Starting a business in Singapore requires more than simply registering a company name. One important step entrepreneurs must consider is selecting the correct Singapore Standard Industrial Classification (SSIC) code for their company.
The SSIC 2020 framework, maintained by the Singapore Department of Statistics (SingStat) and used by regulators such as the Accounting and Corporate Regulatory Authority (ACRA), classifies economic activities into 21 industry sections, 81 divisions, 204 groups, 382 classes, and 1,023 detailed subclasses.
In this blog, we will explore what an SSIC code is, why it matters for Singapore company incorporation, and how entrepreneurs can choose the right SSIC code to avoid regulatory and banking issues.
What Is an SSIC Code?
The Singapore Standard Industrial Classification (SSIC) code is a five-digit classification used to define your company’s main business activity. Every company registered in Singapore must select at least one primary SSIC code and may add a secondary code if required.
The SSIC classification helps various organisations understand what your company does, including:
- ACRA during company incorporation
- Government agencies issuing business licences
- Banks are reviewing corporate bank account applications
- Statistical agencies analysing economic activity
SSIC code in Singapore helps government authorities, regulators, and banks clearly understand what your business does and how it generates revenue. Your SSIC must reflect your current revenue-generating activity, not future expansion plans.
Why is the SSIC Code Important for Company Registration in Singapore?
During Singapore company registration, the SSIC code is included in the company’s official records. It helps regulators determine whether the business activity falls within any regulated industry.
There are several reasons why selecting the correct SSIC code is important.
1. Regulatory classification
Authorities use SSIC codes to categorise businesses across sectors such as finance, retail, logistics, and technology.
2. Licensing requirements
Certain industries require additional regulatory approvals. For example, businesses operating in financial services, education, or food services may require licences before starting operations.
3. Corporate banking reviews
Banks in Singapore conduct compliance checks when opening corporate accounts. The SSIC code provides an initial understanding of the company’s business activity.
4. Government statistics and reporting
The SSIC system allows government agencies to track economic activity across industries and maintain consistent data for policy planning. Choosing the correct SSIC code ensures that your company is classified accurately within Singapore’s regulatory and economic framework.
How SSIC Codes Are Structured in Singapore?
The Singapore Standard Industrial Classification (SSIC) system follows a structured 5-digit numerical hierarchy that categorises business activities with increasing levels of specificity.
The SSIC hierarchy is organised as follows:
- First 2 digits – Division: Identifies the broad industry sector in which the business operates.
- First 3 digits – Group: Narrows the classification to a more specific group of activities within the division.
- First 4 digits – Class: Provides a further breakdown of the type of business activity.
- All 5 digits – Sub-class: Represents the most detailed and specific business activity performed by the company.
This structured approach ensures that companies are classified consistently across Singapore’s regulatory and statistical systems.
Primary vs Secondary SSIC Codes in Singapore Explained
When registering a company in Singapore, businesses must declare their main business activity using an SSIC code. Singapore allows companies to register one primary
SSIC code and one secondary SSIC code to better reflect their operations.
Primary SSIC Code
The primary SSIC code in Singapore represents the company’s main revenue-generating activity. It describes the core business function the company is expected to perform.
For example:
- A software company may select a code related to software development or IT services.
- An online retail business may choose an e-commerce or retail trade classification.
Since the primary SSIC code reflects the company’s principal activity, it should accurately describe how the business currently operates, rather than activities it may pursue in the future.
Secondary SSIC Code
The secondary SSIC code is optional and is used when a company engages in another significant business activity in addition to its primary one.
For instance, a technology firm might register:
- Primary SSIC: Software development
- Secondary SSIC: IT consulting services
Similarly, a trading company may list wholesale trading as the primary activity and logistics support services as the secondary activity.
Although Singapore allows two SSIC codes, businesses should avoid adding classifications that are not directly related to their operations. Including unrelated activities may create confusion during regulatory reviews, licensing checks, or corporate bank account applications.
How to Choose SSIC Code For Business Activity in Singapore (Step-by-Step)
Selecting the correct SSIC code for your business activity in Singapore requires careful consideration of how your company will actually operate. The classification should accurately describe the core services or products your business will provide after company incorporation.
Here is a step-by-step guide to choosing your SSIC code:
Step 1: Define Your Core Business Activity
Start by identifying the main activity that will generate most of your company’s revenue. The SSIC code should describe the primary service or product your business will offer after registration.
Step 2: Review Official SSIC Descriptions
After defining your business activity, review the official SSIC classification descriptions to find the code that best matches your operations. Each SSIC code includes a short description of the types of activities, which helps businesses select the most suitable category.
Step 3: Select the Most Relevant Primary SSIC Code
Once you identify the appropriate classification, select the SSIC code that best represents your company’s main line of business. This will be registered as your primary SSIC code and will appear in your company’s official business profile with the ACRA.
Step 4: Add a Secondary SSIC Code if Necessary
If your company carries out another clear business activity, you may add a secondary SSIC code. However, this should be included only if the activity is actually part of your operations, not just a future plan.
Step 5: Ensure Consistency Across Business Documents
At last, make sure to add a secondary code only if required. Ensure uniformity across your website, company profile, incorporation records, and corporate bank account applications. Alignment across all materials greatly improves the chances of approval.
How to Check the SSIC Code for Your Company?
To verify the Singapore Standard Industrial Classification (SSIC) code assigned to a company, you can conduct an Entity Search through the BizFile+ portal, the official filing system managed by the Accounting and Corporate Regulatory Authority.
Step 1: Visit the BizFile+ Portal
Access the BizFile+ website, the official online filing platform operated by the Accounting and Corporate Regulatory Authority. This portal provides access to company records, filings, and business information.
Step 2: Perform an Entity Search
Use the Entity Search function available on the BizFile+ platform. Enter the company name or Unique Entity Number (UEN) to locate the relevant business entity within the registry.
Step 3: Review the Company Information
Once the company record appears, review the business profile details displayed in the search results. The registered 5-digit SSIC code will be listed under the “Industry” section, indicating the company’s declared business activities.
Step 4: Obtain the Full Business Profile (Optional)
For more detailed information, users may purchase the company’s official business profile through BizFile+. This document provides comprehensive details about the entity, including the registered SSIC codes, company structure, and other statutory information.
Common SSIC Code Mistakes Entrepreneurs Make & How You Can Avoid Them?
Accurate SSIC classification helps maintain clear company records and supports smooth interactions with regulators, licensing authorities, and banks.
Singapore banks follow strict anti-money laundering (AML) and compliance regulations. When you apply for a corporate bank account, banks carefully review your SSIC code, website, business description, expected transactions, and client profile. Any mismatch can trigger delays, additional questioning, or even rejection. Banks prioritise clarity, transparency, and consistency.
The table below highlights common SSIC-related mistakes and practical steps businesses can take to avoid them.
| Common Mistake | Compliance Risk | Recommended Approach |
|---|---|---|
| Choosing an overly broad SSIC code | Business activity may appear unclear during regulatory or banking reviews | Select the code that most accurately reflects the company’s main revenue activity |
| Selecting a code based on future expansion | Registered activity may not match actual operations | Choose a classification that reflects the company’s current business model |
| Copying another company’s SSIC code | The classification may not match your operational structure | Review official SSIC descriptions and select the most relevant category |
| Adding unnecessary secondary SSIC codes | Multiple unrelated activities may raise compliance questions | Include a secondary code only if it represents a genuine business activity |
| Not updating the SSIC code when business activities change | Company records may become outdated | Update the classification through the filing system of the Accounting and Corporate Regulatory Authority when required |
High-Risk SSIC Codes in Singapore: Key Considerations for Businesses
Certain activities, such as cryptocurrency services, payment services, money services, FX trading, and investment holding, are considered high risk by banks. Businesses in these sectors must prepare stronger documentation, a clear business model explanation, and supporting compliance evidence to reduce approval delays.
Key Considerations Include:
1. Licensing Requirements
Several high-risk sectors require regulatory approval before operations can begin. For example, payment service providers must obtain a licence under the Payment Services Act from the Monetary Authority of Singapore, which can take 3 to 6 months, depending on the business model and documentation submitted.
2. Enhanced Bank Due Diligence
During corporate bank account applications, banks often conduct enhanced due diligence for companies registered under certain SSIC codes. This may involve reviewing the company’s business model, transaction flows, customer profile, and supporting commercial contracts.
3. Ongoing Regulatory Monitoring
Businesses operating in regulated sectors may be subject to periodic reporting, compliance audits, and regulatory reviews. For instance, licensed financial service providers must submit regular regulatory filings and maintain compliance frameworks as required by the Monetary Authority of Singapore.
4. Additional Compliance Documentation
Companies in higher-risk industries are generally expected to maintain internal compliance policies, anti-money laundering procedures, and proper transaction records to demonstrate operational transparency.
5. Longer Setup Timelines
Where licences or regulatory approvals are required, the timeline to fully commence operations may extend beyond the standard company incorporation timeline. While company registration in Singapore can be completed within 1–2 days, regulated businesses may require several weeks or months to complete licensing and compliance requirements.
When and How to Update Your SSIC Code?
If your business model changes, your SSIC code should be updated accordingly. Keeping outdated classifications can cause issues during future compliance checks or account reviews. Updating your SSIC is far simpler than dealing with a frozen bank account. Let’s look one by one:
1. When to Update SSIC Code in Singapore:
-
Change in Business Activities
If the company introduces new services, discontinues certain operations, or pivots to a different business model, the SSIC classification should be revised to reflect the current activities.
-
Incorrect or Outdated Classification
If the existing SSIC code does not accurately represent the company’s main revenue-generating activity, updating the classification helps maintain accurate corporate records.
-
Regulatory or Licensing Requirements
Some industries require specific SSIC classifications for regulatory approvals or licence applications. Updating the code ensures the company is properly classified for compliance purposes.
2. How to Update Your SSIC Code?
- Access the BizFile+ Portal
Log in to the BizFile+ portal operated by the Accounting and Corporate Regulatory Authority.
- Select “Change in Company Information”
Choose the relevant filing option to amend the company’s registered business activities.
- Update the Business Activity Details
Modify the primary or secondary business activity to automatically update the associated five-digit SIC code.
- Submit the Filing
Submit the changes through the portal. In most cases, the filing process is simple and may require internal company approval, such as a board resolution, before submission.
Check SSIc code: Explore tool
Conclusion
Selecting the appropriate SSIC code is not a minor administrative task, it is a fundamental step in the company registration process. It directly influences how regulators and banks assess your business risk. Choosing the SSIC code accurately from the beginning improves transparency, reduces stress, and supports smoother corporate bank approval. When in doubt, seek professional advice instead of guessing.
At 3E Accounting Singapore, our corporate specialists assist entrepreneurs in identifying the most appropriate SSIC classification based on their business model, ensuring that company registration, regulatory filings, and banking processes proceed smoothly.
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Frequently Asked Questions
Definitely, you can change your SSIC code in Singapore if your business activity changes. It is recommended to update it promptly to avoid compliance concerns.
You may choose one primary and one secondary SSIC code. Elude unnecessary additions.
Not solely, but mismatches between your SSIC and actual operations can raise compliance red flags.
The SSIC code affects regulatory filings, licensing, and approval of corporate bank accounts. Using an inaccurate code may cause delays, additional compliance checks, or bank account rejection in singapore.
To find the correct SSIC code in Singapore, search the SSIC directory on the website of the Singapore Department of Statistics using keywords related to your business activity. During business registration with the Accounting and Corporate Regulatory Authority (ACRA), you must select the code that best describes your main business activity. Businesses in Singapore can usually choose one primary and one secondary SSIC code based on their operations.
In Singapore, you can check your company’s registered SSIC code through the business profile available on the portal of the Accounting and Corporate Regulatory Authority (ACRA). By searching your company on the BizFile+ system, you can view the SSIC code listed under your company’s business activities.
In Singapore, a company can register up to two SSIC codes with the Accounting and Corporate Regulatory Authority (ACRA). One code represents the primary business activity, while the second can be used for a secondary activity if the company operates in multiple areas. These codes are selected during registration through the BizFile+ system.
Abigail Yu
Author
Abigail Yu oversees executive leadership at 3E Accounting Group, leading operations, IT solutions, public relations, and digital marketing to drive business success. She holds an honors degree in Communication and New Media from the National University of Singapore and is highly skilled in crisis management, financial communication, and corporate communications.
