Naturally, while choosing your SSIC code for your company’s primary activities, it is preferable to choose one that corresponds to the activities for which you are seeking a business license.
If your organisation is a financial holding company, for example, the SSIC code 64201 would be appropriate. You can then apply for the requisite license to conduct business within Singapore’s borders.
Keep in mind, however, that Singapore’s Inland Revenue levies a high corporate tax on holding companies. They are also ineligible for the majority of tax deductions.
Finally, a specific description of your business activity for your business profile is a good idea. It is not necessary for this description to be longer than one page. The SSIC standard description is not required because ACRA enables for a more accurate business activity description to be written during registration.