SSIC 2025 Singapore: Complete Guide to the New Industrial Classification
Effective May 9, 2026: Singapore is transitioning to SSIC 2025 (version 2.25), the updated Standard Industrial Classification system with over 1,500 revised business activity codes. Whether you're incorporating a new company or updating an existing one, choosing the right SSIC code affects your licensing, grants eligibility, and regulatory compliance. This guide walks you through everything you need to know—and how to avoid costly mistakes.
📖 Table of Contents
- 1. What Is SSIC 2025 and Why Does It Matter?
- 2. Do Existing Companies Need to Update? (Automatic Matching)
- 3. How to Check Your Company's Current SSIC Code
- 4. SSIC Codes and Corporate Bank Account Approval
- 5. SSIC vs. ASEAN Classification Systems
- 6. Why Your SSIC Code Matters
- 7. SSIC 2025 vs SSIC 2020: What's Changed?
- 8. Investment Holding Companies – SSIC 2025 Codes
- 9. Which SSIC Codes Trigger Additional Licenses?
- 10. How to Choose the Right SSIC Code
- 11. Common SSIC Codes by Industry (2025)
- 12. How to Update Your SSIC Code with ACRA
- 13. Common SSIC Code Mistakes (And How to Avoid Them)
- 14. Frequently Asked Questions
📌 In 30 Seconds: What You Need to Know
- SSIC 2025 replaces SSIC 2020 on May 9, 2026
- Mandatory for all new incorporations and business activity updates after this date
- Existing companies: ACRA will automatically match your codes—no manual update needed unless activities changed
- 1,500+ codes to choose from—accuracy matters for grants and licensing
- You can select up to 2 SSIC codes per company
- Wrong code = missed grants, licensing delays, compliance issues, fines up to S$2,000
- Update cost: S$15 via ACRA BizFile+ (1-2 business days)
- Need help? Book a free consultation with our ACRA-registered filing agents
- Late update of business activities: Directors face fines of S$500 - S$2,000
- Incorrect SSIC code on filing: ACRA may reject application or impose composition fines
- Serious misrepresentation: Up to S$10,000 fine for fraudulent classification
- Update deadline: You must update your SSIC code within 14 days of any business activity change
What Is SSIC 2025 and Why Does It Matter?
The Singapore Standard Industrial Classification (SSIC) is ACRA's official system for classifying business activities. Every Singapore company must declare at least one SSIC code during incorporation and when updating business activities.
SSIC 2025 (officially version 2.25) is the latest revision, replacing SSIC 2020. It includes:
- New codes for emerging industries (AI, renewable energy, digital services, Web3)
- Updated classifications reflecting Singapore's economic evolution
- Better alignment with international standards (ISIC Rev. 5)
- More granular categories for specialized activities
📊 How Singapore Defines Your Main Business Activity
The government doesn't look at how much time you spend on an activity. They look at where your revenue actually comes from.
For example, if you spend 80% of your time developing software but make most of your money from consulting services, your SSIC code should reflect consulting, not software development.
This revenue-based approach keeps your classification aligned with economic reality for grants, tax incentives, and banking reviews.
Business: "Bloom Bakery" – A home-based bakery selling custom cakes online and offering baking workshops.
Primary SSIC code (main revenue): 10712 – Manufacture of bread, cakes and confectionery (70% of revenue from cake sales)
Secondary SSIC code (significant activity): 85491 – Other education (30% of revenue from baking workshops)
Why this selection works: The primary code captures their main manufacturing activity, while the secondary code acknowledges their workshop revenue. This combination ensures eligibility for both F&B grants and training-related schemes.
Do Existing Companies Need to Update? (Automatic Matching)
If your company was incorporated before May 9, 2026, you generally do not need to manually update your SSIC code. ACRA's system will automatically match your existing SSIC 2020 code to the closest equivalent in SSIC 2025 using official correspondence tables.
However, you should:
- Review the automatically assigned code after the transition to ensure it still accurately reflects your actual business activities
- File an update within 14 days if your business activities have changed or if the auto-assigned code is incorrect
- Use SSIC 2025 codes for any new filings, annual returns, or updates after May 9, 2026
How to Check Your Company's Current SSIC Code
- Log in to ACRA BizFile+ using your Singpass or CorpPass
- View your Company Profile (Business Profile)
- Your SSIC code will be listed under "Principal Activities"
- You can also search any company's UEN or name on BizFile+ to view their registered SSIC code
SSIC Codes and Corporate Bank Account Approval
Singapore banks conduct strict compliance checks when opening corporate accounts. Your SSIC code is one of the first things they review. Any mismatch between your declared SSIC code, website description, and business model can trigger delays or outright rejection.
High-Risk SSIC Codes (Enhanced Due Diligence)
- Cryptocurrency / Blockchain services – SSIC 62091, 63909
- Payment services / Money remittance – Requires MAS license under Payment Services Act
- Foreign exchange (FX) trading – SSIC 64999 (requires MAS license if dealing with third-party funds)
- Investment holding companies – SSIC 64301–64309
- Employment agencies – SSIC 78104 (requires MOM license)
SSIC vs. ASEAN Classification Systems (Cross-Border Context)
For businesses expanding regionally, understanding how Singapore's SSIC compares to other ASEAN classification systems is valuable:
| Country | Classification System | Key Difference from SSIC |
|---|---|---|
| Malaysia | MSIC | Based on UN ISIC Rev. 4; aligns closely with SSIC 2025 but has different codes for palm oil and Islamic finance. Learn more → |
| Indonesia | KBLI | Updated to KBLI 2025; more granular for agriculture and mining. Cross-border tax guide → |
| Vietnam | VSIC | Based on ISIC Rev. 4 with Vietnam-specific additions (aquaculture, rice production). |
| Thailand | TSIC | Aligned with ISIC Rev. 4; includes specific codes for tourism and agricultural processing. |
| Philippines | PSIC | Updated to PSIC 2025; includes unique codes for BPO and overseas worker remittance. |
Why Your SSIC Code Matters
| Area | Impact of SSIC Code |
|---|---|
| Government Grants | Eligibility for PSG, EDG, EEG, and sector-specific schemes depends on your SSIC code |
| Licensing | Certain business licenses require specific SSIC codes |
| Tax Incentives | Some tax schemes are industry-specific and tied to SSIC classifications |
| Regulatory Compliance | Different industries have different reporting requirements |
| Banking | Banks use SSIC codes for risk assessment and account opening |
| Data Protection (PDPA) | Certain service categories imply obligations under PDPA |
Not Sure Which SSIC Code Applies to Your Business?
Our ACRA-registered filing agents help you select the optimal SSIC code to maximize grant eligibility and ensure compliance. Free consultation—no obligation.
Get Free SSIC Code Consultation View Incorporation GuideSSIC 2025 vs SSIC 2020: What's Changed?
1. New Technology & Digital Economy Codes
- Artificial Intelligence, Cybersecurity, Blockchain & Web3, Cloud Services
2. Sustainability & Green Economy
- Renewable Energy (solar, wind, hydrogen), Carbon Services, Circular Economy
3. Healthcare & Life Sciences
- Telemedicine, Biotechnology, Health Tech
Investment Holding Companies – SSIC 2025 Codes
| SSIC 2025 Code | Business Activity | Requirements |
|---|---|---|
| 64301 | Unlisted equity / venture capital investment | No license required for own funds |
| 64302 | Securities / funds / derivatives investment | MAS license required for third-party funds |
| 64303 | Real estate investment | SLD approval for residential property |
| 64309 | Alternative investments (IP, commodities, art) | Pre-approval required for restricted categories |
Which SSIC Codes Trigger Additional Licenses?
| Industry | SSIC Code Range | Regulator | License Required |
|---|---|---|---|
| Financial Services | 64110–64999 | MAS | Capital Markets Services License / Payment Services License |
| Healthcare | 86101–86909 | MOH | Clinic License / Healthcare Establishment License |
| Childcare / Preschool | 85101, 88911 | ECDA | Early Childhood Development Centre License |
| Food Services | 56111–56209 | SFA | Food Shop License |
| Employment Agencies | 78104 | MOM | Employment Agency License |
| Education / Training | 85401–85509 | SSG / MOE | Registration as PEI (if required) |
Pro Tip: Use the GoBusiness License Search tool. Enter your SSIC code to see exactly which licenses your business needs.
How to Choose the Right SSIC Code for Your Business
Step 1: Identify Your Primary Revenue Activity
Step 2: Consider Secondary Activities (20%+ of revenue)
Step 3: Check Grant & License Requirements
Real Example: Energy Efficiency Grant (EEG)
To qualify for EEG, your company must be classified under specific SSIC codes:
- Manufacturing: SSIC 10 to 32
- Construction: SSIC 41 to 43
- Food Services: SSIC 56 or 68104
- Retail: SSIC 47
- Maritime: Specific codes (23940, 24109, 49231, etc.)
Choose the wrong code, and you lose grant eligibility entirely.
Common SSIC Codes by Industry (2025)
Technology & Digital Services
| SSIC Code | Business Activity | Best For |
|---|---|---|
| 62011 | Software Development | Custom software, mobile apps, SaaS |
| 62021 | IT Consulting | Technology advisory, system integration |
| 63111 | Data Processing & Hosting | Cloud services, web hosting |
| 62091 | Other IT Services | Cybersecurity, AI development, blockchain |
Professional & Business Services
| SSIC Code | Business Activity | Best For |
|---|---|---|
| 69201 | Accounting & Bookkeeping | Accounting firms, bookkeepers |
| 69202 | Corporate Secretarial Services | CSPs like Terra Advisory Services |
| 70201 | Management Consulting | Business strategy, operations consulting |
How to Update Your SSIC Code with ACRA
- Log in to BizFile+ using your Singpass or CorpPass
- Select "Update Business Activity"
- Search for your new SSIC code
- Enter up to 2 SSIC codes
- Pay the filing fee of S$15
- Receive confirmation within 1-2 business days
Let Us Handle Your SSIC Update
Our team will review your business activities, recommend the optimal SSIC codes, and file the update with ACRA on your behalf. Fast, accurate, and stress-free.
Update My SSIC Code Now Learn About Compliance ServicesCommon SSIC Code Mistakes (And How to Avoid Them)
| Mistake | Consequence | How to Avoid |
|---|---|---|
| Choosing overly general codes | Miss out on industry-specific grants | Select the most specific code that matches your activity |
| Using outdated SSIC 2020 codes after May 9, 2026 | ACRA rejection, compliance issues, potential fines | Always use SSIC 2025 codes for new filings |
| Not updating within 14 days when business pivots | Regulatory non-compliance, fines up to S$2,000 | Update within 14 days of activity change |
| Choosing codes for future activities | Unnecessary licensing requirements | Only declare activities you're actually conducting now |
| Ignoring grant requirements | Ineligible for EEG, EDG, PSG schemes | Check grant eligibility criteria before finalizing codes |
Frequently Asked Questions About SSIC 2025
What is SSIC 2025 and when does it take effect?
SSIC 2025 (version 2.25) is the updated Singapore Standard Industrial Classification system that replaces SSIC 2020. It takes effect on May 9, 2026. All new incorporations after this date must use SSIC 2025 codes.
Do I need to update my existing SSIC code to SSIC 2025?
If your company was incorporated before May 9, 2026, you generally do NOT need to manually update. ACRA's system will automatically match your SSIC 2020 code to the closest equivalent in SSIC 2025. However, review the auto-assigned code and update within 14 days if your activities have changed.
What happens if I choose the wrong SSIC code?
Choosing the wrong SSIC code can affect your eligibility for government grants, licenses, and tax incentives. It may also trigger unnecessary regulatory requirements. Directors face fines of S$500 to S$2,000 for late updates or non-compliance. For serious misrepresentation, fines can go up to S$10,000.
Can I change my SSIC code after incorporation?
Yes, you can update your SSIC code anytime by filing a notification of change with ACRA via BizFile+. The filing fee is S$15. Changes typically take 1-2 business days to process. You must update within 14 days of any business activity change.
How many SSIC codes can I declare?
You can declare up to 2 SSIC codes per company. The first code should be your primary business activity (main revenue source), and the second can be a significant secondary activity representing at least 20% of revenue.
How does Singapore's SSIC compare to Malaysia's MSIC?
Both systems are based on the UN ISIC framework, making them broadly comparable. However, Malaysia's MSIC includes specific codes for palm oil production and Islamic finance that don't exist in SSIC. For cross-border businesses, you may need to maintain separate codes in each jurisdiction. Learn about Malaysia expansion →
What is the penalty for not updating my SSIC code?
Directors face fines of S$500 to S$2,000 for late updates or non-compliance. Update your SSIC code within 14 days of any business activity change to avoid penalties.
Can foreign-owned companies use any SSIC code?
Most SSIC codes are available to foreign-owned companies. However, some regulated sectors (e.g., banking, legal services, media) have ownership restrictions. Check with ACRA or consult us if you're unsure.
Where can I find official SSIC 2025 correspondence tables?
SingStat provides official correspondence tables mapping SSIC 2025 to SSIC 2020 and to international standards (ISIC Rev. 5). Download the correspondence tables here.
Key Takeaways for Singapore Business Owners
- SSIC 2025 is mandatory for all new incorporations from May 9, 2026
- Existing companies: ACRA automatically matches your codes—review the auto-assigned code after transition
- Choose codes that accurately reflect your revenue-generating activities (not time spent)
- Your SSIC code affects grants, licensing, banking, and compliance—choose carefully
- You can declare up to 2 SSIC codes per company
- Updating SSIC codes costs S$15 and takes 1-2 business days
- Update within 14 days of any business activity change to avoid fines (S$500–S$2,000)
- Wrong codes = missed grant opportunities (e.g., EEG requires specific SSIC codes)
- Cross-border businesses: SSIC aligns broadly with MSIC (Malaysia), KBLI (Indonesia), and other ASEAN classification systems
- When in doubt, consult with ACRA-registered professionals before filing
Need Help Choosing the Right SSIC Code?
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