Singapore Expats

I am in the second year of trying to run a startup.
I withdraw absolutely 0 salary from my company in its first year and therefore contributed nothing to my CPF and personal tax.
I am now withdrawing salary.

I wonder should I voluntarily topup some money to my CPF to compensate for that one whole year of no CPF contribution - just to make sure I have better chance of renewing PR when it expires?

This is one of those questions I put on the list of "If you have to ask, you most likely already know the answer..."

It will only help your REP renewal aspirations. Do it if you can afford it.

can we even do that (Self and not company)? if so, how is that done? i see a way to top up SA/Medisave only.

blessedone wrote:can we even do that (Self and not company)? if so, how is that done? i see a way to top up SA/Medisave only.

1. if you're paying yourself a salary from your company you MUST pay CPF to all SPR/SC employees includling yourself! IF you're not doing this, you're going to eventually run afoul of the law - there are almost no exemptions for not paying CPF of employees (including yourself the founder) if they are being paid a wage.

2. Register your company/start up with CPF for online contributions / document lodging. IT's not that hard -the documents are online cpf.gov.sg or ring them up.

3. Then start doing the online submittals and the CPF will be withdrawn by GIRO.

I had to do this for a UK company that was paying me in Singapore. I set it up in a few hours from memory.

I am asking for a top up for self (no company, not employed, no employees).
I want to know which accounts I can top up ? Typically the 1800 contribution gets split as a 1000(OA), 300+(SA), 300+(MA) or such like

But i dont see how to top up like this and rules around it

blessedone wrote:I am asking for a top up for self (no company, not employed, no employees).
I want to know which accounts I can top up ? Typically the 1800 contribution gets split as a 1000(OA), 300+(SA), 300+(MA) or such like

But i dont see how to top up like this and rules around it

If you're self employed you can register online with CPF as such. They will assign you a CPF employer number. You log on to CPF as an employer and submit your earnings - the CPF deduction is then calculated and deducted fro your giro. Taxi drivers and hawker stall operators do this.

PNGMK wrote:

blessedone wrote:I am asking for a top up for self (no company, not employed, no employees).
I want to know which accounts I can top up ? Typically the 1800 contribution gets split as a 1000(OA), 300+(SA), 300+(MA) or such like

But i dont see how to top up like this and rules around it

If you're self employed you can register online with CPF as such. They will assign you a CPF employer number. You log on to CPF as an employer and submit your earnings - the CPF deduction is then calculated and deducted fro your giro. Taxi drivers and hawker stall operators do this.

no i am not employed in Singapore, hence , I said above in bold. need a way to top up account by self

blessedone wrote:

PNGMK wrote:

blessedone wrote:I am asking for a top up for self (no company, not employed, no employees).
I want to know which accounts I can top up ? Typically the 1800 contribution gets split as a 1000(OA), 300+(SA), 300+(MA) or such like

But i dont see how to top up like this and rules around it

If you're self employed you can register online with CPF as such. They will assign you a CPF employer number. You log on to CPF as an employer and submit your earnings - the CPF deduction is then calculated and deducted fro your giro. Taxi drivers and hawker stall operators do this.

no i am not employed in Singapore, hence , I said above in bold. need a way to top up account by self

I think then your only option is to do as your said, voluntary top ups. You can actually top up any of your accounts (subject to limits). It's a bit old fashioned - fill out a form and post a cheque type process from memory.

AXS machines too...!

blessedone wrote:

PNGMK wrote:

blessedone wrote:I am asking for a top up for self (no company, not employed, no employees).
I want to know which accounts I can top up ? Typically the 1800 contribution gets split as a 1000(OA), 300+(SA), 300+(MA) or such like

But i dont see how to top up like this and rules around it

There are several ways to make CPF voluntary contributions, you can make payment through eNETS debit payment via e-Cashier in the CPF website, AXS machines or SAM kiosks.

CPF contributions are allocated according to the rates shown in Table A of the attached link http://mycpf.cpf.gov.sg/Members/Gen-Inf ... ntriRa.htm

I usually use e-cashier from CPF website for voluntary contributions, there is a drop down menu which you can select different types of contribution. I usually select the “contribute to my 3 CPF accounts", they will automatically allocate the contributions to 3 accounts accordingly.

I would certainly consider it if I am considering a long term stay in Singapore. The CPF board returns very decent stable returns which are guaranteed but the stringent withdrawal requirements may pose to be a barrier to many.

All in all, I would certainly consider topping up the CPF accounts albeit with a certain degree of caution and not go trigger happy with it.

All the best my friend.

AM