If you've ever tried to register a company in Singapore, you've probably hit that moment where the incorporation form asks you to select an SSIC code, and suddenly, you're staring at a massive dropdown list wondering, "Wait, which one actually fits my business?"
You're not alone. This is one of the most common sticking points for founders, and it's not just about picking something that sounds close enough. Choose the wrong SSIC code, and you might face delays in approval, licensing complications, or even miss out on tax incentives you didn't know you qualified for.
So let's break it down properly. This guide will walk you through what SSIC codes actually are, why they matter more than you think, and how to choose the right one without second-guessing yourself.
What Exactly Is an SSIC Code?
SSIC stands for Singapore Standard Industrial Classification. Think of it as the government's way of categorizing what your company does, not based on your vision or future plans, but based on what you're actually doing right now to make revenue.
It's a five-digit code that you submit when registering your company with ACRA (the Accounting and Corporate Regulatory Authority). Once submitted, this code becomes part of your official business profile and is used by various government agencies to understand your business activity.
Here's what it helps determine:
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How your business is classified across government systems
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Which tax treatments or incentives might apply to you
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Whether you need additional licenses to operate legally
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How quickly your incorporation gets approved (some codes trigger extra checks)
The SSIC list is updated periodically to keep up with Singapore's evolving economy. New industries emerge, old ones fade, and the codes adjust accordingly. That's why it's important to refer to the most current version when making your selection.
How Singapore Determines Your Main Business Activity
Here's the thing: the government doesn't care how much time you spend on something. They care about where your revenue is actually coming from.
So if you're a tech company that spends 80% of your time developing software but makes most of your money from consulting services, your SSIC code should reflect consulting, not software development.
The classification must represent what your business primarily does today, not what you hope to pivot into next year. If your revenue model changes down the line, you can (and should) update your SSIC code to match.
This revenue-based approach is important because it keeps your classification aligned with economic reality. Government agencies use this data to track industry trends, allocate resources, and assess risk profiles. If your declared activity doesn't match what you're actually doing, it creates a mismatch that can cause problems later.
Where Can You Find Your Current SSIC Code?
If your company is already registered and you need to check which code you're using, it's easy to find.
Simply pull up your ACRA Business Profile. Your SSIC code will be listed under the section labeled "Principal Activities".
If you're working with a corporate service provider, like an incorporation firm or a company secretary, they can also help you review your existing code and advise whether it still fits your current operations.
Why Your SSIC Code Actually Matters for Incorporation and Compliance
Let's be real: most founders treat SSIC selection like a box-ticking exercise. Pick something that sounds about right, move on, and hope for the best.
But here's why that approach can backfire.
1. It Affects Approval Time
Not all SSIC codes are created equal. Some industries are considered regulated or high-risk, which means they trigger additional scrutiny during the incorporation process.
For example, if your code falls under finance, healthcare, childcare, education, or anything involving sensitive data, your application might get referred to the relevant authority for review. This adds time, sometimes weeks, to your incorporation timeline.
2. It Influences Tax Profiling
IRAS (Inland Revenue Authority of Singapore) uses your SSIC code to understand your business profile. This affects how they assess your GST obligations, whether you qualify for certain tax incentives, and even the likelihood of audits or compliance checks.
Choosing a code that doesn't align with your actual business model can result in missed opportunities or unnecessary complications.
3. It Determines Licensing Requirements
Some SSIC codes automatically flag your business as needing additional licenses or approvals. If you pick a code that suggests you're operating in a regulated industry when you're actually not, you might end up tangled in red tape you didn't need to deal with.
On the flip side, if you pick a generic code to avoid hassle but you're actually in a regulated space, you could be operating without the proper licenses, which is a compliance risk.
4. It Impacts Government Grant Eligibility
Certain government grants and incentives are tied to specific industries or SSIC categories. If your code doesn't match the eligibility criteria, your application might be rejected even if your business activity technically qualifies.
This is especially important for startups looking to tap into schemes like the Productivity Solutions Grant (PSG), Enterprise Development Grant (EDG), or industry-specific support programs.
Step-by-Step Guide on How to Pick the Most Accurate SSIC Code
Alright, enough theory. Let's get practical. Here's how to approach SSIC selection in a way that actually makes sense.
Need help with your company registration? Our incorporation services include expert guidance on SSIC code selection to ensure your application goes smoothly.
Step 1: Define Your Core Business Function
Start by writing down, in one clear sentence, what your company does to generate revenue. Not what you want it to do eventually, what it does right now.
For example:
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"We provide cloud-based HR software to SMEs."
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"We operate a café and sell coffee and baked goods."
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"We offer digital marketing consulting to e-commerce brands."
This gives you a starting point that's grounded in reality.
Step 2: Search by Broad Terms First
The SSIC list uses fairly traditional language, and the descriptions don't always align with modern business terminology. So if you're a "growth hacking agency," the list probably won't have that exact phrase.
Start with general terms like "marketing services," "consulting," or "software development," then narrow down from there.
Step 3: Review Related Categories
Can't find an exact match? Look at adjacent or umbrella categories.
For example, if you're building a SaaS product, you might find yourself somewhere under "software publishing" or "data processing services" rather than a category that explicitly says "SaaS."
Take time to read the descriptions. Sometimes the wording is bureaucratic, but the actual scope matches what you do.
Step 4: Ensure Your Activity Description Aligns
When you submit your SSIC code, you'll also provide a custom description of your business activity. This description needs to match the code you selected.
If there's a mismatch, say, your code suggests you're in retail but your description talks about consulting, it can trigger a review or delay approval.
Keep your description clear, specific, and consistent with the SSIC category.
Step 5: Check If Licensing Applies
Before finalizing your choice, do a quick check: does this SSIC code fall under a regulated industry?
Industries like finance, insurance, healthcare, childcare, education, employment agencies, and food services often require additional licenses or approvals. If your code suggests you're operating in one of these spaces, make sure you're prepared to fulfill those requirements.
If you're unsure, it's worth consulting with a corporate service provider who can flag potential licensing needs before you submit.
Full SSIC Code List for Reference (Updated for 2026)
The complete and official SSIC code list is maintained by the Singapore Department of Statistics. You can access the full classification, organized by industry sectors with detailed descriptions for each code.
View the Official SSIC Code List here
The list is available as a downloadable and searchable PDF. When reviewing codes, read the descriptions carefully as similar-sounding codes may have different scopes.
Common Issues Caused by an Incorrect SSIC Code
Picking the wrong code isn't just an administrative hiccup, it can create real problems for your business. Here are the most common issues we see:
1. Incorporation Delays Due to Referral Checks
If your SSIC code suggests you're in a regulated sector, your application gets sent to the relevant authority for review. Even if you're not actually operating in that space, the referral still happens, and that means waiting.
2. Being Incorrectly Flagged as Operating in a Regulated Sector
Let's say you run a business consulting firm, but you accidentally select a code under "financial advisory services." Now you're on MAS's radar, even though you don't provide financial advice. Correcting this takes time and paperwork.
3. Mismatch Between Declared Activity and Actual Business Model
If your SSIC code says one thing but your bank statements, invoices, or contracts suggest you're doing something else, it raises red flags during audits or compliance checks. IRAS or other agencies may ask for clarification, or worse, assume you're misrepresenting your business.
Concerned about compliance? Our accounting services can help ensure your financial records align with your registered business activities.
4. Missed Tax Incentives
Some tax incentives and grants are tied to specific SSIC categories. If you're using a generic or incorrect code, you might not even know you're eligible for support until it's too late to apply.
5. Complications When Updating Later
Changing your SSIC code after incorporation is possible, but it's not seamless. If you've already applied for grants, opened corporate bank accounts, or signed contracts under your original classification, updating your code can create inconsistencies that need explaining. Our corporate secretarial services can guide you through the update process smoothly.
When and Why Companies Should Update Their SSIC Code
Your SSIC code isn't set in stone. As your business evolves, your classification should evolve with it. Here's when you should consider updating:
1. When You Introduce a New Core Revenue Line
If you started as a consulting firm but now most of your revenue comes from selling software, your SSIC code should reflect that shift. Revenue is the determining factor, remember?
2. When You Pivot Your Business Model
Pivots happen. Maybe you launched as a marketplace but shifted to a SaaS model. Maybe you started in retail but moved to B2B wholesale. If the nature of your business has fundamentally changed, your SSIC code should change too.
3. When Your Current SSIC No Longer Matches Operations
Sometimes you pick a code during incorporation based on what you think you'll be doing, but reality turns out different. If your actual operations don't align with your registered code, update it to avoid compliance issues.
4. When Applying for Government Grants That Require Specific SSIC Categories
Many grants have eligibility criteria tied to SSIC codes. If you're applying for funding and your current code doesn't match the requirements, you may need to update it, assuming your actual business activity aligns with the grant's intent.
SSIC Codes and Government Grants
Here's something a lot of founders don't realize: your SSIC code can make or break your grant application.
Government grants and incentives in Singapore are often designed to support specific industries or business activities. The agencies administering these programs use SSIC codes to quickly assess whether your company fits the profile.
For example:
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A grant aimed at supporting F&B innovation might only be available to businesses with SSIC codes under food services.
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A tech development grant might require your code to fall under software development or IT services.
If your SSIC code doesn't match, your application might be rejected automatically, even if your business activity technically qualifies.
Pro tip: Before applying for any grant, double-check the eligibility criteria and confirm that your SSIC code aligns. If it doesn't but your business activity does, consider updating your code first. Just make sure the update is legitimate and reflects your actual operations.
SSIC Codes and GST Relevance
Let's talk about GST for a second.
In Singapore, businesses must register for GST once their taxable turnover exceeds S$1 million in a 12-month period (or is expected to). But here's the thing: some industries hit that threshold much faster than others.
IRAS uses your SSIC code to understand the nature of your business and assess GST applicability. For example, if you're in retail, wholesale, or e-commerce, you're likely to cross the GST threshold quickly. If you're in professional services with lower transaction volumes, it might take longer.
Your SSIC classification also helps IRAS determine:
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Whether your supplies are standard-rated, zero-rated, or exempt
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Whether you qualify for GST relief schemes
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How they prioritize compliance checks
So while your SSIC code doesn't directly determine your GST obligations, it does influence how IRAS profiles your business, and that can affect your compliance experience.
Quick Tips for First-Time Founders Choosing an SSIC Code
If you're registering your first company, here's a cheat sheet to keep things simple:
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Pick what you do now, not what you plan for later. Your SSIC code should reflect your current revenue-generating activity, not your five-year vision.
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Keep the custom activity description consistent. Make sure the description you provide aligns with the SSIC code you select. Mismatches cause delays.
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Add a secondary activity code only when necessary. You can list multiple activities, but focus on getting your primary code right first. Don't overcomplicate things.
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Review regulated sector requirements before choosing a code. If your code falls under finance, healthcare, childcare, education, or other regulated industries, make sure you're prepared to meet licensing requirements.
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When in doubt, ask for help. SSIC selection isn't something you should guess at. If you're unsure, consult with a corporate service provider who understands the nuances.
How Margin Wheeler Supports SSIC Code Selection
At Margin Wheeler, we know that SSIC selection can feel like navigating a maze, especially if you're doing it for the first time.
That's why we assist clients in reviewing and selecting the most accurate SSIC code during the company incorporation process. We help ensure that your chosen code aligns with your business model, revenue activity, and regulatory requirements, so you avoid unnecessary delays or compliance issues down the line.
Whether you're registering a new company, updating your existing SSIC classification, or preparing a grant application, we're here to provide the support you need to get it right the first time.
Ready to register your company with the right SSIC code from day one? Our business incorporation service includes expert guidance on SSIC selection, business activity alignment, and full regulatory compliance. We'll walk you through every step to ensure your company is set up correctly, so you can focus on building your business instead of worrying about paperwork.
Bottom line: Your SSIC code is more than just a form field. It's a classification that follows your business through incorporation, tax filings, grant applications, and regulatory checks. Choosing the right one from the start saves you time, headaches, and missed opportunities.
So take the time to get it right, or work with someone who can help you navigate the process with confidence.