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.
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:
- 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.
- 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.
- 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:
|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|
|64201||BANK/FINANCIAL HOLDING COMPANIES (INCLUDING INSURANCE HOLDING COMPANY)|
|64202||OTHER HOLDING COMPANIES|
|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
|82999||OTHER BUSINESS SUPPORT SERVICE ACTIVITIES (E.G. ADMINISTRATION OF LOYALTY PROGRAMMES)|
|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.|
|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|
|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|
|74191||INTERIOR DESIGN SERVICES|
|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)|
Health and Beauty
|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)|
|96021||HAIRDRESSING SALONS/SHOPS (INCLUDING BARBER SHOPS)|
|86909||OTHER HEALTH SERVICES N.E.C. (EXCLUDING ONLINE MARKETPLACES)|
Educational Support Services
|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
|56122||FOOD COURTS, COFFEE SHOPS, AND CANTEENS (WITH MAINLY FOOD AND BEVERAGE INCOME)|
|56140||STALLS SELLING COOKED FOOD AND PREPARED DRINKS (INCLUDING STALLS AT FOOD COURTS AND MOBILE FOOD HAWKERS)|
|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
|41001||GENERAL CONTRACTORS (BUILDING CONSTRUCTION INCLUDING MAJOR UPGRADING WORKS)|
|41009||BUILDING CONSTRUCTION N.E.C.|
|68101||REAL ESTATE DEVELOPERS|
|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
|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:
- 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.
- 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.
- 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.
- 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.
- 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.
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.