Buying commercial vehicle by registering a company

[Jefkking]

Hello, register a "company" is extremely simple as A. B & C but you've to submit your annual company income tax and it's tedious for period of up to 7 yrs, think twice before regsiter your "Company" !!

Btw, van with insatlled of 2nd row seats is / were illegal installation & not under the Insurance coverage in case of injury & Insurance doesn't insure non company staff on board or the driver that driving the said panel van and in another words, it will not cover your brother if the "company" is under your sole ownership and company van insurance premium is extremely costly than car due the to nature of the usage of this "transport".

 

Buyig a van under sole ownership not financial loan allow or else need garanto vs buying a car that can loan.

 

Cons: Van no parf value, can't travel at speed above 70 km/h, diesel engine driven emitting black smoke, need to go for annual inspection, can't travel to Malaysia etc !!

Edited April 15, 2011 by Jefkking

[Keith777]

Hi guys, I need urgent advise. I am supposed to meet a van seller tomorro morning at LTA.

I have prepared my Business profile printed from Bizlink (ACRA), the insurance cert and my IC for this transfer but the owner just rang me to remind me to bring the rubber stamp for my sole proprietorship which I haven't make. Is it compulsory to use the stamp for transfer of ownership when filling up the MT01 transfer form? :(

[Gabriel]

most things require the stamp ..even insurance claim...so i guess for transferring...should be the same case..

[Johnnylim]

Hello, register a "company" is extremely simple as A. B & C but you've to submit your annual company income tax and it's tedious for period of up to 7 yrs, think twice before regsiter your "Company" !!

Btw, van with insatlled of 2nd row seats is / were illegal installation & not under the Insurance coverage in case of injury & Insurance doesn't insure non company staff on board or the driver that driving the said panel van and in another words, it will not cover your brother if the "company" is under your sole ownership and company van insurance premium is extremely costly than car due the to nature of the usage of this "transport".

 

Buyig a van under sole ownership not financial loan allow or else need garanto vs buying a car that can loan.

 

Cons: Van no parf value, can't travel at speed above 70 km/h, diesel engine driven emitting black smoke, need to go for annual inspection, can't travel to Malaysia etc !!

Wat u mean when u say gotta submit annual company income tax for period of up to 7 yrs? U mean even I terminate my business after 1 yr still need to submit till 7 yrs or the active business dun hv to submit income tax after 7 yrs?

[Gani_1986]

Hi guys , i have a few queries regarding getting a commercial vehicle. Will be greatful if someone can answer them?

 

1) My Dad is a hawker and has NEA license. However he does not have a valid class 3. Can we still register a commercial vehicle under his shop/name?

 

2) If yes, How do we get an insurance for the car? Can i use my own class 3 to get insurance even if it is registered under his name?

 

3)What is the price range for 3rd part fire n theft insurance is like for a 26 year old?

 

Jus a background info, this vehicle is primarily used to fetch my dad to and fro from work cos he suffered a mild stroke and is on waffarin. And i don wanna take risk picking him up every day on my bike.

 

Appreciate if someone can englighten me. Cheers :)

 

[Rustyz]

Hi guys , i have a few queries regarding getting a commercial vehicle. Will be greatful if someone can answer them?

 

1) My Dad is a hawker and has NEA license. However he does not have a valid class 3. Can we still register a commercial vehicle under his shop/name?

 

2) If yes, How do we get an insurance for the car? Can i use my own class 3 to get insurance even if it is registered under his name?

 

3)What is the price range for 3rd part fire n theft insurance is like for a 26 year old?

 

Jus a background info, this vehicle is primarily used to fetch my dad to and fro from work cos he suffered a mild stroke and is on waffarin. And i don wanna take risk picking him up every day on my bike.

 

Appreciate if someone can englighten me. Cheers :)

 

What I heard, please advice

 

1) the veh will be registered under the company name

2) The insurance will be also under company name, and must be company staff then will be covered. Not too sure what do u mean by ur own class 3

3) coy veh insurance is more exp then pte insurance

Edited September 27, 2012 by Rustyz

[Gani_1986]

Thank you for the reply. Pardon me. I'm a rider and the insurance covers me only . Someone else with valid class 2 can't ride my bike as insurance won't cover him. I thought this applies to class 3 vehicles too? No? :

[rottweiler]

Hello bros!

 

Does anyone has any experience which brand of light commercial vehicle is the most value for money?

 

What is the price of a brand new commercial vehicle now?

 

(I have been surfing the web, but only used vans kept popping up. The depreciation seems very high even for 2nd hand vans - around $10k per year. Isn't that comparable to small used cars?)

 

Thank you for your advice :)

[Watwheels]

Hello bros!

 

Does anyone has any experience which brand of light commercial vehicle is the most value for money?

 

What is the price of a brand new commercial vehicle now?

 

(I have been surfing the web, but only used vans kept popping up. The depreciation seems very high even for 2nd hand vans - around $10k per year. Isn't that comparable to small used cars?)

 

Thank you for your advice :)

 

Commercial vehicles hasn't been value for money since......many years back.

 

Largely due to it being commercial loan interest rates are higher dan private cars and so is insurance becoz in most cases it's covered under "any driver"(in the company it's registered under). Diesel price is not exactly cheap like in the past. The only redemption is the road tax but it's subjected to yearly in$pection and $mog test (each is subjected to different price). When you add these inspection, smog test with road tax and insurance you are looking at a one big lump of money plus installment...you have to set aside yearly.

 

Any used vehicle, be it commercial or private, depreciation is high is old news coz dealers peg the prices to new coe prices.

 

If you are looking for your own personal transport you are looking in the wrong place. If you are looking for 4 wheels that's value for money, no such thing now. Whatever that's so would have been snapped up very quickly.

[rottweiler]

 

Commercial vehicles hasn't been value for money since......many years back.

 

Largely due to it being commercial loan interest rates are higher dan private cars and so is insurance becoz in most cases it's covered under "any driver"(in the company it's registered under). Diesel price is not exactly cheap like in the past. The only redemption is the road tax but it's subjected to yearly in$pection and $mog test (each is subjected to different price). When you add these inspection, smog test with road tax and insurance you are looking at a one big lump of money plus installment...you have to set aside yearly.

 

Any used vehicle, be it commercial or private, depreciation is high is old news coz dealers peg the prices to new coe prices.

 

If you are looking for your own personal transport you are looking in the wrong place. If you are looking for 4 wheels that's value for money, no such thing now. Whatever that's so would have been snapped up very quickly.

 

Thank you for the advice, bro :)

[alex976]

 

Commercial vehicles hasn't been value for money since......many years back.

 

Largely due to it being commercial loan interest rates are higher dan private cars and so is insurance becoz in most cases it's covered under "any driver"(in the company it's registered under). Diesel price is not exactly cheap like in the past. The only redemption is the road tax but it's subjected to yearly in$pection and $mog test (each is subjected to different price). When you add these inspection, smog test with road tax and insurance you are looking at a one big lump of money plus installment...you have to set aside yearly.

 

Any used vehicle, be it commercial or private, depreciation is high is old news coz dealers peg the prices to new coe prices.

 

If you are looking for your own personal transport you are looking in the wrong place. If you are looking for 4 wheels that's value for money, no such thing now. Whatever that's so would have been snapped up very quickly.

 

Bros,

 

The part on the vehicle cost and insurance premium are high is very true. But a lot of people tend to forget that diesel vehicles (G,X, Y, W heading plates) under a company name can be used to offset a company's income tax which could be quite substantial.

 

The part on diesel cost there maybe a little confusion. In Singapore, diesel can be cheap if you go for industrial diesel which are not of Euro 4 grade. For those driving diesel cars especially please dont ever use industrial diesel.

[Darryn]

 

Bros,

 

The part on the vehicle cost and insurance premium are high is very true. But a lot of people tend to forget that diesel vehicles (G,X, Y, W heading plates) under a company name can be used to offset a company's income tax which could be quite substantial.

 

The part on diesel cost there maybe a little confusion. In Singapore, diesel can be cheap if you go for industrial diesel which are not of Euro 4 grade. For those driving diesel cars especially please dont ever use industrial diesel.

Singapore is currently in the process of changing to (I think) euro 6 diesel, not fully completed yet.

 

Most of the euro passenger cars need at least euro 5 - unless they have been detuned, which is why it is not good to fill up in malaysia.

 

BUT Johor is currently in the process of upgrading diesel, mostly to comply with singapore anti smoke rules for incoming vehicles

[Johnnylim]

 

Bros,

 

The part on the vehicle cost and insurance premium are high is very true. But a lot of people tend to forget that diesel vehicles (G,X, Y, W heading plates) under a company name can be used to offset a company's income tax which could be quite substantial.

 

The part on diesel cost there maybe a little confusion. In Singapore, diesel can be cheap if you go for industrial diesel which are not of Euro 4 grade. For those driving diesel cars especially please dont ever use industrial diesel.

But hor....for yr 1st part of answer, u must understand the real intention of getting a van in e 1st place which is basically income-less

[Neutralsg]

Comment in red may not be applicable if:

a) company does not yield much income for such offset

b) if the owner uses it mainly for personal transport rather than it's declared purpose

 

Bros,

 

The part on the vehicle cost and insurance premium are high is very true. But a lot of people tend to forget that diesel vehicles (G,X, Y, W heading plates) under a company name can be used to offset a company's income tax which could be quite substantial.

 

The part on diesel cost there maybe a little confusion. In Singapore, diesel can be cheap if you go for industrial diesel which are not of Euro 4 grade. For those driving diesel cars especially please dont ever use industrial diesel.

 

[JOSEPHLOH]

Singapore is currently in the process of changing to (I think) euro 6 diesel, not fully completed yet.

 

Most of the euro passenger cars need at least euro 5 - unless they have been detuned, which is why it is not good to fill up in malaysia.

 

BUT Johor is currently in the process of upgrading diesel, mostly to comply with singapore anti smoke rules for incoming vehicles

Euro 6 wouldn't be out till earliest 2017 but so far no confirmation.

[Victorwt]

sorry to dig up an old thread.

 

I have a commercial vehicle registered under a sole proprietorship - but if I do not renew the sole proprietorship and let it expire, will I still be able to keep the vehicle?

[MJKhor]

I believe you will facing problem when come to renewal of roadtax and insurance.

[JX83]

Sorry to dig up the thread. I hope someone can help me on this few questions regarding commercial vehicles. My wife is currently driving her father’s NV200 van but he had just passed away 1 month+ back. We have the letter of estate/authorization from the lawyer.

Issue now is how do I transfer her father’s name to my wife as her father’s hawker business had closed down a year ago as now it required my wife to own a company to enable her to do the name transfer. I find that it makes no sense to just register a company just for the transferring of name.

Is there any other ways which my wife can transfer the name over or can we convert the van to normal plate so she could still own the van. We have just fully paid up the van recently and renew insurance using her dad’s name though.

Thanks guys hope someone can help me out.