How to Find Your Company’s SSIC Code: A Comprehensive Guide

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.

 

What is the SSIC Code?

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.

 

Understanding the Importance of Singapore’s SSIC Classification System

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:

 

• Licensing Requirements: Certain businesses in Singapore require licenses or permits to operate legally. These licenses are issued by relevant government agencies, such as the Hotels Licensing Board or the Media Development Authority of Singapore. When you register your company with ACRA, the assigned code determines whether you need any licenses. It is important to get it right from the start to avoid delays in the licensing process.
• Government Support and Incentives: Your code also determines your eligibility for government support and incentives. The Inland Revenue Authority of Singapore (IRAS) provides various financial assistance schemes, grants, tax incentives, and deductions to eligible businesses. Having the correct one ensures that you can take advantage of these opportunities, which can be especially beneficial for small businesses.
• Data Analysis and Policy Making: The Singapore government collects and analyses SSIC data to gain insights into the economy and make informed policy decisions. By accurately classifying your business activity with the appropriate SSIC code, you contribute to the accuracy and effectiveness of these analyses. Singapore’s reputation as a start-up hub and a favoured destination for global businesses is, in part, due to the valuable data provided by the codes.

Curious about ACRA requirements for successful business registration in Singapore? Delve into the details in our insightful blog.

 

The Process of Finding Your Correct SSIC Code 

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.

 

Method 1: Grof’s SSIC Search Tool

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  

 

Method 2: Using the ACRA SSIC Code Search Tool

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:

1. Visit the BizFile+ portal and navigate to the ‘Find SSIC code for business activities’ page.
2. In the ‘Keywords for Search’ field, enter a keyword that describes your business activity. It is recommended to use a single word rather than a sentence for better results. Ensure correct spelling when entering the keyword.
3. Click on the ‘Search’ button to initiate the search.
4. The search tool will display multiple entries related to your keyword. Carefully review the options and select the most appropriate one for your company operations.

 

Method 3: Referencing the Latest List

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:

1. Keyword Match: Use the keyword search function in the SSIC code list to find relevant ones. Enter a keyword that best represents your business activity and browse the list for matches.
2. Online Marketplaces: If your business operates primarily as an online marketplace, use keywords such as ‘online,’ ‘on-line,’ or ‘on line’ to find specific one dedicated to this category.
3. Unique Business Activities: In some cases, your business activity may not have a specific one. If this is the case, you can attach a customized description of your business to your registration application with ACRA.
4. N.E.C Codes: If you come across an SSIC code ending with the digit 9 and labelled as N.E.C (not elsewhere classified), it indicates a residual business activity that does not have its own specific one. Only select an N.E.C code if you cannot find another one that accurately matches your business activity.

 

Updating Your Company’s SSIC Code

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:

 

1. Board Resolution: Call a meeting of the company’s board of directors and pass a formal board resolution authorizing the ACRA SSIC code change. This resolution serves as a legal document and records the decisions and actions taken by the board.
2. File an Application: File an application on ACRA website to request a change in it. This is typically the responsibility of the company secretary. To make the application, visit the BizFile+ portal, go to ‘eServices,’ then ‘Local Company,’ ‘Make Changes,’ and finally ‘Change in Company Information including Appointment/Cessation of Company Officers/Auditors.’ Follow the instructions provided and provide the necessary information, such as your new SSIC code and the date of change.
3. Processing Time: After submitting your application, it may take between two weeks to two months for ACRA to process the change. Be patient and ensure you comply with any additional requirements or requests from ACRA during this time.
4. Multiple Changes: You have the flexibility to change your primary and secondary SSIC codes, or both, as required. However, it is important to note that you can only request a change after your company has been incorporated or registered. There are no limitations on the number of changes you can request.

 

Common Mistakes To Avoid When Looking Up SSIC Code

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:

• Relying on outdated information: The latest SSIC system is regularly updated, and codes may change over time. Make sure to access the latest information from reliable sources.
• Selecting it based on a partial understanding: Take the time to thoroughly review the description and scope of each code before making a selection. Choosing one solely based on keywords or assumptions can lead to inaccurate classification.
• Ignoring industry-specific guidelines: Some industries have specific guidelines or regulations that affect the selection. Familiarise yourself with any industry-specific requirements to ensure compliance.

 

Get a Headstart with Grof

Starting a business in Singapore is an exciting endeavour, but it requires careful planning and attention to detail. Grof is here to help you navigate the process and ensure a smooth start for your enterprise. Our incorporation packages provide valuable guidance and support, enabling you to register your business with confidence.

 

Looking For a Company Incorporation?

When starting a business in Singapore, one of the first steps is the incorporation process, a process that can seem daunting to many new business owners such as yourself. Seeking professional help for incorporation is vital to ensure that all legal requirements are met and the process is completed efficiently. In fact, we can help you provide invaluable guidance through this crucial phase.

 

Conclusion

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.