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Today’s economy demands constant decision making, and each of those decisions has the potential for dramatic financial consequences in the future. 

That is why your decisions must be guided by the most reliable and up-to-the-minute information available, from a source with the range and depth of experience necessary to handle all of your accounting needs in an ever-changing economic environment.


From bookkeeping, accounting and taxation services we provide accurate and timely solutions at affordable rates. Our team of skilled consultants works tirelessly to deliver quality service.

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MOTIVATED

PROFESSIONAL

Leave your accounting tasks to us so that you can focus on what you do best

Spending too much time on accounting processes? 

Our team of accounting professionals would work closely with you to support your accounting, tax and  compliance needs.

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Letter of Consent (LOC) Application

What is a Dependant’s Pass (DP) holder?

Legally married spouse or unmarried children under 21 years of eligible Employment Pass or S Pass holders.

You can apply for a Dependant’s Pass for your family if you meet all these requirements:

  • Hold an Employment Pass or S Pass.
  • Earn a minimum fixed monthly salary of $6,000. This is based on your salary, and not based on your combined household income.
  • Are sponsored by an established, Singapore-registered company (usually your employer).

 

What is a Letter of Consent (LOC) and who is it for?

DP holders who wish to operate a business in Singapore must apply for an LOC.

To be eligible, an applicant should be one of the following types of business owners:

  • The sole proprietor of an ACRA-registered business.
  • A partner of an ACRA-registered business.
  • A company director with at least 30% shareholding in an ACRA-registered business.

To be eligible for a renewal of the LOC, you will also need to hire at least one Singaporean / Permanent Resident who earns at least the prevailing Local Qualifying Salary ($1400/month) and receives CPF contributions for at least 3 months.

 

Steps to applying LOC

  1. Successful registration of Sole Proprietorship or Pte Ltd company with ACRA to set up a business (1-3 working days)
  2. Request to apply LOC (pre-approval) (About 1 week)
  3. Request to apply LOC (done only upon approval of pre-approval)
  4. LOC and Bank account application (4-8 weeks)
  5. Can start operating business after obtaining LOC until due for renewal

 

 

FAQs

Q: If we apply for SP/LOC for my business by September 1st 2022 and the validity on my DP is 1st July 2023, what will be the validity date on the LOC ? 

A: The validity of the LOC is up to 1 year or up to the validity of your DP. If you apply for the LOC on 1st September 2022, your LOC will be valid till 1st July 2023.

Q: My DP can be renewed by January 2023. In this case, once the renewal comes through, will the validity date on the LOC also get extended till it covers 1 year in total?

A: If you are looking at a LOC renewal, you need to fulfil the conditions of hiring a local at $1400 per month for 3 months.

Q: When are entrepreneurs on a LOC required to hire a local? Is it before the LOC expires, or in the 2nd year when we go ahead for a renewal?

A: 3 months before the LOC expiry date, need to hire individual as proof of hiring is CPF contribution for 3 months with minimum salary of $1400 per month

Q: Is it possible to apply for work permit as a DP holder?

A: DP holders can get an Employment Pass (EP), S Pass or Work Permit if they wish to work in Singapore as long as they fulfil the eligibility criteria laid out by MOM

Q: I am a PR deciding whether it is best to start a sole proprietorship, LLP or work under my name? What is the best way forward in terms of tax, liability, running and set up costs, etc.

A: Sole proprietorship. It is easy to setup, does not cost much, you do not have to hire staff, and are personally liable.

Dependant’s Pass Holders

Find out more about what we have to offer in collaboration with XERO

Assembly Works is a proud partner of XERO

Find out more about what we have to offer in collaboration with XERO

Contact us today to know more about our services and how we can help you and your business.
AssemblyWorks