An SSIC code, or Singapore Standard Industrial Classification Code, is a number that is used to categorize a company’s business operations that take place in Singapore. ROC, or Registrar of Companies, is authorities appointed as a regulator for all the companies and aspiring entrepreneurs in the country.
NOTE: In nations like the United Kingdom, India, and Bermuda, ACRA Singapore is known as the Registrar of Companies. Simply put, it is a Singapore company and business register.
The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board in Singapore that regulates the regulation of corporations and public accountants, as well as facilitating business development. ACRA Singapore also has the authority to impose composition penalties and issue court summonses to firms that fail to comply with the Companies Act’s continuing compliance requirements.
What are SSIC Codes in Singapore?
SSIC codes are used by the governments in Singapore to keep track on the number of business activities under each category. These codes are updated on a regular basis depending on whether there is a change in business activities by the business owners.
The purpose is to make certain that the codes:
Keep up with changes in international standards
Reflect key changes in the economy
Stay informed about new activities
Apart from these, these codes are also used for purposes such as:
Establishing whether any further licenses are required for the company’s business activities
Determining if a corporation qualifies for special tax benefits
Click search after entering the core terms that best define your company’s activity
A number of SSIC categories should be listed on the website – choose the one that most closely resembles your company
Make sure your keywords are not misspelled and that they are the ones that people use the most when talking about your business
If the system fails to generate an SSIC code, try different keyword combinations for better results
You can also manually search for your SSIC code as a last step. This paper contains all of the SSIC categories that are relevant to specific business activities.
The list of SSIC codes can be found on ACRA’s keyword search engine. Click on the link to find out which type of business category you should input in your principal activity!
How Do I Input the Right SSIC Code?
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.
How to change SSIC Code in Singapore
To change a company’s SSIC Code, the company secretary needs to apply to Accounting and Corporate Regulatory Authority (ACRA). The SSIC Code can only be updated after incorporation is complete. There is no maximum number of times to which the code can be altered.
Limitation of SSIC Code for Singaporean Companies
Though acquiring an SSIC Code for Singaporean Companies has multiple benefits, it comes with its limitations. A business needs to possess a minimum of one SSIC Code. Note that the maximum number of SSIC codes a company can hold is two.
How Do I Register a Company with ACRA?
All foreigners must register their Singapore company through a professional Singapore-based corporate services firm, according to Singapore company law. Singaporeans can hire a corporate services firm or do it themselves by following the steps below:
Once the name has been approved, you will be given a name approval transaction number
Enter information about your company’s structure, such as the names and identifying information of company directors, company secretary, and shareholders; the business’s registration address; the company constitution; and so on, using the name approval transaction number.
Make a payment for your business’s registration fee.
You will receive an email message shortly after making the payment alerting you that your company has been successfully registered.
This email provides your company’s Unique Entity Number (UEN), which also serves as an electronic certificate of formation.
RECOMMENDATION: Check if your company name is available here for free!
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By passing a directors’ resolution, the SSIC code can be altered. The directors who are responsible for the day-to-day operations of the company should convene a board meeting or reach an agreement to make this adjustment.
ACRA stands for the Accounting and Corporate Regulatory Authority and is the main government body that is tasked with overseeing company registration, including signing up for the SSIC code. ACRA will review your filing documents to ensure that you have registered for the correct SSIC code.
What if I register for the incorrect SSIC code?Timothy2021-12-08T17:45:49+08:00
ACRA examines your registration documents every time you form a new business. To ensure the accuracy and completeness of information, some documents are transferred to other government organisations. If you register for the erroneous SSIC code, your business’ registration may be delayed, and you may be required to provide additional evidence for approval.
How many SSIC codes can a company have?Timothy2021-12-08T17:44:07+08:00