What is SSIC Code & ROC in Singapore?

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.

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.

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:

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:

Apart from these, these codes are also used for purposes such as:

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.

Here is a step-by-step guide to figuring out what your new company’s SSIC code should be.

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!