Choosing the Right SSIC Code for My Company
What is an SSIC Code?
A Singapore Standard Industrial Code (SSIC) is a business activity code assigned by the government to track economic activity. Companies in Singapore are required to choose at least one SSIC code to represent their business activities —there can be one primary and one secondary activity.
What is the Purpose of an SSIC Code?
An SSIC code helps the Accounting and Corporate Regulatory Authority (ACRA) determine whether the company is required to apply for any licenses to carry out their business. Some SSIC codes also help to determine if a company is entitled to certain tax benefits by the Inland Revenue Authority of Singapore (IRAS). In the broader picture, the purpose of an SSIC Code is so that the government can track ACRA business activity.
Where Can I Find My SSIC Code?
Finding your SSIC Code is easy since the government makes the entire list available online. You can locate your code by taking the following steps:
- Step 1. Visit Singapore’s online portal through ACRA.
- Step 2. Enter your company’s business activities in the search box.
- Step 3. Find the result that matches your business best.
- Step 4. If the description is too generic, you may elaborate more on your business activity type during the incorporation process.
- The term ‘n.e.c.’ that appears in codes ending with the digit ‘9’ stands for “not elsewhere classified”. This is the code you should select if no other codes are suitable in describing your business activity
SSIC Codes: Licensing and Further Review
As you can see, it’s relatively easy to find and locate an SSIC code. However, there two things to note regarding SSIC codes:
1. Codes that will be sent to the referral authority
During the name reservation stage, if the company were to choose a name or selected SSIC codes which require further review and approval from referral authorities, the application will be sent to the respective authorities and the processing time may take between 14 days to 60 days.
Some common SSIC codes that will be sent to the referral authority are:
71111 (Architectural services)
Finance & Banks
64120 (Full banks)
64130 (Wholesale Banks)
64120 (Offshore Banks)
64150 (Merchant banks)
64992 (Representative offices of foreign banks)
68201 (Real estate agencies and valuation services)
68209 (Real estate activities on a fee or contract basis nec.)
Law & Legal
69100 (Legal Activities)
85211 (Secondary schools)
85212 (Junior colleges and centralised pre-university institutes)
85213 (International and foreign system schools - secondary)
85214 (Schools for the handicapped and educationally sub-normal - secondary)
85220 (Technical and vocational secondary and post-secondary non-tertiary education)
85303 (Teachers' training institutes)
85304 (Commercial schools offering higher education programmes)
85494 (Academic tutoring services. e.g. tuition centres, private tutoring services)
66124 (Commodity (excluding gold) and futures brokers and dealers)
2. Licensing post-incorporation
After incorporating your company, if your SSIC code suggests that you will be engaging in certain business activities, you will have to apply for the relevant licenses before you can operate your company.
Examples of activities that may require licensing include retail or wholesale of liquor, Food & Beverage, Hotels, Employment Agency, Travel Agents, Education Establishments and others. If you are unclear of whether your company requires licensing, you may search here.
Final Thoughts on Choosing the Right SSIC Code for Your Company
Choosing the right SSIC codes is but one of the many steps to incorporating your company. If you still have questions about which SSIC codes to choose, you may reach out to Sprout to help guide you through incorporation!