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What is a SSIC code? A Singapore Standard Industrial Classification code (SSIC) is a business activity code assigned by the Singaporean government to track economic activity. In this article, we will share further insights into whether you are required to have a SSIC code, how to select the correct one, and how Sprout Asia can help you.
Do I Need a SSIC Code?
All companies in Singapore are required to choose at least one SSIC code to represent their business activities — out of which, there can be one primary and one secondary activity. This also includes foreign companies based in Singapore.
What Are SSIC Codes Designed to Do?
In a broader sense, a SSIC code is used by the Singapore government track various business activities. Accounting and Corporate Regulatory Authority (ACRA) then uses the ssic code to determine whether the company is required to apply for any licenses to carry out their business operations, in order to remain compliant with rules and regulations.
In some cases, certain SSIC codes also help to determine if a company is entitled to certain tax benefits by the Inland Revenue Authority of Singapore (IRAS).
How Do I Find the Right SSIC Code?
Locating your SSIC code is simple! Thanks to Sprout Asia, you can easily refer to our updated SSIC Code Search Tool to search for yours. First, enter your business activities using specific keywords that best describe your product or service, and select the most relevant SSIC code within the code list.
Here’s a tip — 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.
Sprout with Us!
Sprout Asia aims to help you simplify your administrative tasks to enable you to spend more time on what matters most, strategically growing your business.
We provide budget-friendly services across a variety of business functions. This includes corporate secretarial services, incorporation services, accounting services, and much more. Feel free to reach out to us to arrange a complimentary consultation to discuss the specifics of your business needs. We’ll respond within 24 hours.