The Department of Statistics has recently introduced the fourteenth edition of the Singapore Standard Industrial Classification (SSIC). SSIC is the national standard for classifying economic activities undertaken by economic units and is used in censuses of population, household and establishment surveys and in administrative databases.
The SSIC adopts the basic framework and principles of the International Standard Industrial Classification of All Economic Activities (ISIC). It is reviewed and updated regularly to reflect significant changes in the structure of the Singapore economy and the emergence of new activities as well as to align with changes in international standards.
In Singapore, the Registrar of Companies - ACRA requires the business entities to submit their SSIC codes (maximum 2) during the incorporation. The business entities can change the SSIC code(s) after incorporation should such need arises. The company may consider passing a board resolution to record such changes for good corporate governance and proper audit trail.
ACRA is currently updating their database to align with the SSIC 2020. As part of the update, the SSIC code and/ or description of affected business entities will be automatically amended in accordance with the SSIC 2020 with effect from 2 October 2021. The SSIC code and/ or description of the business entities will be updated based on the business activity found in ACRA records.
If the new SSIC code and/or description does not accurately describe the business activity of the business entity, the business entities will be required to update the change of SSIC code with ACRA by 16 October 2021. If the new SSIC code and/or description accurately reflects the business activity of the business entity, no further action is required.
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