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.
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:
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:
Apart from these, these codes are also used for purposes such as:
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 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.
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!
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.
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.
Usually, a company has one SSIC code, but they can apply for an additional code if there are multiple lines of business.