SSIC Search Singapore: A Guide
SSIC stands for Singapore Standard Industrial Classification. It's a code used to categorize businesses based on their primary economic activity.
Why is SSIC important?
Business Registration: It's required when registering a new company.
Government Statistics: Used by government agencies for data analysis and planning.
Industry Classification: Helps identify similar businesses and market trends.
How to find your SSIC code:
1. BizFile:
Visit the official government website: https://www.bizfile.gov.sg/ngbbizfileinternet/faces/oracle/webcenter/portalapp/pages/TransactionMain.jspx?selectedETransId=G016
Use the SSIC search tool to find the code based on your business activity.
2. ACRA:
You can also use ACRA's SSIC search tool. Refer to this guide for detailed instructions: https://www.acra.gov.sg/docs/default-source/_systemdoc/step-by-step-guide.pdf
3. Online Tools:
Several online platforms offer SSIC search tools, such as Bestar.
Tips for using the SSIC search tool:
Use specific keywords related to your business.
Be prepared to explore different categories.
If unsure, consult with an accountant or business advisor.
Provide a brief description of your business activity
This will help me narrow down the potential SSIC codes.
Here are some examples:
Retail: Selling clothes, electronics, groceries, etc.
Food and Beverage: Restaurant, cafe, food delivery, etc.
Services: IT consulting, accounting, cleaning, etc.
Construction: Building houses, roads, etc.
The more specific you can be, the better.
Business Registration in Singapore
Business registration is a crucial step in establishing a legal entity for your business in Singapore. It involves registering your business with the Accounting and Corporate Regulatory Authority (ACRA).
Types of Business Structures
Singapore offers several business structures to suit different needs. Here are the common ones:
Sole Proprietorship: Owned and operated by a single individual.
Partnership: Owned by two or more individuals sharing profits and liabilities.
Private Limited Company: A separate legal entity with limited liability for shareholders.
Public Company: Shares can be offered to the public.
Registration Process
The general steps involved in business registration are:
Choose a business structure: Consider factors like liability, taxation, and ownership.
Reserve a business name: Check availability and reserve your preferred name.
Appoint directors and shareholders: For companies, these individuals are required.
Determine registered address: This is the official address of your business.
Obtain necessary licenses and permits: Depending on your business activity, you might need specific licenses.
File incorporation documents: Submit required forms and fees to ACRA.
Important Considerations
SSIC Code: You'll need to determine the appropriate Singapore Standard Industrial Classification (SSIC) code for your business activity.
Company Secretary: A local resident is required to act as a company secretary for private limited companies.
Paid-up Capital: Minimum paid-up capital is required for private limited companies.
Corporate Tax: Singapore has a corporate tax rate of 17%.
Helpful Resources
ACRA: https://www.acra.gov.sg/
GoBusiness: https://www.gobusiness.gov.sg/
How Bestar Can Help
Bestar can be an invaluable asset to your business, providing expertise in various areas. Here's how we can assist:
Financial Management
Bookkeeping and accounting: Maintaining accurate financial records.
Tax planning and compliance: Ensuring compliance with tax regulations and maximizing tax benefits.
Financial analysis: Providing insights into financial performance, identifying trends, and suggesting improvements.
Cash flow management: Helping to optimize cash flow through budgeting and forecasting.
Financial forecasting: Predicting future financial performance to support decision-making.
Business Strategy
Business planning: Developing strategic plans for growth and expansion.
Market analysis: Assessing market trends and opportunities.
Financial modeling: Creating financial projections for different scenarios.
Risk management: Identifying potential risks and developing mitigation strategies.
Business valuation: Determining the value of your business for mergers, acquisitions, or investment.
Compliance and Advisory
Company registration: Assisting with the incorporation process and ensuring compliance with regulatory requirements.
SSIC code determination: Helping you choose the correct SSIC code for your business.
Licensing and permits: Guiding you through the process of obtaining necessary licenses and permits.
Corporate governance: Providing advice on corporate governance best practices.
Employment regulations: Ensuring compliance with employment laws and regulations.
Additional Services
Payroll processing: Managing employee salaries, taxes, and benefits.
GST compliance: Ensuring compliance with Goods and Services Tax (GST) regulations.
Financial software implementation: Selecting and implementing appropriate financial software.
Business advisory: Offering general business advice and support.
By leveraging the expertise of Bestar, you can focus on running your business while we handle the financial and administrative aspects.
Making your accountant an invaluable asset to your business
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