by Willie Tan | Apr 8, 2024 | Glossary
The “Letter of Consent” (LOC) issued by the Ministry of Manpower (MOM) in Singapore is a document that allows eligible foreign individuals to work in Singapore without needing to obtain a traditional work visa. The Letter of Consent is typically issued to...
by Willie Tan | Apr 8, 2024 | Glossary
It’s a principle or method used in various contexts, including accounting, inventory management, and computing. LIFO refers to the Last In, First Out method of inventory valuation. With LIFO accounting, the most recently acquired inventory items are assumed to...
by Willie Tan | Apr 8, 2024 | Glossary
The Ministry of Trade and Industry (MTI) is a government agency in Singapore responsible for formulating and implementing trade, industry, and economic development. Its primary mission is to promote sustainable economic growth, enhance Singapore’s...
by Willie Tan | Apr 8, 2024 | Glossary
the Market Readiness Assistance (MRA) Grant is a financial assistance program provided by Enterprise Singapore, a government agency, to help Singaporean Small and Medium Enterprises (SMEs) internationalize and expand their businesses overseas. Key features of the...
by Willie Tan | Apr 8, 2024 | Glossary
The Ministry of Manpower (MOM) is a government agency in Singapore responsible for overseeing various aspects of labour, workforce development, and workplace safety. Its primary mission is to promote productive and inclusive workforce practices to enhance...
by Willie Tan | Apr 8, 2024 | Glossary
Knowledge capital refers to the intangible assets within an organisation that contribute to its ability to generate value and achieve its objectives. Unlike physical capital (e.g., buildings, machinery) or financial capital (e.g., cash, investments), knowledge capital...
by Willie Tan | Apr 8, 2024 | Glossary
A nominee shareholder is an individual or entity who holds shares in a company on behalf of another person or entity, who is the ultimate owner. The nominee shareholder’s name appears on the company’s shareholder register but not the ultimate beneficiary....
by Willie Tan | Apr 8, 2024 | Glossary
A nominee director is an individual appointed to serve on the board of directors of a company on behalf of another person or entity. The nominee director’s primary role is to represent the interests of the appointing party rather than actively participating in...
by Willie Tan | Apr 8, 2024 | Glossary
A Notice of Assessment (NOA) is an official document issued by a tax authority to taxpayers after they file their tax returns. The Notice of Assessment serves several purposes: Confirmation of Tax Liability: The NOA confirms the amount of tax payable by the taxpayers,...
by Willie Tan | Apr 8, 2024 | Glossary
“Know Your Customer” (KYC) refers to the process that businesses and financial institutions undertake to verify the identity of their customers or clients. It is a regulatory requirement in many jurisdictions and is particularly prevalent in the financial...
