Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form
IR8A Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)
Notice of Assessment (NOA)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
SingPass
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Letter of Consent (LOC)

A Letter of Consent (LOC) is a document issued by Singapore’s Ministry of Manpower (MOM) that authorizes LTVP or LTVP+ holders and business owners on Dependant’s Pass to work for a Singapore company.

Eligibility for LOC for LTVP/LTVP+ Holders

You must be one of the following to be eligible for a Letter of Consent;

  • A holder of an LTVP/LTVP+ who is married to a Singaporean or permanent resident.
  • An LTVP holder’s unmarried child (under 21 years old) who is a Singaporean or permanent resident.
  • You must have a work offer from a Singapore company and your LTVP/LTVP+ must be valid for at least three months.

Eligibility for LOC for DP Holders

You must be one of the following sorts of business owners to qualify for a LOC:

  • A sole proprietor of an ACRA-registered firm.
  • A partner in an ACRA-registered company
  • A company director who owns at least 30% of the stock in an ACRA-registered firm.

Dependant’s Pass holders can no longer get a LOC to work in an organisation where they are not a shareholder since May 1, 2021; they will instead have to apply for an EP, S Pass, or Work Permit to work in Singapore. Existing DP holders can work in Singapore as long as their Letter of Consent (LOC) is valid. When the contract expires, the employer must apply for a Work Visa.

Because the DP and, by extension, the LOC are linked to the principal EP holder, both (DP and LOC) are automatically cancelled when the EP is cancelled.

NOTE: You should apply for a Work Permit, S Pass, or Employment Pass instead if you are dependent on an S Pass holder.

Several Factors Influence Application of LOC

Not every LOC application is accepted. The Ministry of Manpower in Singapore has the final say on LOC applications. The MOM evaluates each application on a case-by-case basis. Some of the things that influence the application are as follows:

  • Age, salary, citizenship, education, work experience, and skills of the applicant
  • Job description of Applicants
  • The company’s economic viability in Singapore and the availability of local applicants

If the original application is denied, an appeal can be filed to address MOM’s concerns. The appeal application takes typically two to three weeks to be reviewed.

What is a Pre-approved LOC?

The Pre-Approved Letter of Consent (PLOC) allows qualifying Long Term Visit Pass (LTVP/LTVP+) holders to work in Singapore if they are spouses or children of a Singaporean or permanent resident. Foreigners who apply for or renew an LTVP/LTVP+ with ICA will be given an option to apply for it. There is no foreigner quota or levy applicable on this pass.