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26 Mar 2024 · Grof Writer
8 minutes Read
Are you confused about how to find your company’s SSIC code? Well, you’re not alone. Determining your company’s SSIC code is an essential step when it comes to filing business licenses and fulfilling regulatory requirements. In this article, we will guide you on how to easily look up your company’s code and save you from the hassle of hunting for information.
The SSIC code, or Standard Industrial Classification code, is a classification system used by the Accounting and Corporate Regulatory Authority (ACRA) to categorise business activities. It is important to choose the correct one as it determines various aspects of your business, including licensing requirements and eligibility for government incentives.
SSIC codes play a vital role in Singapore’s business landscape. They serve as a standardised classification system that helps monitor and analyse industries driving the economy. ACRA uses these numbers to categorise companies based on their principal business activities. Selecting the right one is crucial for several reasons:
Curious about ACRA requirements for successful business registration in Singapore? Delve into the details in our insightful blog.
Now that you understand the importance of it, let’s dive into the process of finding the right one for your company. There are three primary methods you can use: Grof’s SSIC Search Tool, the ACRA SSIC code search tool on the BizFile+ portal and the latest code list.
Looking to find the right SSIC code for your business in Singapore? Grof’s SSIC Code Checker is your go-to solution. This free tool makes the process of identifying the appropriate SSIC code for your business activities straightforward and efficient, ensuring you’re aligned with the specific industry classifications necessary for business success in Singapore’s dynamic economy. Discover your perfect SSIC code match at https://grof.co/sg/ssic-check
The ACRA’s SSIC code search tool on the BizFile+ portal provides a convenient way to search for your company’s SSIC code. Follow these steps to utilize the search tool effectively:
If you prefer a comprehensive list, you can refer to the latest edition of the SSIC code list. The Singapore Standard Industrial Classification system is regularly updated by the Department of Statistics to reflect current economic conditions and trends. The 14th and latest edition, the Singapore Standard Industrial Classification Code, was released in November 2021. Here are a few guidelines to keep in mind when using the list:
As businesses evolve and adapt to changing market conditions, it may become necessary to update your company’s SSIC code. The Companies Act in Singapore mandates that businesses notify ACRA of any changes in business activity which require a change in the code within 14 days. Failure to do so can result in penalties of up to SGD 5,000. To change it, follow these steps:
When looking up your company’s SSIC code, it is important to avoid common mistakes that can lead to incorrect classification. Here are a few pitfalls to watch out for:
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In conclusion, selecting the right one for your company is a critical step in the business registration process in Singapore. It determines licensing requirements and eligibility for government support and contributes to data analysis for policy-making. By utilising our SSIC search tool or referencing the latest list, you can find the most appropriate one for your business activity. Remember to update it if your business undergoes a significant change, and take advantage of resources like Grof to ensure a successful start to your entrepreneurial journey in Singapore.
SSIC is regularly reviewed and updated by Singapore’s Department of Statistics to reflect new developments in Singapore’s economic activities, new emerging business activities, and changes in international standard industrial classification. It is important to ensure that your company’s SSIC codes are accurate and reflect your current business activities, which may evolve after its incorporation.
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