Singapore Companies Have No Business Scope, Only 'Standard Industrial Classification SSIC'
In Singapore, company registration does not involve a traditional "business scope", but instead uses the "Standard Industrial Classification (SSIC)" to define a company's business activity categories. SSIC (Singapore Standard Industrial Classification) is Singapore's national economic activity classification standard, applicable to various population censuses, household and business surveys, and government administrative databases.
What is the Standard Industrial Classification (SSIC)?
SSIC is published by the Singapore Department of Statistics and is used to standardize the classification of various economic activities of economic units. The compilation of SSIC follows international standards (ISIC), ensuring that Singapore's industrial classification aligns with global standards. SSIC codes cover all known economic activities and are regularly updated to reflect changes in Singapore's economic structure, the emergence of new industries, and changes in international standards.
The latest version SSIC 2020 is an update to SSIC 2015 (2018 edition), better reflecting changes in Singapore's economy. The updated SSIC codes apply to all companies and institutions registered in Singapore.
Details of the SSIC classification can be found in the Singapore Department of Statistics' publication "Singapore Standard Industrial Classification 2020".
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Application of SSIC in Company Registration
When registering a company, companies need to select one or two SSIC codes in the Accounting and Corporate Regulatory Authority (ACRA) system to define their business activities. Unlike the broad description of business scope, SSIC codes define businesses in a standardized way, covering almost all economic activities, enabling government agencies and the public to more clearly understand the nature of a company's business.
ACRA provides an SSIC search tool to help companies select appropriate codes.
SSIC Search Tool:
Since There is No Business Scope, Most Businesses Can Be Operated Directly
In Singapore, company registration does not involve the concept of "business scope", which means most companies can directly operate various business activities after completing registration and selecting the appropriate SSIC codes, without requiring additional applications or filing. However, for certain specific industries, Singapore regulations require obtaining corresponding industry qualifications or licenses to operate legally. For example:
- Food and Beverage Industry: Need to apply for food-related licenses from the Singapore Food Agency (SFA).
- Financial Services Industry: Need to obtain financial licenses issued by the Monetary Authority of Singapore (MAS).
- Education Services: Need to apply for industry qualifications from the Ministry of Education or relevant regulatory authorities.
- Construction and Engineering Industry: Need to apply for construction and contracting qualifications from the Building and Construction Authority (BCA).
Companies can confirm whether they need to apply for additional industry licenses based on their selected SSIC codes. The application process for industry qualifications or licenses is usually quite transparent, and companies can submit applications directly to relevant departments and legally conduct business after approval.
How to Choose the Appropriate SSIC Code?
Since Singapore company registration does not involve the traditional "business scope", but uses the "Standard Industrial Classification (SSIC)" system to define the category of a company's business, there is no need to worry too much about SSIC selection. The company registration service provider can help recommend suitable codes, and if business changes require updating the SSIC for obtaining relevant industry qualifications, changes can be made quickly and immediately. This is very simple.
For more information, please feel free to contact our customer consultants.
