The Singapore Standard Industrial Classification (SSIC) Code is a number assigned to specify a Singaporean company’s business activities. These codes are often used for statistical and administrative purposes such as:
- Regulation and governance of a company
- Data for reports, surveys, censuses and other documents to properly represent the Singaporean economy.
- Determining license requirements
- Qualification for certain tax benefits and support programs
The SSIC is regularly updated by Singapore’s Department of Statistics to keep up with the nation-state’s economy, rising business activities and changes in the international standards.
Choosing the Correct SSIC Code for Your Company
When choosing the right SSIC code for your company, it’s best to choose the code that reflects the principal activities of your company—the activity that brings the most revenue to your company and the activity that you want to seek a license for—but keep in mind that a company is allowed to have a maximum of two codes.
In case you’re still unsure as to which code is most applicable to your business, you may also visit the BizFile site and type in the primary keywords that best describe your company’s activities.
Applying for an SSIC Code
Application usually happens during your company’s incorporation and name reservation stage. In this process, you must submit at least one SSIC code to represent your company, but you may also add an additional optional code. Should your business activity not match any SSIC code, you can write a customized description that will be reflected in your company’s BizFile application.
In case you realize that your chosen SSIC code doesn’t fit your business activities, you can have your business secretary send the application form to ACRA. However, this doesn’t mean that you are allowed to register for the wrong code as this will not only prevent you from getting the appropriate licenses to operate, but it also disqualifies you from any benefits and incentives such as grants, tax incentives and other support programs.
Some SSIC codes may need to be reviewed and processed by other authorities, and this may delay the incorporation of your company. The processing can take anywhere from 14 to 60 working days. Some codes might also require you to apply for more than one license depending on the industry you’re in.
List of Most Common SSIC Codes
Here’s a list of some of the most common SSIC Codes from the latest edition of SSIC codes released last March 2020. Keep in mind that some codes may come with additional conditions and requirements.
B2B and Finance
Food and Beverage
Construction and Real Estate
Shipping and Logistics
Incorporation Made Easier
WealthBridge provides a wide selection of corporate services in Singapore to make starting a business smooth and easy. Our team of professionals is here to help you through the entire process from start to finish so that you can make your dream business into a reality. Let WealthBridge handle all the paperwork so that you can continue pursuing your goals!
Send us a message and learn more about our services today!