A company has a limit of two SSIC codes. Companies with multiple activities/revenue streams may need help to list on Bizfile, as ACRA allows only two business activities per company. In this case, the two activities with the maximum revenue shall be listed with ACRA.

Whenever you register a new company, ACRA will review your registration documents. Some documents are sent to other government agencies to ensure that information is accurate and complete. You may have to submit additional documentation to be approved for your business registration if you register using the wrong SSIC code.

Just as your business is not static, so is the SSIC code list. Code changes may mean your company’s SSIC code is no longer valid. Meanwhile, your company may have changed its primary activity over time, and your SSIC is no longer relevant. If you are a director, you must keep it accurate.

A wrong SSIC code may prevent you from getting the relevant permits or licenses unless you apply for the correct one. You may be unable to access government incentives targeted at specific business sectors. It is possible that the directors provided inaccurate public data.

These codes can easily be checked online, so you don’t have to worry about getting the wrong one. To determine the correct category, seek professional advice if in doubt.

A change of the SSIC code, whether due to the change introduced by the Department of Statistics or whether it is due to an actual change of principal activities driven by operational or economic needs, must be approved by the directors via formal directors’ resolutions.

After submitting the SSIC code, it cannot be changed. In this case, you must withdraw the application and resubmit a new application with the correct SSIC code.

You will be asked to pick and submit an SSIC code to incorporate your company. This number identifies your future business entity. In other words, these codes indicate what your company does and in what field.

To pursue adequate policies, Singapore needs to know what businesses are present in the country. A system of SSIC codes simplifies communication between the companies and the authorities. With the help of SSIC codes, the state collects the aggregated data, analyzes it and identifies trends. SSIC codes also help determine whether a company needs a license.

Registering with the correct SSIC code is essential if you are a new company. To find out the correct SSIC code for the new company, you can:

• Head over to the official Government site Bizfile. Type words that describe your business activities in the search bar. Use the most common keywords for your industry. You can also try variations until the system pulls up a category closest to your work.
• Use the SSIC Search Tool. Visit the ACRA website or use the free Osome tool to find the code by entering keywords related to your business activities.
• Consult with an expert. Talk to your accountant or business advisor. Osome experts assist you with every step of incorporation, including finding the most appropriate SSIC code for your business based on its activities for regulatory compliance and reporting purposes.