Frequently Asked Questions (FAQs)

Auto Financing
(by Goldbell Financial Services Pte Ltd)

  1. 1. What are the requirements to be a Private Hire Car Driver?

    Current requirements
    • Minimum Age of 22 years* old and maximum age of 75 years old.

    • Must have Class 3/3A Singapore driving license and at least 1 year* of continuous driving

    • Singapore applicant must be sole-proprietor of a business with activity code 49219 [Passenger Land Transport n.e.c. (private cars for hire with operator)]

    • Vehicle must be registered with the Land Transport Authority with Z10 or Z11 classification (Private Hire (Chauffeur) Motor Car)

    • No street pick-ups allowed. Private hire car services (i.e. trips) must be pre-booked

    • *depending on requirements of the relevant car booking service

    Future key requirements
    Based on recent LTA announcements, from 1H 2017, private hire car service drivers will be subject to the following additional key requirements:-

    • Undergo a series of background checks

    • Undergo a medical examination

    • Undergo and pass a 10-hour course, with a 3-hour refresher every 6 years (active drivers with no demerit points will not have to take the refresher course)

    • Subject to new demerit points system

    • Must display "Tamper-evident” decal issued by the Land Transport Authority

    • To learn more, click here

  2. 2. What are the requirements to own a private hire vehicle?

    • If you wish to use your vehicle to provide private hire (chauffeur) services, you must fulfil the requirements here: see Q1

    • Purchase commercial insurance for the vehicle

  3. 3. Do you provide the service to register a business?

    No, we do not provide this service.

  4. 4. How or who provides the service to register a business?

    • You can do it online using your Singpass OR

    • Engage a registered filing agent* for their service if you do not have a Singpass.

    • *Registered Filing Agent
      A registered filing agent is a person (e.g. Lawyers, accountants, chartered secretaries) who, in the course of his business, carries out on behalf of any other person (for example, a customer) any transaction with the Registrar using the electronic transaction system, or via other means allowed by the Registrar, if the electronic transaction system is unavailable.

  5. 5. What is the yearly renewal of the company's certificate process like?

    Renewal notices will be sent to business firms and their owners 6-8 weeks before the expiry date.

  6. 6. What are the tax reporting requirements for Sole-Proprietor and Partnerships?

    • Profits are taxed at owner's personal income tax rates. If there is no business income, a Nil return is required.

    • Please visit the Inland Revenue Authority of Singapore’s website for further details.

  7. 7. Why does my car need to be commercially insured?

    Commercial insurance will allow both the passengers and driver to be adequately protected should there be any accidents.

  8. 8. Does vehicle registered under Z10/Z11 increase the road tax on the vehicle?

    No, registering under Z10/Z11 will not increase your road tax. Your road tax is dependent on the size of your car.

  9. 9. Why does my car need to be registered as Z10/Z11 vehicle?

    To provide private hire (chauffeur) services, the Land Transport Authority requires the vehicle to be registered under the Z10/Z11 classification. A Z10 classified vehicle is a private hire (chauffeur) motor car and a Z11 classified vehicle is a private hire (chauffeur) station wagon/Jeep/Land Rover.

  10. 10. Can I extend my vehicle's COE after converting it to a Z10/Z11-classified vehicle?

    A Z10/Z11 classification does not affect the prevailing rules applicable to your vehicle’s COE. Please visit Land Transport Authority’s website for further details.

  11. 11. Can I drive my car outside of Singapore after I have converted it to Z10/Z11?

    Yes, you can, subject to your insurer's endorsement and the terms and conditions of the vehicle’s insurance policy.

  12. 12. Can I convert my car back to P10?

    Yes, you may approach LTA for the conversion.

  13. 13. Can I register the car in my personal name first and fund it via a personal car loan and then subsequently transfer ownership of the car to my business?

    Yes, although you will have to first repay your personal car loan in full before the transfer.

  14. 14. Can I register the car in my business name first under private hire car loan and then subsequently transfer the car to my personal name?

    Yes, however you will have to use your own funds to settle your car loan in full.

  15. 15. Can my family members use my car as private hire car under my registered company?

    Yes, your family members must meet the requirements for private hire car drivers. You must also furnish their names as named drivers in the commercial policy.

(Underwritten by AIG Asia Pacific Insurance Pte Ltd)

  1. 1. Who can drive a vehicle currently insured under the Private Hire Vehicle policy?

    Any authorised drivers can drive the vehicle if it is used for social, domestic or pleasure purposes. In the event that it is used for hire and reward to carry fare-paying passengers, the authorised driver must be named under the Private Hire Vehicle policy and is registered with an intermediary which facilitates this service of carriage of fare-paying passengers. The inclusion of such drivers under the Private Hire Vehicle policy is subject to AIG’s approval and may require different and/or additional terms and conditions imposed under the Private Hire Vehicle policy - including increased premium and excess.

  2. 2. Are passengers covered under the policy?

    Yes, passengers are covered for death or bodily injury under Section 2 of the Private Hire Vehicle policy. Terms and conditions apply.

  3. 3. Does the Private Hire Vehicle policy include motoring Personal Accident coverage?

    Yes, the Private Hire Vehicle policy provides Personal Accident cover up to the limit as stated, for the named driver and passengers as a result of an accident involving the vehicle when he/she is travelling in, boarding or alighting from the vehicle. Terms and conditions apply.

    A) The named driver
    Up to a limit of $20,000 per policy year.

    B) The Passengers
    Up to a limit of $10,000 per passenger per policy year.

  4. 4. How does No Claim Discount (“NCD”) work under this programme?

    We allow for NCD transfer under this, up to a maximum of 20% NCD, subject to the following:

    • The transferor is the owner/director of the transferee (who is also the Insured).

    • The transferor is the primary named driver under the policy.

    • No claims experience under both transferor and transferee of NCD.

    For example, Mr Tan currently enjoys a NCD of 50% under his own policy (“Personal Policy”) with no claims experience. He is buying a car registered under a company which he owns and he is also the primary named driver under the policy issued to his company for the company car he purchased (“Company Policy”). He would like to transfer the NCD under his personal policy to the company policy under this programme and accordingly is allowed to transfer a maximum 20% NCD from his personal policy to the company policy.

    Please refer to the following table for the NCD transfer:

    Percentage of NCD to be transferred NCD allowed on Private Hire Vehicle policy programme
    10% 10%
    20% 15%
    30% and above 20%

    NCD protector is not applicable under this programme.

    NCD which has been transferred under the Private Hire Vehicle policy programme is not transferrable back to the driver, should the driver decide to purchase another private vehicle under his own name.

    NCD step up will be as follows:

    Period of insurance with no claim Discount on renewal
    1 year 10%
    2 years 15%
    3 years or longer 20%

    If there is a claim made under the policy, your NCD will be reduced as follows:

    Current NCD NCD after 1 claim
    0%, 10%, 15%, 20% 0%

Important Notes:
This insurance is underwritten by AIG Asia Pacific Insurance Pte. Ltd. (“AIG”).
These FAQs are not a contract of insurance. The specific terms and conditions applicable to this insurance are set out in the policy. No insurance is in force until the application is accepted by AIG in accordance to the policy terms and conditions. These FAQs are for informational purposes only and shall not be construed to constitute advice.  AIG makes no representation or warranties as to the accuracy, completeness or timeliness of the information contained in these FAQs. AIG expressly disclaims all liability for errors or omissions in, or the misuse or misinterpretation of any information contained in these FAQs.

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