Reporting About Your Business Activity Type: Entrepreneur’s Guide
Entrepreneurs who establish companies must anticipate their future business activities. State authorities need this information for statistical and other purposes. Let’s find out how to report about the type of business activity in Singapore.
How to Inform the State
When incorporating, you have to choose and send an SSIC code (the Singapore Standard Industrial Classification), which identifies your company activity as, for instance, a web developing agency or bakery. Put simply, the SSIC codes indicate what your company does.
The system of SSIC codes improves communication between authorities and businesses. Analyzing them, officials reveal trends. The code also indicates whether a company needs a license.
Guidelines Regarding the Incorporation Stage
At least one code must be submitted when applying for company opening. You can choose an additional code, but the total amount must not exceed 2. You can use special search tools to find the most suitable codes.
Moreover, you can add some more precise comments regarding your future activities when incorporating the business entity online.
Some SSICs are linked to licensed activities. These include retail outlets, SPA, private education institutions, shipping, event management, HR, traveling business, foods and beverages, foreign trade, medicine, and construction.
If you’re planning to operate in one of these areas, pick the needed code, e.g. “78104 – Employment agencies” is a must for an HR firm.
What You Should Know When Operating
The great part is that SSICs are changeable. So you are not bound by them and can choose another code when needed.
The best thing is that your company is not limited to the assigned codes. Singapore firms may also be involved with activities other than the ones they initially indicated — provided that they are legal, of course, and that the companies have all the relevant permits to do that.
Check out incorporation services of Osome to start your business in Singapore.