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Understanding SSIC Codes in Singapore

Note: The following article is a comprehensive guide to understanding SSIC codes in Singapore. It provides valuable insights into the purpose of SSIC codes, how they are used, and how to determine the correct code for your company. The information presented here is based on extensive research and aims to provide a clear understanding of SSIC codes in a professional tone of voice.

Introduction

Starting a business in Singapore is an increasingly popular choice among entrepreneurs worldwide. With its prosperous economy and favorable business environment, Singapore offers ample opportunities for both local and foreign business owners. To navigate the regulatory and governance requirements, it is crucial to understand and correctly classify your company’s business activities using the Singapore Standard Industrial Classification (SSIC) codes.

What are SSIC Codes?

SSIC codes, or Singapore Standard Industrial Classification codes, are numerical codes assigned to classify the various business activities conducted by companies in Singapore. These codes serve multiple purposes, including statistical analysis, regulation, governance, and determining eligibility for licenses, tax benefits, grants, and government support programs.

The SSIC codes are regularly reviewed and updated by the Department of Statistics in Singapore. This ensures that the codes remain aligned with international standards, reflect changes in the economy, and incorporate emerging activities. These codes are essential for government authorities, such as the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS), to determine licensing requirements and tax benefits for companies.

Choosing the Correct SSIC Code

Selecting the appropriate SSIC code for your company is crucial to ensure accurate classification of your business activities. The chosen code should reflect the activities you seek a license for, as well as potential tax benefits that may apply to your company. Here are some key considerations when choosing a SSIC code:

  1. Reflect your business activities: Choose a SSIC code that accurately represents the principal activities of your company. For example, if your company is a financial holding company, the SSIC code 64201 would be suitable. This will enable you to apply for the necessary license to operate within Singapore.
  2. Consider taxation implications: Be aware that holding companies, such as financial holding companies, may be subject to heavy taxation by IRAS. They may also not be eligible for certain tax deductions. It is important to consider the tax implications associated with your chosen SSIC code.
  3. Customize your business activity description: ACRA allows you to provide a custom description of your business activity upon registration. This description does not have to adhere strictly to the SSIC standard description. Providing a more accurate description can help potential clients and partners better understand your business.

List of Commonly Used SSIC Codes

To assist you in selecting the appropriate SSIC code for your company, here is a list of commonly used codes across various fields of business:

Consulting

SSIC Code Description
70201 MANAGEMENT CONSULTANCY SERVICES
70209 BUSINESS AND MANAGEMENT CONSULTANCY SERVICES N.E.C.
62021 INFORMATION TECHNOLOGY CONSULTANCY (EXCEPT CYBERSECURITY)
62022 INFORMATION TECHNOLOGY CYBERSECURITY CONSULTANCY
71129 ENGINEERING DESIGN AND CONSULTANCY ACTIVITIES N.E.C.
71126 ENGINEERING DESIGN AND CONSULTANCY SERVICES SUPPORTING MINING, OIL AND GAS EXTRACTION AND OFFSHORE EXPLORATION ACTIVITIES
71121 GENERAL BUILDING ENGINEERING DESIGN AND CONSULTANCY SERVICES
71122 PROCESS AND INDUSTRIAL PLANT ENGINEERING DESIGN AND CONSULTANCY SERVICES

Holding Companies

SSIC Code Description
64201 BANK/FINANCIAL HOLDING COMPANIES (INCLUDING INSURANCE HOLDING COMPANY)
64202 OTHER HOLDING COMPANIES

Technology

SSIC Code Description
62011 DEVELOPMENT OF SOFTWARE AND APPLICATIONS (EXCEPT GAMES AND CYBERSECURITY)
62090 OTHER INFORMATION TECHNOLOGY AND COMPUTER SERVICE ACTIVITIES (EG DISASTER RECOVERY SERVICES)
62013 DEVELOPMENT OF SOFTWARE FOR CYBERSECURITY
63120 INTERNET SEARCH ENGINES
63119 DATA ANALYTICS, PROCESSING AND RELATED ACTIVITIES N.E.C.

B2B and Finance

SSIC Code Description
82999 OTHER BUSINESS SUPPORT SERVICE ACTIVITIES (E.G. ADMINISTRATION OF LOYALTY PROGRAMMES)
73100 ADVERTISING ACTIVITIES
63209 ONLINE MARKETPLACES FOR SERVICES N.E.C.
78104 EMPLOYMENT AGENCIES (EXCLUDING DOMESTIC WORKER EMPLOYMENT PLACEMENT AGENCIES AND ONLINE MARKETPLACES)
69202 BOOK-KEEPING SERVICES (EXCLUDING ONLINE MARKETPLACES)
66192 CORPORATE FINANCE ADVISORY SERVICES
66301 TRADITIONAL/LONG-ONLY ASSET/PORTFOLIO MANAGEMENT
66307 PRIVATE DEBT FUNDS
66309 FUND MANAGEMENT ACTIVITIES N.E.C.

Retail

SSIC Code Description
47721 RETAIL SALE OF COSMETICS AND TOILETRIES (INCLUDING SKINCARE PRODUCTS)
47311 RETAIL SALE OF MOTOR VEHICLES EXCEPT MOTORCYCLES AND SCOOTERS
47412 RETAIL SALE OF COMPUTER HARDWARE (INCLUDING HANDHELD COMPUTERS) AND PERIPHERAL EQUIPMENT, AND COMPUTER SOFTWARE (EXCEPT GAMES AND CYBERSECURITY HARDWARE AND SOFTWARE)
47719 RETAIL SALE OF CLOTHING, FOOTWEAR AND LEATHER ARTICLES N.E.C.
47711 RETAIL SALE OF CLOTHING FOR ADULTS

Wholesale

SSIC Code Description
46900 WHOLESALE TRADE OF A VARIETY OF GOODS WITHOUT A DOMINANT PRODUCT
46541 WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT (E.G. INDUSTRIAL CRANE)
46522 WHOLESALE OF ELECTRONIC COMPONENTS
46592 WHOLESALE OF MEDICAL, PROFESSIONAL, SCIENTIFIC AND PRECISION EQUIPMENT
46639 WHOLESALE OF CONSTRUCTION MATERIALS, HARDWARE, PLUMBING, AND HEATING EQUIPMENT AND SUPPLIES N.E.C. (EG CEMENT, SAND)
46309 WHOLESALE OF FOOD, BEVERAGES AND TOBACCO N.E.C. (INCLUDING DRIED OR CANNED)
46599 WHOLESALE OF OTHER MACHINERY AND EQUIPMENT N.E.C.
46511 WHOLESALE OF COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT (EXCEPT CYBERSECURITY RELATED HARDWARE AND PERIPHERAL EQUIPMENT)
46551 WHOLESALE OF MARINE EQUIPMENT AND ACCESSORIES (INCLUDING MARINE NAVIGATIONAL EQUIPMENT AND RADAR)
46424 WHOLESALE OF COSMETICS AND TOILETRIES

General Services

SSIC Code Description
74191 INTERIOR DESIGN SERVICES
82303 EVENT/CONCERT ORGANISERS
43210 ELECTRICAL WORKS
96099 OTHER PERSONAL SERVICE ACTIVITIES N.E.C. (EXCLUDING ONLINE MARKETPLACES)
78104 EMPLOYMENT AGENCIES (EXCLUDING DOMESTIC WORKER EMPLOYMENT PLACEMENT AGENCIES AND ONLINE MARKETPLACES)
46100 WHOLESALE ON A FEE OR COMMISSION BASIS (EXCLUDING ONLINE MARKETPLACES)
79102 TRAVEL AGENCIES AND TOUR OPERATORS (MAINLY OUTBOUND)
81211 GENERAL CLEANING SERVICES (INCLUDING CLEANING OF PUBLIC AREAS, OFFICES AND FACTORIES) EXCEPT HOUSEHOLD CLEANING AND ONLINE MARKETPLACES
49215 RENTAL AND LEASING OF CARS WITH DRIVER (EXCLUDING STREET-HAIL AND RIDE-HAIL SERVICE PROVIDERS)
95301 REPAIR AND MAINTENANCE OF MOTOR VEHICLES (INCLUDING INSTALLATION OF PARTS & ACCESSORIES)
88911 CHILD CARE SERVICES FOR PRE-SCHOOL CHILDREN (INCLUDING INFANT CARE SERVICES)
61099 OTHER TELECOMMUNICATIONS ACTIVITIES N.E.C. (E.G. PROVISION OF VOIP (VOICE OVER INTERNET PROTOCOL SERVICES))
93203 NIGHT CLUBS, DISCOTHEQUES, DANCE CLUBS AND KARAOKE LOUNGES
77101 RENTING AND LEASING OF PRIVATE CARS WITHOUT DRIVER (EXCLUDING ONLINE MARKETPLACES)
59111 MOVIE PRODUCTION

Health and Beauty

SSIC Code Description
86201 CLINICS AND OTHER GENERAL MEDICAL SERVICES (WESTERN)
96022 BEAUTY SALONS AND SPAS (INCLUDING SLIMMING, SKIN CARE AND HAIR CARE CENTRES)
86203 SPECIALISED MEDICAL SERVICES (INCLUDING DAY SURGICAL CENTRES)
86204 DENTAL SERVICES
96021 HAIRDRESSING SALONS/SHOPS (INCLUDING BARBER SHOPS)
86909 OTHER HEALTH SERVICES N.E.C. (EXCLUDING ONLINE MARKETPLACES)

Educational Support Services

SSIC Code Description
85509 EDUCATIONAL SUPPORT SERVICES N.E.C. (EXCLUDING ONLINE MARKETPLACES)
85408 TRAINING COURSES FOR MUSIC, DANCING, ART, SPEECH AND DRAMA
85407 TRAINING COURSES FOR SPORTS AND GAMES

Food and Beverage

SSIC Code Description
56111 RESTAURANTS
56122 FOOD COURTS, COFFEE SHOPS, AND CANTEENS (WITH MAINLY FOOD AND BEVERAGE INCOME)
56112 CAFES
56140 STALLS SELLING COOKED FOOD AND PREPARED DRINKS (INCLUDING STALLS AT FOOD COURTS AND MOBILE FOOD HAWKERS)
56200 FOOD CATERERS
47219 RETAIL SALE OF FOOD N.E.C.
47102 MINI-MARTS, CONVENIENCE STORES AND PROVISION SHOPS
68104 LETTING AND OPERATING OF SELF-OWNED OR LEASED FOOD COURTS, COFFEE SHOPS AND CANTEENS (WITH MAINLY RENTAL INCOME)

Construction/ Real Estate

SSIC Code Description
41001 GENERAL CONTRACTORS (BUILDING CONSTRUCTION INCLUDING MAJOR UPGRADING WORKS)
41009 BUILDING CONSTRUCTION N.E.C.
68101 REAL ESTATE DEVELOPERS
43301 RENOVATION CONTRACTORS
68209 REAL ESTATE ACTIVITIES ON A FEE OR COMMISSION BASIS N.E.C. (EXCLUDING ONLINE MARKETPLACES)
42101 GENERAL CONTRACTORS (NON-BUILDING CONSTRUCTION)
43220 INSTALLATION OF PLUMBING, HEATING (NON-ELECTRIC) AND AIR-CONDITIONING SYSTEMS
68201 REAL ESTATE AGENCIES AND VALUATION SERVICES

Shipping and Logistics

SSIC Code Description
30110 BUILDING AND REPAIRING OF SHIPS, TANKERS AND OTHER OCEAN-GOING VESSELS (INCLUDING CONVERSION OF SHIPS INTO OFF-SHORE STRUCTURES)
50021 SHIPPING COMPANIES, INCLUDING CHARTERING OF SHIPS AND BOATS WITH CREW (FREIGHT)
52292 FREIGHT TRANSPORT ARRANGEMENTS
50022 OPERATORS AND CHARTERERS OF BARGES, TUGBOATS AND BUMBOATS (FREIGHT)
52226 SHIP MANAGEMENT SERVICES
52222 SHIPPING AGENCIES (FREIGHT)
52227 SHIP BROKERING SERVICES
52291 CARGO SURVEYING SERVICES

This is just a selection of SSIC codes commonly used in various industries. For a complete list of SSIC codes, you can download the SSIC list from the relevant government authorities.

How to Determine the Correct SSIC Code

Determining the correct SSIC code for your new Singapore company is essential for accurate classification. Here are the steps to follow when selecting the appropriate SSIC code:

  1. Understand your company’s business activities: Begin by gaining a thorough understanding of the primary, secondary, and ancillary activities of your company. This will help you determine the activity that contributes the most value to your company’s goods and services.
  2. Keyword search: Use the ACRA’s SSIC search tool to conduct a keyword search based on the primary activities of your company. Enter keywords that best describe your business operations and try different variations for better results. The search tool will provide a list of SSIC codes related to your keywords.
  3. Choose the most relevant SSIC code: Review the list of SSIC codes generated by the search tool and select the code that closely matches your company’s business activities. Double-check your keywords for accuracy and ensure they are widely used in relation to your business.
  4. Customize your description: If the available SSIC codes do not precisely match your company’s activities, you can customize the description to provide a more accurate representation. ACRA allows you to write a custom business activity description upon registration, which will be reflected in your company’s profile.
  5. Consultation and review: If you are unsure about the appropriate SSIC code for your company, seek a consultation with experts who can provide personalized advice on business structure and compliance in Singapore. They can help you navigate the SSIC code selection process and ensure the accuracy of your chosen code.

Conclusion

Understanding and selecting the correct SSIC code for your Singapore company is essential for proper classification and compliance with regulations. These codes serve multiple purposes, from statistical analysis to licensing requirements and tax benefits. By accurately reflecting your company’s business activities with the appropriate SSIC code, you can ensure a smooth registration process and access the benefits and support available to your business. Alternatively, feel free to get in touch with us for consulting and business incorporation service.

Remember, the list of SSIC codes provided here is not exhaustive. It is crucial to conduct thorough research, consult experts if needed, and refer to the official sources to determine the most accurate SSIC code for your company.