Changing Your Company's Business Activity in Singapore
Understanding the Importance of a Correct SSIC Code
In Singapore, the Singapore Standard Industrial Classification (SSIC) code is a crucial identifier for a company's primary business activity. It's used by government agencies for various purposes, including:
Statistical analysis: Tracking economic trends and industry performance.
Regulatory compliance: Determining licensing requirements and tax obligations.
Government support: Identifying eligible companies for incentives and grants.
When to Change Your SSIC Code
You should consider changing your SSIC code if:
Your primary business activity has shifted: For example, if your company has started focusing on a new product or service.
You've expanded into a new industry: If your company has diversified its operations.
Your company has undergone a significant restructuring: Such as a merger or acquisition.
Steps to Change Your SSIC Code
Determine the New SSIC Code: Use the BizFile+ eServices portal to search for the appropriate SSIC code based on your new business activity.
File a Change of Business Activity Form: Submit the necessary form to ACRA (Accounting and Corporate Regulatory Authority). This form typically requires information about your company's new business activity, the reason for the change, and any supporting documents.
Pay the Filing Fee: There may be a fee associated with changing your SSIC code.
Wait for Approval: ACRA will review your application and approve or reject it. If approved, your company's records will be updated.
Additional Considerations
Licensing and Permits: If your new business activity requires additional licenses or permits, you'll need to apply for them separately.
Tax Implications: Changing your SSIC code may affect your tax obligations. Consult with a tax professional to understand the potential implications.
Business Name: In some cases, you may need to change your company name if it no longer aligns with your new business activity.
How Bestar Can Help
Bestar can provide valuable assistance in various aspects of your business, including changing your company's business activity in Singapore. Here are some key ways we can help:
1. SSIC Code Selection and Application:
Understanding SSIC codes: We can help you understand the various SSIC codes and their implications.
Accurate selection: We can assist in choosing the most appropriate SSIC code based on your business's primary activity.
Application process: We can guide you through the process of filing the Change of Business Activity form and ensure that all necessary documents are provided.
2. Regulatory Compliance:
License and permit requirements: We can identify any new licenses or permits needed for your new business activity.
Application assistance: We can help you navigate the application process for these licenses and permits.
Ongoing compliance: We can provide advice on maintaining compliance with relevant regulations and laws.
3. Tax Implications:
Tax analysis: We can assess the potential tax implications of changing your business activity.
Tax planning: W can help you develop strategies to minimize your tax liability.
Tax returns: We can assist in preparing and filing your tax returns.
4. Business Structure Review:
Optimal structure: We can evaluate whether your current business structure is still the most suitable for your new activities.
Structural changes: If necessary, we can advise on potential structural changes, such as forming a subsidiary or joint venture.
5. Corporate Governance:
Best practices: We can ensure that your company adheres to good corporate governance practices.
Board meetings: We can assist in organizing and conducting board meetings.
Minute-taking: We can take minutes of board meetings and ensure that they are accurate and complete.
6. General Business Advice:
Strategic planning: We can help you develop and implement business strategies.
Business operations: We can provide advice on various aspects of business operations, such as HR, finance, and marketing.
By engaging Bestar, you can benefit from our expertise and avoid potential pitfalls associated with changing your business activity.
SSIC Codes - A Complete Guide
When should my company register a new SSIC code?
Selecting the Right SSIC Code for Your Business in Singapore
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