On 9 May 2026, the Accounting and Corporate Regulatory Authority (ACRA) completed one of its most significant administrative overhauls in years: the migration of every registered business entity in Singapore from the Singapore Standard Industrial Classification 2020 (SSIC 2020) to the new SSIC 2025. If you have not yet checked your company’s business activity code on Bizfile, there is a real possibility that the code now assigned to your company no longer accurately reflects what your business actually does — with consequences for grant eligibility, work pass quotas, and tax classification.

This guide explains what changed, how to check whether your code is correct, and what to do if it is not — including the critical 14-day window for filing a correction without penalty.

What Is an SSIC Code and Why Does It Matter?

The Singapore Standard Industrial Classification (SSIC) is the national framework for categorising the economic activities of businesses registered in Singapore. Every company and business entity is assigned a primary SSIC code upon registration, with an optional secondary code available if the entity carries on more than one type of business activity.

Your SSIC code is not merely an administrative label. It has real, practical consequences across multiple government systems:

  • Grant eligibility: Government grants administered by Enterprise Singapore — including the Productivity Solutions Grant (PSG), Enterprise Development Grant (EDG), and Market Readiness Assistance (MRA) Grant — use your SSIC code to verify sector eligibility and calculate support rates. An incorrect code can result in disqualification or clawback.
  • MOM work pass quotas: The Ministry of Manpower uses your SSIC code to determine your company’s dependency ratio ceiling for S Pass and Work Permit holders. Sector-specific quotas apply, and a mismatch between your actual activities and your SSIC code can create compliance issues during work pass applications and renewals.
  • IRAS tax classification: The Inland Revenue Authority of Singapore uses SSIC codes in sector-based tax analytics and for certain industry-specific incentive programmes. Accurate codes help ensure your company is appropriately assessed.
  • Regulatory oversight: Certain regulated activities (financial services, healthcare, education) require alignment between your SSIC code and the licences or approvals you hold.

What Happened on 9 May 2026: The SSIC 2025 Migration

The Department of Statistics Singapore, working with ACRA, undertook a comprehensive review and update of the SSIC framework to reflect structural changes in Singapore’s economy — particularly the emergence of new sectors such as fintech, health technology, green energy, artificial intelligence, and platform-based businesses that did not exist or were poorly classified under the 2020 framework.

The SSIC 2025 revision resulted in:

  • 26 new codes added for activities that previously lacked their own classification (including specific categories for AI model development, clean energy services, and digital platform operators)
  • 58 codes renumbered to accommodate the new classification structure
  • 58 codes from SSIC 2020 dropped, with activities redistributed across revised codes
  • Significant splits and merges across technology, healthcare, financial services, and professional services categories

On 9 May 2026, ACRA automatically mapped every registered entity’s existing SSIC 2020 code to what the official correspondence table identified as the nearest SSIC 2025 equivalent. This auto-migration applied to all companies, sole proprietorships, partnerships, limited liability partnerships (LLPs), and other ACRA-registered entities.

For many businesses, the auto-migration will have been accurate. But for those operating in sectors that were significantly restructured — or those whose SSIC 2020 code was already somewhat approximate — the new code may not be the best fit.

Which Sectors Are Most Affected by the SSIC 2025 Changes?

Technology and Fintech

The SSIC 2025 framework introduces more granular distinctions within technology services. Companies that were previously classified under broad software development or IT consulting categories may find their auto-assigned code now sits under a more specific sub-category that does not align with their actual product or service. Fintech companies in particular should check carefully, as financial technology activities are now classified differently from traditional banking software development.

Health Technology and Life Sciences

The medical technology and digital health categories have been significantly expanded. A medtech startup that was previously coded under general software development may now have a more appropriate code available under health technology services. Conversely, some life sciences entities may have been auto-migrated to research-focused codes when their primary activity is distribution or commercialisation.

Green Energy and Sustainability Services

Singapore’s push towards sustainability has been reflected in the SSIC 2025 framework through new codes for clean energy advisory, carbon trading, and environmental services. Companies active in this space may have been operating under legacy engineering or consultancy codes and should consider whether a more specific SSIC 2025 category is now available.

Platform Businesses and Digital Marketplaces

E-commerce platforms, marketplace operators, and gig economy businesses were frequently assigned to codes that did not adequately capture their business model under SSIC 2020. The 2025 framework introduces clearer distinctions between platform operators and the businesses that use their platforms, which may result in more accurate (but potentially different) classifications for some operators.

Professional Services

Legal, accounting, management consulting, and corporate advisory firms should also check their codes, as several professional services sub-categories have been refined. Companies providing bundled services (for example, accounting plus payroll plus corporate secretarial) may find that one of the available codes now more precisely matches their primary revenue activity.

How to Check Your Company’s Current SSIC Code on Bizfile

Checking your current SSIC code is straightforward and takes only a few minutes:

  1. Go to Bizfile, ACRA’s online business filing portal.
  2. Log in using your Singpass credentials.
  3. Search for your company by name or UEN (Unique Entity Number).
  4. View your entity’s business profile. Your current primary and secondary SSIC codes will be displayed alongside the description of the activity they represent.
  5. Compare the code description against your actual primary business activity. If the description does not accurately reflect what your company primarily does, you may need to file an update.

You can also cross-reference the SSIC 2025 code list on the Department of Statistics Singapore’s website or via ACRA’s Bizfile portal to identify whether a more appropriate code exists.

The 14-Day Window: What You Must Do If Your Code Is Wrong

Under the Companies Act and the relevant ACRA regulations, businesses are required to ensure that their registered business activity codes accurately reflect their actual activities. Where the SSIC migration has resulted in an auto-assigned code that does not accurately reflect the company’s business, ACRA has indicated that companies should file a correction promptly — and in any event within 14 days of discovering the discrepancy.

Failing to maintain accurate business activity information on the ACRA register is a compliance breach. While ACRA has not announced targeted enforcement action specifically in connection with the SSIC 2025 migration, companies that allow their SSIC codes to remain inaccurate over time risk the downstream consequences described above: grant disqualification, work pass quota issues, and potential regulatory complications.

Updating your SSIC code is filed as a change of business activity via Bizfile. There is a government filing fee payable. For most Singapore private limited companies, your company secretary can assist with identifying the correct SSIC 2025 code and filing the update on your behalf.

Step-by-Step: How to Update Your SSIC Code via Bizfile

  1. Log in to Bizfile at bizfile.gov.sg using your Singpass.
  2. Select your company and navigate to “Update Business Information” or “Change of Business Activity”.
  3. Search the SSIC 2025 code list using relevant keywords that describe your primary business activity.
  4. Select the most appropriate primary code from the SSIC 2025 list. You may also update or add a secondary code if applicable.
  5. Review the change and confirm the filing. Pay the applicable government fee.
  6. ACRA will update your business profile, and the new SSIC code will be reflected on your Bizfile business profile immediately or within a short processing period.

If you are unsure which SSIC 2025 code best describes your business, or if your company carries on multiple activities and you need to determine the correct primary code, it is advisable to seek assistance from an ACRA-registered company secretary or filing agent who can advise on the appropriate classification.

Why Accurate SSIC Codes Matter More Than Ever in 2026

The practical stakes of an incorrect SSIC code have increased in recent years, particularly as the Singapore government has introduced more sector-specific grant schemes, work pass policy adjustments, and industry development programmes.

For businesses applying for the EDG, PSG, or MRA grants, Enterprise Singapore uses your SSIC code as a primary eligibility filter. If your registered code places you in a sector that is not eligible for a particular grant, your application may be rejected even if your actual business activities clearly qualify. Correcting your SSIC code before applying can prevent unnecessary delays and rejection.

For businesses that employ foreign workers on S Passes or Work Permits, your SSIC code determines the applicable dependency ratio ceiling. Using an inaccurate code that places you in a sector with a lower DRC than your actual sector could unnecessarily restrict your foreign worker headroom — or, conversely, if the code implies a higher DRC than is actually applicable to your activities, MOM may query the discrepancy during audit.

For annual compliance purposes, maintaining accurate ACRA filings — including your business activity codes — is a basic statutory requirement. It is also a signal to counterparties, investors, and regulators that your company takes its corporate governance obligations seriously.

Beyond compliance, sound financial planning and business investment decisions are built on accurate foundations — and that includes ensuring your regulatory profile reflects your actual commercial activities.

Conclusion: Act Now While the SSIC 2025 Review Window Is Open

The SSIC 2025 migration on 9 May 2026 has reset the default classification for every registered business in Singapore. If you have not yet verified that your auto-assigned SSIC 2025 code accurately reflects your business, now is the time to do so. The downstream consequences of an inaccurate code — across grants, work pass quotas, and regulatory compliance — are material.

If you need help identifying the correct SSIC 2025 code for your business or filing the update with ACRA, the team at Raffles Corporate Services is here to help. For the latest Singapore business news and regulatory updates, there are also useful resources for directors and business owners staying on top of ACRA changes.

To speak with the team at Raffles Corporate Services, you can email [email protected] or call, SMS, or WhatsApp +65 8501 7133. We are happy to assist with any queries.

— The Editorial Team, Raffles Corporate Services