SSIC Codes in Singapore: How to Pick the Right One for ACRA

The first time you hit "Business Activity" in BizFile+, you have to pick an SSIC code. Most founders treat it as a five-second box-tick: type "consulting", pick the first result, move on. Three years later, they wonder why their PSG application keeps stalling, why their bank flagged them at KYC, or why their incorporation got referred to MAS.

SSIC is a small choice with bigger downstream effects than most founders realise. This guide walks through what SSIC is in 2026, the codes service businesses commonly pick (without accidentally triggering a regulator), how to add a secondary code, how to change SSIC after incorporation, and the five mistakes we see SMEs make most often.

What SSIC is

SSIC stands for Singapore Standard Industrial Classification. It is Singapore's official system for classifying business activities, maintained by the Department of Statistics Singapore (SingStat). The current official version is SSIC 2025, published by the Department of Statistics as an update to the earlier SSIC 2020 (14th Edition). ACRA's BizFile+ uses the current SSIC list, so always pick your code from the live BizFile+ lookup rather than an older reference, as some code numbers and descriptions change between editions.

ACRA uses SSIC at incorporation and on every "Change in Business Activity" filing. IRAS uses it to understand your industry profile and risk-band you for GST and tax review. EnterpriseSG uses it to check grant eligibility for sector-specific schemes. Banks and investors see it on your ACRA business profile during due diligence. Three letters, four agencies, real consequences.

Why your SSIC choice matters

Four practical effects come out of one box-tick.

1. Licence triggers. Some SSIC codes auto-refer your incorporation or filing to a regulator. The most common 2026 triggers:

• Financial services → MAS. Codes like 66301 (asset/portfolio management), 66309 (fund management n.e.c.), 66192 (corporate finance advisory), and payment services codes trigger Securities and Futures Act or Payment Services Act scrutiny.
• Employment agencies → MOM. Code 78104 (employment agencies, except domestic worker placement) flags an Employment Agency Licence requirement.
• Healthcare → MOH. Code 86201 (clinics, general medical services) triggers Healthcare Services Act licensing.

Pick one of these without realising it and ACRA may hold your incorporation while you sort out the licence you never intended to need.

2. Grant eligibility. PSG solutions are sector-mapped. If your SSIC says "general management consultancy" but you're applying for a retail PSG solution, the grant officer will see a mismatch. Aligned SSIC + grant claim, fewer questions, faster approval.

3. IRAS and bank visibility. IRAS uses SSIC to compare your numbers to industry peers and may flag outliers for review. Banks pull your SSIC during KYC; a code that doesn't match your pitch ("we're a SaaS company" / SSIC = "wholesale trade") slows down account opening and lending.

4. Investor and customer signals. Investors read your ACRA business profile. Enterprise customers run due diligence. A clearly-described SSIC reduces the "wait, what do you do?" conversation.

How many codes you can have, and which to pick first

ACRA generally allows two SSIC codes per entity: one primary (your principal activity, the one generating the most revenue or value) and one secondary (a distinct second revenue-generating activity).

A third category exists in SSIC terminology but is not on your ACRA filing: ancillary activities are internal supporting functions (your own marketing, HR, bookkeeping) that support the principal business. These are not SSIC codes; they are simply part of running the company.

A workable selection process:

1. List your actual paid activities today, not your pitch deck's three-year vision.
2. Estimate the revenue split across them over the next 12–18 months.
3. For each line, search BizFile+ for keywords (one word works best) and shortlist two or three matching codes.
4. Pick your primary as the code that best fits the largest revenue line AND has the closest specific description (without accidentally triggering a licence you do not need).
5. Pick a secondary only if you have a second material revenue line, not a future plan.

Common SSIC picks for service businesses

Here's a reference set of codes that come up frequently for the kinds of clients we work with. Always verify the exact wording in BizFile+ at the time of filing; descriptions get refreshed occasionally.

When to add a secondary SSIC

A secondary code is worth filing when you operate two distinct, ongoing revenue lines. Common patterns we see:

• Management consulting (70201) + e-commerce retail (47109). The consultancy is the principal; the brand store is a separate revenue line.
• Graphic design (74192) + training courses (85509). Studio + paid masterclass programme.
• SaaS development (62011) + marketplace (63201). Building the product and operating a marketplace are distinct activities.

Skip the secondary code if the second activity is an internal function (you run your own marketing) or an experimental side project not yet generating real revenue. You can always add it later when it matures.

How to change SSIC after incorporation

You can update your SSIC whenever your main business shifts. The mechanics for a Pte Ltd:

1. Pass a board resolution authorising the change in business activity, recorded by your corporate secretary.
2. File on BizFile+. Log in with Singpass and access via Corppass (see our Corppass guide if you haven't set it up). Navigate to the local company "Change in Company Information" filing, select Business Activity, search for and select your new primary or secondary codes, and set the effective date.
3. No fee, but a 14-day clock. Updating your business activity on Bizfile is free, per ACRA's guide to updating an entity's information, and takes effect immediately. The obligation is timing: ACRA expects the change filed within 14 days.
4. Wait for processing. Most changes are processed almost immediately. The exception: if your new code triggers a regulator referral (MAS, MOH, MOM), expect a delay while that authority reviews.

LLPs and sole proprietors follow a similar BizFile+ path with slightly different menu options; no board resolution is required for those structures.

There is no hard cap on how often you can change SSIC, but frequent changes raise questions with banks and grant officers. Update when your primary revenue model shifts, not whenever you pitch a new idea.

Five mistakes we see founders make

1. Picking a code that's too narrow. Choosing an SSIC that describes only your current single product line and not the obvious adjacent ones inside the same logical sector. Fix: pick the slightly broader code if it still accurately describes your principal activity.

2. Picking a code that's too broad. "Wholesale trade of a variety of goods (46900)" for a software company is a common one we see when founders want to "keep options open". Banks, IRAS, and grant officers see the mismatch and ask questions. Fix: pick the code that describes where your revenue comes from.

3. Triggering a regulator by accident. Picking 66309 (fund management n.e.c.) when you run an investment newsletter, or 78104 (employment agency) when you do recruitment consultancy that does not place workers. ACRA refers you to MAS or MOM, your incorporation pauses, you scramble to explain.

4. Misaligning SSIC with grant claims. Your SSIC says "general management consultancy" but you're applying for a retail digitisation PSG solution. The mismatch raises grant-officer eyebrows. Fix: if you operate across sectors, set the secondary SSIC to match the grant's sector.

5. Not updating SSIC after a pivot. You moved from consulting to a productised SaaS two years ago but the BizFile+ entry still reads 70201. Banks, regulators, and grant officers see the old activity. Fix: file the Change in Business Activity as part of the pivot.

Frequently asked questions

How many SSIC codes can my company have? Up to two: one primary (principal activity) and one secondary (a distinct second revenue line). Pick the two activities with the highest revenue if you have more than two business lines.

Does my SSIC affect whether I need a licence? Yes. Codes under financial services (MAS), employment agencies (MOM), and healthcare (MOH) trigger automatic referral to the relevant regulator at incorporation. If you do not need that licence, do not pick that code.

Can I change my SSIC after incorporation? Yes. File a "Change in Business Activity" via BizFile+. For a Pte Ltd, pass a board resolution first; your corporate secretary then files the change. A small ACRA fee applies and most updates are processed instantly unless the new code triggers a regulator referral.

Should I pick a broad SSIC to keep my options open? Only if the broad code still accurately describes what you do today. Codes that are vague or unrelated to your actual revenue confuse banks, grant officers, and IRAS, and may trigger unnecessary licensing checks. Aim for accurate and reasonably future-proof, not "catch-all".

How does my SSIC affect grants like PSG and EDG? Grant officers at EnterpriseSG use SSIC to quickly understand your sector. Sector-specific PSG solutions check whether your SSIC aligns. EDG is more flexible but a clear SSIC + project narrative match still helps the application.

We pick the right code with you at incorporation

For most of the founders we work with, the SSIC choice is one of those decisions that's quick to make but expensive to get wrong: a licence referral that delays incorporation, a bank KYC bounce, a PSG rejection two years later.

If you're handling a company incorporation or pivoting, book a free consultation. We walk through the activities you run, map them to BizFile+ codes, flag licensing risks, and file the change cleanly. The outsourced accounting buyer's guide covers what's included beyond the SSIC decision.

The goal is a clean ACRA record that matches your real business, so the rest of the compliance stack (Corppass, GST, grants, banking, tax) lines up without issues.