In Singapore, individuals cannot buy a commercial vehicle for personal use. However, only registered companies buy it for business use.
Like any remaining vehicles in Singapore, commercial vehicles require a valid Certificate of Entitlement (COE). Commercial Vehicles are under Category C (Goods Vehicles & Bus). They can likewise be registered using Category E (Open-All Except Motorcycle) despite this may not make financial sense since Category E COE prices are usually more expensive than Category C – because it is an open all vehicles except for motorcycles.
Here is the screenshot of our COE template of the difference between Category C and E below.
The important advise is that the maximum lifespan of the commercial vehicle is 20 years. After 20 years, you cannot continue using the commercial vehicles even if you are willing to renew the COE.
Like the passenger cars, the registration fee for commercial vehicles is $22; those who purchase a commercial vehicle can get financing of up to 90%.
4 Different Types of Commercial Vehicles
Type of Commercial Vehicles | Used for | Maximum Laden Weight (MLW) | ARF* Rate | Road Tax |
---|---|---|---|---|
Goods-Cum-Passenger Vehicles (GPVs) | – Transport both goods and passengers | Up to 5,000kg | ARF is 100% of the OMV* for the first $20,000. ARF is 140% of the OMV for the first $30,000 (i.e. $20,001 to $50,000). ARF is 180% for any amount of OMV above $50,000. | MLW ≤ 3.5 – $372 (Diesel and Diesel Hybrid) MLW ≤ 3.5 – $298 (Green and Petrol) MLW Above 3.5 – $487 (Diesel and Diesel Hybrid) MLW Above 3.5 – $390 (Green and Petrol) |
Light Goods Vehicle (LGVs) | – Carry goods – Transport a maximum of up to 15 passengers (Minibuses) – Transport goods on the back and 2 or 3 passengers in the front (Lorries, Vans e.g.). | Up to 3,500kg | 5% of its OMV | $213 (Diesel and Diesel Hybrid) $170 (Petrol and Petrol Hybrid) |
Heavy Goods Vehicles (HGVs) | – Carry Heavy Goods and Transport more than 15 passengers (Trucks, Lorries, Buses) | Between 3,501kg to 16,000kg. | 5% of its OMV | 3.5 < MLW ≤ 7 – $328 (Diesel and Diesel Hybrid) $262 (Green and Petrol) 7 < MLW ≤ 11 – $362 (Diesel and Diesel Hybrid) $289 (Green and Petrol) 7 < MLW ≤ 16 – $489 (Diesel and Diesel Hybrid) $391 (Green and Petrol) |
Very Heavy Goods Vehicles (VHGVs) | – Carry Largest Goods (Loads of Garbage, Car Picking, Cement, Gas fuels e.g.) | Above 16,000kg | 5% of its OMV | From $850 (MLW of between 16 to 20) to $1,488 (MLW above 55) (both for diesel and diesel hybrid vehicle.) |
ARF stands for Additional Registration Fees
From 1st August 2021 to 31 July 2022, the tax rebate will be 50%.
If you are interested in getting a commercial vehicle, whether new or used, and require some financing, you can contact our commercial specialists for information.
Reference from dollarsandsense.sg.