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Common SSIC Codes Requiring Licenses

Setting up a company in Singapore? You’ve likely encountered SSIC codes. These codes hold significant weight, shaping your regulatory path in various industries.

We’ve put together a guide to help you in determining if you’ll need any extra licenses or permits before launching your operations, based on the SSIC code you’ve selected.

What is an SSIC code?

It is a vital identifier designated by the government to monitor economic activities. Businesses in Singapore must select at least one SSIC code, representing their primary and secondary activities. Check out our comprehensive list of SSIC codes here.

SSIC codes: Referrals to authorities and Licensing requirements

1. Common codes prompting referral to authorities

During the business application stage, certain SSIC codes require the referral authority’s approvals, elongating the application time by about 14 days to 60 days:

Banking & Finance

64120(Full banks)
64130 (Wholesale banks)
64140 (Merchant banks)
64150 (Finance companies (with deposit taking functions))
64992(Representative offices of foreign banks)
*The Monetary Authority of Singapore (MAS) will liaise directly with the applicants for further information, if required.

Architectural services

71111(Architectural services)

Commodity trading

66124(Commodity (excluding gold) and futures brokers and dealers)

Education

85211 (Secondary schools including combined primary and secondary schools)
85212 (Junior colleges and centralised pre-university institutes (post-secondary non-tertiary) including combined secondary schools and post-secondary non-tertiary schools)
85301 (Polytechnics)
85302 (Universities)
85303 (Teachers' training institute)
85304 (Commercial schools offering higher education programmes)
85494(Academic tutoring services. e.g. tuition centres, private tutoring services)

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*Note that names containing "Academy", "College", "Institute", “Institution", "University"; and "National", "Singapore", will normally be disallowed.

Legal services

69101 Legal Activities (excluding online marketplaces))
*To establish a law practice, applicants must apply for a law practice license through LSRA e-Services and secure in-principle approval before registering the business with ACRA.

Real estate

68201 (Real estate agencies and valuation services)
68209 (Real estate activities on a fee or commission basis n.e.c. (excluding online marketplaces))

Manufacture of certain food product

10611 (Rice milling)
10740 (Manufacture of macaroni, noodles, vermicelli and other related products)

Religious entities

94911 (Churches)
94912 (Mosques)
94913 (Buddhist/Taoist temples)
94914 (Hindu/Sikh temples)
94919(Activities of Religious Organisations n.e.c)

2. Business sectors requiring licenses

After incorporating your company, specific SSIC codes suggest business activities requiring licenses before operation. In Singapore, certain industries require a single license, while others require multiple permits. Here are some of the ones that may come with licensing obligations.

  • Retail or wholesale of liquor
  • Import/export businesses
  • Food & Beverage
  • Hotels
  • Employment agency
  • Spa
  • Manufacturing
  • Travel agents
  • Education establishments
  • Event management

Selecting the Right SSIC Code: A Strategic Approach

Choosing the appropriate SSIC code aligns with your principal business activities, ensuring accurate licensing assessment. Here’s how to streamline your selection process:

  1. Relate to Primary Activity: Opt for codes reflecting your core business activities to facilitate licensing evaluation.
  2. Prioritise Revenue Generators: If your business encompasses multiple activities, select SSIC codes corresponding to those generating the most revenue.
  3. Detailed Description Submission: In cases where existing SSIC codes don’t match your business activity, provide a comprehensive description for assessment via Bizfile.

How to Obtain Business Licenses

To simplify licensing procedures, Singapore offers the GoBusiness Licensing Website, featuring a streamlined application process. Here’s how to navigate it:

  1. Select Licensing Category: Choose your business type to access the appropriate application pathway.
  2. Application Process:
  • New Food Services Business Owners: Follow a guided journey comprising steps for information provision, application submission, and payment.
  • Other Business Owners: Utilise the Self-Service feature for license application, renewal, and payment.

Using an incorporation service as an extension of your team

Setting up a company in Singapore can be challenging, but with professional support, it can be simple, Counto’s mission is to support your new business, take away the complexities of compliance, and save you time and money throughout the year. Speak to us directly on our chatbot, email us at [email protected], or contact us using this form.

 

Here are some articles you might find helpful:

Guide to registering your company in Singapore 

A comprehensive guide to SSIC codes

Singapore Employment Passes

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