Overview: Choosing SSIC Code for Your Singapore Company
International businessmen pick Singapore as they find it to be a great place for commencing a business because of its posh infrastructure, technologically modern industrial development, finance-oriented provisions, and multiple government incentives. Such a combination of factors lets start-ups launch and expand rapidly without facing many regulatory obstacles.
It is pretty easy to set up a business in Singapore. Generally, all the official paperwork required for incorporating a firm can be sent digitally, which saves the processing time. To get a detailed idea about the requirements for firm registration and establishment process, you can refer to our previous articles. There are several regulatory provisions one must follow before he/she starts business operations. Amongst those is picking the right SSIC code.
What Is SSIC Code?
The term SSIC stands for Singapore Standard Industrial Classification. It is an official standard used to classify all kinds of business operations that can be performed by corporations in Singapore. The SSIC code comprises a general framework and concepts of the ISIC system (International Standard Industrial Classification).
How SSIC Code Is Used?
Singapore’s Statistics department reviews and updates SSIC periodically to assess recent innovations in the economy, new developing commercial activities, and modifications in global standards. It’s critical that your firm’s SSIC codes are up to date and accurately represent your actual business operations, which may change after establishment.
The primary intention of an SSIC code is for statistics and monitoring purposes. Surveys, assessments, censuses, organizational databases, as well as other planning and forecasting documents employ data provided underneath the SSIC code. It assists the Singaporean government in determining the most common sorts of economic activity in the nation as well as their efficiency.
The SSIC number can also be used to evaluate whether your company’s operation is controlled and hence needs a business license. It’s used to see if your business qualifies for subsidies, tax breaks, and other government assistance programs. Likewise, during the COVID pandemic, SSIC codes were utilized to authorize the authority to resume activities. The ACRA (Accounting and Corporate Regulatory Authority) may use your SSIC code to direct your request to the relevant licensing authority for processing; the IRAS (Inland Revenue Authority of Singapore) utilizes the SSIC code to assess a firm’s tax incentive qualification.
If you want to submit an application license or a grant through one of the tax incentive programs, you’ll need to select the SSIC code that matches the category of business that qualifies for the license or grant.
Determining the Correct SSIC Code
The SSIC code for your prospective firm’s commercial activity should be filed with ACRA whenever the firm’s title is registered. You should provide at minimum one SSIC code to describe your firm’s business activity, with an extra SSIC code acceptable. If your economic activity is unusual and no SSIC code suits it, you can create a custom explanation.
Your firm’s “economic activity” should be reflected in the SSIC code. When assets such as labor, money, goods, and activities are used in a manufacturing method to make things and activities, it is called economic activity.
The economic activities of a firm can be classified into three categories:
The principal activity is the act of providing the most to the additional value of the firm’s services and goods, or the operation with the greatest value addition among the firm’s operations.
The secondary activity is something that is not the firm’s primary activity but is carried out by the firm.
An ancillary activity supports the main production activities by supplying items or services that are solely for internal consumption (e.g., bookkeeping, sales promotion, purchasing, human resources functions, and storage).
The general SSIC idea is that a code is allocated to a firm based on its primary activity — the one that adds the most value to the services and goods it produces. When a company seems to have more than 2 major business operations, the two that generate the most income should be reported with ACRA.
The request would be sent to the pertinent commission officials in Singapore (e.g., Ministry of Law, the Monetary Authority of Singapore, Council for Estate Agencies, Enterprise Singapore, etc.) if the business has chosen an SSIC code that necessitates further approval and review process during the title booking stage. The assessment might take anywhere from 14 to 60 days to finish.
You can browse for SSIC codes utilizing keywords using our services, and by getting in touch with our experts. If you require an authoritative statement, you can go to the ACRA website. Here are some pointers for finding SSIC codes:
- Perform a search using the major terms that best describe your firm’s business processes.
- For a successful result, try several versions of keywords linked to your firm’s business. Depending on your selected keywords, the search feature should provide a collection of SSIC codes.
- Pick the code that best resembles your firm’s operations.
- Make sure your keywords are not misspelled and that they’re commonly utilized in your industry.
- If the SSIC code scan does not yield a valid SSIC code, you can explicitly look for it in the most recent SSIC code report of 2020. This page contains a list of codes organized by SSIC code divisions.
Commonly Used SSIC Codes by Category
Below are mentioned some of the common SSIC codes which are curated as per the latest format of SSIC that came out in 2020. The SSIC codes list 2020 is a modification of the 2018 edition. The 5-digit code is used to differentiate amongst the various levels of categories.
Important points to note:
- You may find the term “n.e.c.”, at the end of some SSIC codes. It is short for “not elsewhere classified”. You must pick this SSIC code if you don’t have any explained description of your corporate operation in any other SSIC code.
- You will also find some SSIC codes marked with a single “*”. These codes must be sent to a relevant body for approval.
- Lastly, the codes with “**” are those corporate activities that might need you to file for a license before starting with the business operations.
Technology
62012 Development of computer games
63119 Data analytics, processing, and related activities n.e.c.
62011 Development of software and applications (except games and cybersecurity)
62021 Information technology consultancy (except cybersecurity)
62013 Development of software for cybersecurity
Activities of Holding Companies
64202 Other holding companies
64201 Bank and Financial holding companies (including insurance holding company)
Financial and insurance activities
64922 Credit card services**
64910 Financial leasing companies**
66302 Hedge fund management
66301 Traditional, Long-only asset, or Portfolio management
66309 Fund management activities n.e.c.
Health and Beauty
86203 Specialised medical services (including day surgical centers) **
86201 Clinics and other general medical services (Western)**
46424 Wholesale of cosmetics and toiletries
Food and Beverage Service Activities
56112 Cafes**
56111 Restaurants**
56200 Food caterers**
56122 Food courts, coffee shops, and canteens (with main food and beverage income) **
47219 Retail sale of food n.e.c.**
Transportation & Storage
52226 Ship management services
52225 Salvaging of distressed vessels and cargos
52241 Container depot services
52227 Ship brokering services
52292 Freight transport arrangement
52291 Cargo surveying services
Real estate activities
68201 Real estate agencies and valuation services**
68101 Real estate developers**
68209 Real estate activities on a fee or commission basis n.e.c.
Education
85211 Secondary schools including combined primary and secondary schools**
85102 Primary schools**
85409 Training courses n.e.c.
Retail Trade
47729 Retail sale of pharmaceutical and medical goods n.e.c**
47719 Retail sale of clothing, footwear, and leather articles n.e.c.
47711 Retail sale of clothing for adults
47721 Retail sale of cosmetics and toiletries
Wholesale
46412 Wholesale of adults’ clothing
46411 Wholesale of textiles and leathers
46424 Wholesale of cosmetics and toiletries
46413 Wholesale of children’s and infants’ clothing
46439 Wholesale of furniture, home furnishings, and other household equipment n.e.c.
Source: singstat.gov.sg
Conclusion
We have now reached the end of this article, and we hope that by now you must have understood each and everything that relates to SSIC codes required for your Singapore Company. For any further doubts, please feel free to contact us at ODINT Consulting.
FAQ’s
If you wish to look for SSIC code reference, check out the complete list of SSIC codes present in the 2020 report of Singapore Standard Industrial Classification.
The term NEC after an SSIC code stands for Not elsewhere classified. A single “*”, means that that specific SSIC code needs approval from a relevant body, and a double “**” means that one must file a license before starting their company operations.
Yes, by getting a director’s resolution you can change the SSIC code. Directors must hold a meeting and decide the change via an agreement.