2023|Useful Incorporation Articles|
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