Experts consider the development of the corporate veil notion to be one of the most significant corporate breakthroughs. Well-established nations have accepted the idea of limited liability, leading to the rise of multinational corporations with affiliates in various jurisdictions. To achieve equity, courts may “pierce” or “lift” the veil, making the parent company liable for the activities of its affiliates, stakeholders, and other interested parties. However, the means of lifting the veil vary among nations. Let us now understand the concept, its significance, and how it is dealt with in numerous countries.