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What is SSIC Code & ROC in Singapore?

6 min read|Last Updated: July 5, 2022|
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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.

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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.

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:

  • Log in to the Bizfile site with your CorpPass or SingPass digital ID

  • Make an application for the name you choose for your business

  • 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.

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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

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.

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How Do I Search for My SSIC Code?

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

  • Go to the Bizfile website of the Singapore government.

  • 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!

Thinking of starting your new business in Singapore or require an experienced local tax expert? Reach out to us for a free consultation on Singapore incorporation, taxation, and other corporate services today.

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FAQs

Can I change my SSIC code?2021-12-08T17:47:34+08:00

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. 

What is ACRA?2021-12-08T17:47:24+08:00

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?2021-12-08T17:45:49+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?2021-12-08T17:44:07+08:00

Usually, a company has one SSIC code, but they can apply for an additional code if there are multiple lines of business. 

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