Every Singapore company has at least one SSIC code. SSIC stands for Singapore Standard Industrial Classification. At times, companies may decide to change their business activity. For example, a company may be a physical retail store and because of certain circumstances, they might change to doing something else. Either a wholesaler or an online store. Their current SSIC code may not be reflective of their new business activity. Thus they should change their SSIC code.
The SSIC code can be changed by passing a directors’ resolution. The directors who are involved in the day to day running of the company should come together and decide on this change through a board meeting or some sort of agreement. There should be a resolution or agreement to change the SSIC code. The Companies Act does not specifically state that the directors need to do so through a directors’ resolution but a board resolution serves as a record that this decision was made by the board.
Once the resolution is done and/ or the change is agreed to, the changes can be filed with the registrar. The changes will be reflected immediately. A new business profile with the new SSIC code can be purchased immediately after the changes are filed.
Please note that late lodgement fees will apply if the changes are filed late. Also, if there is a failure to notify the registrar, i.e. ACRA, it may result in a fine of up to SGD$5,000 and possible penalties for the company and its directors.
If you need assistance with matters relating to your company’s SSIC code, you may contact us at [email protected].
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
The editorial team at Singapore Secretary Services
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