A Certificate of Entitlement (COE) gives you the right to own and use a vehicle in Singapore. With a COE, you can register and own a vehicle of a particular category. To acquire a COE, you have to bid for it. COE bidding is possible twice a month through an open bidding exercise. As the first step, the Land Transport Authority (LTA) announces the CEO vehicle quota available under each category for bidding.
To participate in the bidding exercise, you have to follow the instructions and win the bidding. This allows you to register your vehicle and use it for a period of 10 years. After the completion of the CEO period, the owner can either deregister or renew the CEO. You can do it by paying the prevailing quota premium (PQP)for your vehicle category. For the purpose, the Vehicle Quota System (VQS) has categorized the vehicles in to five, and they are:
- Category A: Car up to 1,600cc & 97kW (130bhp)
- Category B: Car above 1,600cc or 97kW (130bhp)
- Category C: Goods vehicle and bus
- Category D: Motorcycle
- Category E: Open – all, except motorcycles
What is a Vehicle Quota System (VQS) in Singapore?
The Vehicle Quota System (VQS) regulates the issue of COEs, which in turn limits the registration of a number new vehicles to control the vehicle population in the available road space. Along with Electronic Road Pricing (ERP), it acts as the pillar of traffic management.
Know the benefits of approaching COE service providers
If you want to register and use a vehicle in Singapore, you need to take part in bidding by submitting your bid through Post Office Savings Bank (POSB) or DBS machines. As for corporate accounts, they can use the Internet banking facility. You can even let a financial institution do the bidding for you. With several financial institutions offering COE services, you can do the COE bidding successfully and easily for it helps:
- You save time
You can save time by choosing a genuine and reliable COE bidding service provider and obtain a certificate without any stress. A COE service provider sends your application directly to the Land Transport Authority online.
- You bid using an IDEAL OCOE
You bidding is submitted and monitored using the most popular bidding channel for local motor traders in Singapore, which is IDEAL OCOE.
- You log in only once
You can make bids through DBS and IDEAL on the financial institution’s online banking platform.
- You avail a wide range of services
By dealing with the best COE service provider, you can enjoy various services such as an easy access to CEO bidding and DealOnline.
- You prepare your COE bids conveniently
The offline bidding editor of the financial institution helps you to prepare your COE bids offline at your convenience. In addition, you can also use the online features.
- You submit or revise bids fast and quick
With the assistance of a single reserve price feature, you can submit or revise the bids quickly with a few mouse clicks.
- You with continuous monitoring
You can monitor your bidding status through ‘Bid Enquiry & Revision’ menu. Once you have submitted your bid, you will know if the submitted bid is successful through the bidding results declared.
It’s time you follow the COE bidding process, and obtain the right to own and drive a vehicle in Singapore.