That is, these are the codes of business activity of the company, 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 can 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 may take several different business activities. The only thing - it is important that the business activities are logically connected to each other.
An example of a logical combination (within the same company): market research and consulting
An example of illogical combination (within the same company): training center for children and trade in seafood. What affects the choice of SSIC codes:
Some SSIC codes require licensing, meaning if you don't want a specialized license, it's better to choose codes that don't require licensing.
Some SSIC codes are like a red flag for banks (for example, all where the words cryptocurrency or payment systems), that is, if possible to choose more neutral codes.
It affects what kind of transactions and contacts may pass through the company (for the banks and for the purposes of annual reporting on the company) - for example, if the company has a school activity, but the contracts are for the supply of tires, then you can not do so. Recommendations for choosing SSIC codes:
The choice of SSIC codes is your individual choice and should objectively reflect the company's activities. General recommendations:
- Choose codes that do not require licensing (unless you plan to get a license)
- Choose broader codes of business activities in case the company may be expanding operations. For example, not trade in bearings, but wholesale, etc. Otherwise, if you expand operations, you will have to change the company's business activity codes. You must notify the Principal Registrar (ACRA) and your bank. The disadvantages of changing the asset codes are the additional costs and there is also the risk of closing the bank account.
Where can I look up SSIC codes:
You can use the classifier from the Principal Registrar of Singapore (ACRA) to find and select business activity codes. Here you will find the most current SSIC codes issued by the Singapore Department of Statistics. Find SSIC codes
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