Terms & Conditions

1. About these terms

1.1These terms of use (the "Terms") govern your access to and use of the website at ajiho.io and any of its subdomains (the "Website"), including all content, commentary, documents, data, tools and functionality made available on it.

1.2The Website is operated by AJIHO PTE. LTD., a private company limited by shares incorporated in Singapore under UEN 202633484W, whose registered office is at 68 Circular Road, #02-01, Singapore 049422 ("ajiho", "we", "us" or "our").

1.3"You" means any person who accesses or uses the Website, whether as a visitor, a prospective client, a client, a professional adviser, a data provider, a journalist, a candidate for a role, or otherwise.

1.4These Terms should be read together with our Privacy Policy and our Cookie Policy, each of which is incorporated into these Terms by reference.

1.5These Terms do not govern the provision of professional services by ajiho. Where ajiho is engaged to provide services, that engagement is governed by an engagement letter and by ajiho's Terms of Business for the contracting entity. Nothing on the Website varies, supplements or overrides those documents.

2. The ajiho entities

2.1ajiho provides services through more than one legal entity. Each entity is a separate legal person. References on the Website to "ajiho", "we", "us", "our", "the firm" or "the team" are used for convenience only and do not imply that the entities carry on business in partnership, that any entity is the agent of another, or that any joint venture exists between them.

2.2No ajiho entity is liable for the acts or omissions of any other ajiho entity, and no entity has any obligation in respect of an engagement to which it is not a party, except where expressly agreed in an engagement letter signed by that entity.

2.3Which entity contracts with a client depends on the client's location and the nature of the engagement. The contracting entity is identified in the engagement letter for each engagement.

3. Acceptance of these terms, and changes to them

3.1By accessing or continuing to use the Website you confirm that you accept these Terms and agree to comply with them. If you do not accept them, you must stop using the Website.

3.2We may amend these Terms at any time by posting the amended version on the Website. Amendments take effect when posted. The date on which these Terms were last updated is shown at the top of the page.

3.3It is your responsibility to check these Terms when you use the Website. Your continued use of the Website after an amendment is posted constitutes your acceptance of the amended Terms. We recommend you retain a copy of the version in force at the time of any use on which you rely.

3.4We may change, suspend, restrict or withdraw any part of the Website, or the whole of it, at any time, with or without notice, and we are not obliged to keep any content available.

4. The Website does not provide professional advice

4.1All content on the Website is published for general information only. It is not, and must not be relied on as, transfer pricing, tax, legal, accounting, treasury, valuation, regulatory, financial or investment advice, and it is not a substitute for advice obtained on your own facts.

4.2Content on the Website takes no account of the facts, contractual terms, group structure, jurisdictions, functional and risk profile, credit standing or commercial objectives of any particular taxpayer or transaction. Transfer pricing outcomes are acutely fact-dependent, and the same framework applied to different facts can produce materially different results.

4.3Legislation, tax authority practice, OECD guidance, case law and market conditions change. Content is prepared as at the date of publication shown on it. We do not undertake to update any content, and content may cease to reflect the current position without notice.

4.4No content on the Website should be used as the basis for pricing, supporting or documenting any transaction, for any return, filing, disclosure or submission to a tax authority, or for any financing, treasury or investment decision. Before acting, you should obtain advice from a suitably qualified adviser in the relevant jurisdiction who has been given your full facts.

4.5ajiho is not a law firm and does not provide legal services or legal representation. ajiho does not provide audit, assurance or statutory reporting services, and does not provide regulated financial advisory, dealing or investment services.

5. No client relationship

5.1Accessing or using the Website does not create a client relationship between you and any ajiho entity. Nor does submitting an enquiry through the Website, sending us an email, subscribing to Signal or any other publication, registering an interest, downloading material, or attending an event or webinar we host.

5.2ajiho accepts an engagement only in writing, after completion of conflict of interest and anti-money-laundering checks, and on execution of an engagement letter incorporating the applicable Terms of Business. No statement on the Website, and no correspondence sent through it, creates an engagement or commits ajiho to accept one.

5.3Because no client relationship arises from your use of the Website, we owe you no duty of care in respect of its content, and no fiduciary or advisory duty. Communications sent to us through the Website are not protected by legal professional privilege, litigation privilege, or any equivalent protection in any jurisdiction.

6. Signal, FT Cases and commentary on decided cases

6.1The Website publishes commentary under the Signal masthead. This includes FT Cases (analysis of court and tribunal decisions concerning financial transactions transfer pricing), market and macroeconomic commentary, regulatory updates and sector commentary.

6.2FT Cases are prepared from publicly available judgments, decisions, official summaries and legislative material. They are our summary and analysis of a decision. They are not a reproduction of it, they do not set out its full reasoning, and they reflect our reading of it. Where a decision is available only in a language other than English, our commentary is based on an unofficial translation.

6.3The primary source prevails. Where our commentary differs from the underlying decision or official material, the underlying source governs. We cite the official primary source in each FT Case, and link to it where free public access exists. You should read the primary source before relying on any point taken from an FT Case.

6.4Views expressed in Signal are ajiho's own as at the date of publication. They are not the views of any court, tax authority, taxpayer, adviser or client, they are not attributed to any of them, and they do not indicate the position ajiho would take on comparable facts in an engagement.

6.5References to any taxpayer, tax authority, adviser, court, transaction or instrument are made for identification and analysis only, on the basis of the public record. No criticism of the conduct or competence of any person is intended and none should be inferred.

7. Market data and third-party information

7.1The Website may display interest rates, credit spreads, indices, ratings-related statistics, benchmark data and other market or economic information obtained from third parties, including central banks, official statistical sources and commercial data providers.

7.2Third-party information is presented as we receive it and is not independently verified by us. It may be indicative, delayed, incomplete, subsequently revised, restated or withdrawn at source, and it may be presented in summarised or derived form.

7.3Information on the Website must not be used as a pricing source, a benchmark, a valuation input, or as evidence of an arm's length rate or outcome, and must not be used for trading, hedging, lending or investment purposes.

7.4Third-party information remains the property of its owner and may be subject to that owner's own terms of use. You must not extract, store, redistribute, republish or commercially exploit any third-party information obtained from the Website, and you must not rely on our display of it as evidence that you are licensed to use it.

7.5To the fullest extent permitted by law we accept no liability for any error, omission, delay, interruption or discontinuation in third-party information, or for any act or omission of a third-party provider.

8. Intellectual property

8.1All intellectual property rights in the Website and in its content are owned by or licensed to ajiho. This includes text, commentary, FT Cases, analytical frameworks, methodologies, models, calculators, templates, data compilations and selections, structure charts, design, layout, look and feel, graphics, photography, video, typography and code.

8.2We grant you a limited, revocable, non-exclusive, non-transferable licence to view the Website and to download, print or store a reasonable number of individual pages or documents from it, for your own internal information and non-commercial reference, provided that you keep all copyright, trade mark and attribution notices intact and do not alter the material.

8.3Except as permitted by clause 8.2 or 8.4, or with our prior written consent, you must not:

(a)reproduce, republish, distribute, transmit, display, sell or otherwise make available any substantial part of the content;

(b)incorporate content into your own advice, report, deliverable, filing, submission or publication, other than by way of brief quotation in accordance with clause 8.4;

(c)include content in, or use it to develop, any product, database, service or publication that is provided to a third party, whether or not for a fee;

(d)systematically copy, download or store a material part of the content, whether manually or by automated means;

(e)create any derivative work from the content; or

(f)remove, obscure or alter any ajiho branding, watermark, notice or source attribution.

8.4You may quote briefly from the Website for the purposes of criticism, review, news reporting, professional discussion or academic research, provided the quotation is no longer than is necessary, is clearly attributed to ajiho, and where published online includes a link to the source page. This clause does not extend, and is not intended to extend, beyond what applicable copyright law already permits.

8.5All rights not expressly granted in these Terms are reserved.

9. Text and data mining, scraping and machine learning

9.1We expressly reserve all rights in the content of the Website in respect of text and data mining, web scraping, and the use of content for the training, fine-tuning, evaluation, retrieval or grounding of any artificial intelligence or machine learning system, including any generative model.

9.2No such use is permitted without our prior written licence. This clause constitutes an express reservation of rights for the purposes of any applicable text and data mining exception, including Article 4(3) of Directive (EU) 2019/790, and operates alongside any machine-readable reservation implemented on the Website.

9.3You must not use any robot, spider, scraper, crawler, harvesting tool or other automated means to access, monitor, index or copy the Website or any part of it, except a search engine crawler operating in accordance with the directives published on the Website.

10. Our name and marks

10.1"ajiho", the ajiho word mark, the ajiho two-dot mark and the ajiho logotype are the names and marks under which ajiho trades and are proprietary to ajiho.

10.2You may not use any ajiho name, mark or logo, alone or in combination with other words or design elements, without our prior written consent. This applies in particular to use in advertising, marketing, press releases, pitch or client materials, domain names, social media handles, application names, keyword advertising and metadata.

10.3Names, marks and logos of third parties appearing on the Website — including those of courts, tax authorities, data providers, and taxpayers and advisers referred to in FT Cases — are used for identification purposes only and remain the property of their respective owners. Their appearance does not indicate any endorsement of, affiliation with, or approval of ajiho or of any content on the Website.

11. Permitted and prohibited use

11.1You may use the Website only for lawful purposes and in accordance with these Terms.

11.2You must not:

(a)use the Website in breach of any applicable law or regulation;

(b)attempt to gain unauthorised access to the Website, to its hosting or form-handling environment, or to any account, server, system or network connected to it;

(c)introduce or transmit any virus, worm, trojan, logic bomb, keystroke logger or other malicious or technologically harmful code;

(d)interfere with the proper operation of the Website, or impose an unreasonable or disproportionate load on it, including by any denial-of-service or distributed denial-of-service attack;

(e)circumvent or attempt to circumvent any access control, authentication, rate limit or security feature;

(f)probe, scan or test the vulnerability of the Website except with our prior written permission;

(g)frame, mirror or deep-link into the Website in any way that misrepresents its source, removes its branding, or presents its content as your own;

(h)submit through the Website any material that is unlawful, defamatory, obscene, harassing, discriminatory, misleading or infringing of any third party's rights;

(i)use the Website, or any content or data obtained from it, to build, market or operate a service that competes with ajiho; or

(j)impersonate any person, or misrepresent your identity or your affiliation with any person or organisation.

11.3Breach of clause 11.2 may constitute a criminal offence, including under the Computer Misuse Act 1993 of Singapore and the Computer Misuse Act 1990 of the United Kingdom. Where we reasonably suspect an offence has been committed we may report the matter to the relevant law enforcement authority and disclose your identity and technical information about your use of the Website to it.

11.4If you become aware of a security vulnerability in the Website, we ask that you report it to info@ajiho.io and allow us a reasonable period to address it, rather than exploiting, publicising or testing it further. We will not pursue a claim under these Terms against a person who reports a vulnerability in good faith and in accordance with this clause.

12. Enquiries, submissions and confidentiality

12.1The Website provides forms and email addresses through which you can contact us. Information you send through them is not treated as confidential, and no obligation of confidence arises, unless and until we have agreed otherwise in writing.

12.2You should not send confidential, privileged, price-sensitive or commercially sensitive information, sensitive personal data, or documents belonging to a taxpayer or other third party, through the Website or in initial correspondence with us. Send only enough information to allow us to understand the nature of your enquiry and to carry out conflict and anti-money-laundering checks.

12.3We have not carried out conflict of interest checks at the point of your first contact. We may already act, or may be asked to act, for a party whose interests are adverse to yours. That may mean we are unable to act for you, and in some circumstances unable to explain why.

12.4We are not obliged to respond to any enquiry or to accept any engagement, and we may decline without giving reasons.

12.5If you send us an unsolicited idea, suggestion, proposal or material — other than an enquiry about our services, an application for a role, or information provided in the course of an engagement — you agree that we may use it without restriction, obligation, attribution or payment, and that no confidential relationship arises in respect of it. We do not accept unsolicited business or commercial proposals on a confidential basis.

12.6Where you register an interest, subscribe to Signal or another publication, or submit your details through a registration or "coming soon" form, we will use your details as described in the Privacy Policy. You may withdraw your consent or unsubscribe at any time using the mechanism in each communication or by contacting us.

12.7Where you apply for a role or an internship through the Website, your information will be handled as described in the Privacy Policy, and retained for no longer than the period stated there.

13. Personal data, privacy and cookies

13.1Our collection and use of personal data through the Website is described in the Privacy Policy, which sets out the purposes and lawful bases for processing, retention periods, and your rights under the Singapore Personal Data Protection Act 2012, the UK General Data Protection Regulation, and Regulation (EU) 2016/679 where applicable.

13.2The Website is hosted, and its forms are handled, by third-party service providers. Limited technical data, including your IP address, request headers and the pages you request, is necessarily processed in order to deliver, secure and maintain the Website. Details are in the Privacy Policy.

13.3The Website does not currently use analytics, advertising, profiling or other non-essential cookies or tracking technologies, and accordingly does not present a cookie consent banner. The Cookie Policy sets out the current position and will be updated if it changes.

13.4Personal data collected through the Website may be transferred to, stored in and accessed from jurisdictions other than the one in which you are located, including Singapore, the United Kingdom and the jurisdictions in which our service providers operate. The transfer mechanisms we rely on are described in the Privacy Policy.

14. Availability, accuracy and security of the Website

14.1We aim to make the Website available at all times but we do not guarantee that access will be uninterrupted, timely, secure or error-free. Access may be suspended, restricted or withdrawn for maintenance, security, legal or business reasons, with or without notice.

14.2We do not warrant that the Website, or any server or service that makes it available, is free from viruses or other harmful components. You are responsible for configuring your own information technology, for your own virus protection, and for maintaining your own back-ups.

14.3We do not warrant that the Website is compatible with your equipment, operating system, browser or assistive technology, or that its content complies with the law of any jurisdiction other than Singapore and the United Kingdom.

14.4We take reasonable care in preparing the content of the Website, but content may nonetheless contain errors, omissions or out-of-date material, and to the fullest extent permitted by law we exclude liability for these. If you identify an error, we would be grateful if you would tell us at info@ajiho.io.

15. Links to and from the Website

15.1Where the Website links to a third-party website or resource, the link is provided for your convenience and for further information only. It does not indicate that we endorse, verify or are associated with that site or its operator.

15.2We have no control over the content, availability, accuracy, security or privacy practices of any third-party site, and we accept no responsibility or liability for them. You follow any external link at your own risk and subject to the terms of the site you reach.

15.3FT Cases link to official primary sources — court, tribunal, tax authority and legislative publications — where free public access exists. Where no free official source is available we provide a full citation without a link. We do not control those sources and links may move, change or cease to work.

15.4You may link to the home page of the Website in a way that is fair and lawful and does not damage or take unfair advantage of our reputation. You must not frame the Website, suggest any endorsement, approval or association where none exists, or link from a website that you do not own or that contains unlawful or objectionable material. We may withdraw linking permission at any time without notice.

16. Jurisdictional reach, and no offer or solicitation

16.1The Website is directed at businesses, their advisers and professional users. It is not directed at any person in any jurisdiction where publication of, or access to, the Website would be unlawful, or would subject any ajiho entity to a registration, licensing, authorisation or reporting requirement in that jurisdiction.

16.2Nothing on the Website constitutes an offer, invitation or solicitation to buy, sell or subscribe for any security, fund interest, loan or other financial instrument, or to enter into any transaction, and nothing on it constitutes an investment recommendation or research.

16.3Nothing on the Website constitutes an offer to provide services in any jurisdiction in which ajiho is not able or permitted to provide them. The description of a service on the Website does not mean that it is available to you or in your jurisdiction.

16.4If you access the Website from outside Singapore or the United Kingdom, you do so on your own initiative and you are responsible for compliance with the laws applicable to you.

17. Disclaimers

17.1The Website and all content, data and functionality on it are provided on an "as is" and "as available" basis.

17.2To the fullest extent permitted by law, we exclude all representations, warranties, conditions, undertakings and terms, whether express, implied, statutory, collateral or otherwise, in relation to the Website and its content, including as to accuracy, completeness, currency, reliability, suitability, satisfactory quality, fitness for any particular purpose, non-infringement, security, uninterrupted availability, and freedom from error or harmful code.

17.3The disclaimers in these Terms are given for the benefit of each ajiho entity and of our directors, officers, employees, contractors, subcontractors, agents and licensors, as well as for our own benefit.

18. Limitation of liability

18.1Nothing in these Terms excludes or limits any liability that cannot lawfully be excluded or limited, including liability for fraud or fraudulent misrepresentation.

18.2Subject to clause 18.1, and to the fullest extent permitted by law, we are not liable to you, whether in contract, tort (including negligence), breach of statutory duty, misrepresentation, restitution or otherwise, for any of the following, however arising and whether or not foreseeable:

(a)loss of profit, revenue, turnover, anticipated savings, business, contracts, opportunity, goodwill or reputation;

(b)loss, corruption or unavailability of data;

(c)business interruption, wasted management or staff time;

(d)any tax, interest, penalty, surcharge, additional assessment or adjustment, or the cost of any dispute with a tax authority;

(e)any liability you incur to a third party, including to a client of yours; or

(f)any indirect, special, incidental, consequential or punitive loss or damage.

18.3Subject to clause 18.1, our total aggregate liability arising out of or in connection with the Website and its content, whether in contract, tort or otherwise, is limited to S$1,000.

18.4Subject to clause 18.1, any claim arising out of or in connection with the Website must be brought within one year of the date on which you first became aware, or ought reasonably to have become aware, of the circumstances giving rise to it.

18.5You are responsible for your own decisions and for any use you make of the Website. Where you use the Website in the course of a business, we accept no liability for any loss suffered by you, or by any person to whom you pass on content from the Website, as a result of that use.

18.6Professional services provided by ajiho are governed by a separate engagement letter and Terms of Business. This clause 18 neither limits nor extends any liability arising under those documents, and the limitations in those documents govern liability in respect of services.

18.7If and to the extent that you are a consumer, nothing in these Terms affects any right you have under the law of your country of residence that cannot be excluded or limited by agreement.

19. Indemnity

19.1Where you use the Website in the course of a business, you agree to indemnify us, and each person described in clause 17.3, against all liabilities, losses, damages, costs and expenses (including reasonable legal costs) that we or they incur arising out of or in connection with your breach of these Terms, your misuse of the Website, or your infringement of our intellectual property rights or those of any third party.

20. Suspension of access

20.1We may restrict, suspend or terminate your access to the Website, in whole or in part, at any time and without notice, including where we reasonably believe that you have breached these Terms or that your use presents a risk to the Website or to other users.

20.2Clauses 1, 2, 4, 5, 8, 9, 10, 12.5, 17, 18, 19, 22 and 23 survive any termination or suspension of your access to the Website.

21. Notices and contact

21.1All enquiries and notices concerning the Website should be sent to info@ajiho.io. This includes intellectual property complaints and takedown requests, data protection requests and questions, and reports of security vulnerabilities.

21.2We may communicate with you by email at any address you provide to us, and you agree that email satisfies any requirement for a notice to be in writing.

22. General

22.1These Terms, together with the Privacy Policy and the Cookie Policy, constitute the entire agreement between you and us in relation to your use of the Website, and supersede any previous statement, representation or understanding in relation to it. Nothing in this clause limits any liability for fraudulent misrepresentation.

22.2If any provision of these Terms is or becomes invalid, illegal or unenforceable, it shall be modified to the minimum extent necessary to make it valid, legal and enforceable, or if that is not possible it shall be severed, and in either case the remainder of these Terms shall continue in full force and effect.

22.3No failure or delay by us in exercising any right or remedy under these Terms constitutes a waiver of it, and no single or partial exercise of a right precludes any further exercise of it.

22.4You may not assign, transfer or sub-contract any of your rights or obligations under these Terms. We may assign or transfer ours to another ajiho entity or to a successor in our business.

22.5No person other than you and us has any right to enforce any provision of these Terms, whether under the Contracts (Rights of Third Parties) Act 2001 of Singapore, the Contracts (Rights of Third Parties) Act 1999 of the United Kingdom, or otherwise, except that each ajiho entity and each person described in clause 17.3 may enforce clauses 17, 18 and 19.

22.6These Terms are drafted in English. Where we provide a translation, it is for convenience only and the English version prevails in the event of any inconsistency.

23. Governing law and jurisdiction

23.1These Terms, your use of the Website, and any dispute or claim arising out of or in connection with either of them (including any non-contractual dispute or claim) are governed by and construed in accordance with the laws of Singapore.

23.2You and we submit to the non-exclusive jurisdiction of the courts of Singapore in respect of any such dispute or claim.

AJIHO Pte. Ltd. · UEN 202633484W · 68 Circular Road, #02-01, Singapore 049422 · info@ajiho.io · ajiho.io