All We Know About the Business Activity Code (SSIC) Search

It stands for Singapore Standard Industrial Classification (SSIC), a government standard that categorises all the various economic activities that Singapore-based businesses are allowed to engage in lawfully. For the SSIC to be a success, it must include the International Standard Industrial Classification (ISIC), on which it is built.

• The Department of Statistics in Singapore conducts frequent reviews and revisions of the Singapore Standard Industrial Classification (SSIC). It is the goal of these revisions and revisions to reflect changes in Singapore’s economic landscape, new corporate ventures, and international standards. It is critical that the SSIC codes allocated to your company accurately reflect the current operations of your company. After the firm is formed, these activities may be altered.
• Using an SSIC code for anything other than statistical or administrative purposes is strictly prohibited. Various reports, surveys, censuses, administrative databases, and other publications rely on the data generated by the SSIC code for predicting and planning. It aids the Singaporean government in determining which economic activities constitute the bulk of the country’s total output as well as the extent to which they are being carried out.

This code is also used to determine whether or not your company is required to get a license to operate because of the kind of job it does. If your company is eligible for grants, tax incentives, or other types of government aid, you may use this information to determine whether or not it qualifies. Similar to SSIC codes, which were utilized to enable activities to continue throughout the epidemic. IRAS utilizes the SSIC code to assess whether or not a firm is eligible for tax incentives; the Business Activity Code (SSIC) Search to direct your application to the relevant licensing department for their approval if your SSIC code needs a license.

If you wish to apply for a business license or grant via one of the incentive programs, make sure you use the relevant SSIC number for the company activity that qualifies. In order to proceed, you must complete this step.

Choosing the Correct SSIC Code for Your New Singapore Company

ACRA will also ask you for the SSIC code for the commercial activity that the business will engage in when you register the business name for your new company. Your organisation must offer at least one SSIC code to describe its operations, and you may supply an additional SSIC code if you want to. If the SSIC code that best reflects your company’s business activity does not exist, you have the option of providing a bespoke description. The company’s BizFile will include this description in its whole.

Your company’s “economic activity” should be appropriately represented by the SSIC code you apply. An example of economic activity is the use of resources such as labour, capital, products, and services in a manufacturing process to produce things and services.

The following are possible divisions of a corporation’s economic activities

The word “primary activity” refers to a business activity that either adds the most value to the company’s goods and services compared to other activities, or that adds the most value to the company’s products and services as a whole.

The term “secondary activity” refers to an activity that is not the major focus of an organisation, but is still carried out by the company.

Last Words

An auxiliary activity is one that provides items or services only for the benefit of the company’s internal operations in support of the company’s primary productive activities (e.g. human resources functions, bookkeeping, purchasing, storage, and sales promotion).