If you run a business, you may be required to produce credit facilities or guarantor-ship from time to time. This can often be fulfilled by purchasing a bond from an insurance company by paying a premium.
In Singapore, the most common bonds are
If you run an employment agency, you are required to submit Employment Agency Bond (Banker’s Guarantee) to Ministry of Manpower.
Do you know that you have been overpaying the insurance by 7% because you were paying GST on the bond premium?