That is, these are the codes of a company's business activity, which provide information to the state, banks and all interested counterparties about what the company does. In Russia, the analogue of SSIC codes is OKVED.How many business activities a company can have
You may have at least one and no more than two business activities within one company. If your company does not fall under the licensing requirements, you can take several different business activities. The only thing - it is important that these business activities should be logically interconnected.
An example of a logical combination (within the same company): market research and consulting
An example of illogical combination (within one company): training center for children and trade in seafood
What the choice of SSIC codes affects:
Some SSIC codes require licensing, that is, if you do not want to get a specialized license, it is better to choose codes that do not require licensing.
Some SSIC codes are like a red flag for banks (for example, all with the words cryptocurrency or payment systems), that is, if possible, choose more neutral codes.
Affects what transactions and contacts may pass through the company (for the banks and the purposes of annual reporting on the company) - for example, if the company has a school activity, and the contracts are for the supply of tires, then you can not do so. Recommendations for selecting SSIC codes:
The choice of SSIC codes is your individual choice and should objectively reflect the activities of the company.
Where can I see the SSIC codes:
- choose codes that do not require licensing (if you do not plan to get a license)
- choose broader business activity codes in case the company may expand its operations. For example, not trade in bearings, but wholesale, etc. Otherwise, you will have to change the company's business activity codes if you expand operations. You must notify the Principal Registrar (ACRA) and your bank. The disadvantages of changing the activity codes are the additional costs and there is a risk of closing the bank account.
You can use the classifier from the Principal Registrar of Singapore (ACRA) to search and select business activity codes. Here you will find the most current SSIC codes issued by the Singapore Department of Statistics. Find SSIC codes> Important:
- Search is in English
- Search by keyword