Every company in Singapore will have an SSIC code. It is short for Singapore Standard Industrial Classification. It is important to have an accurate SSIC code. The SSIC code should match the company’s business activities. Every Singapore company can have up to two SSIC codes. Typically, most companies should focus on the first SSIC code. It is totally fine to just have one SSIC code. This is what most companies do anyway.
A few things to note about your company’s SSIC code.
1) The SSIC code may determine if you need to obtain a licence.
For example, if you register a company as a real estate agency (i.e. SSIC Code 68201: Real Estate Agencies and Valuation Services), you will need to get approval from the Council for Estate Agencies (CEA) before the registration of the company can be completed.
2) The SSIC code will determine what grants or support the company is eligible for
An example of this would be the Jobs Support Scheme (JSS). The government determined the level of salary support based mainly on the company’s SSIC code. The key point to note is that only the first SSIC code was used to determine the business activity of the company and thus the level of support that was provided.
3) The SSIC code will determine the operations of the company during times where movements are restricted
Once again this is mainly with reference to periods of limited movements during COVID-19. The company’s SSIC code helps determine what capacity the company’s workforce can work on-site and off-site or at home.
The SSIC code is important and thus it should be accurate. Companies should have an SSIC code that reflects their business activities accordingly. It would not make sense for say a company that has an SSIC code that says it is doing bookkeeping but their main business is doing food catering.
If you have any queries about your company’s SSIC code, you can 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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