When you register your Singapore company, ACRA asks you to select a 5-digit SSIC Code (Singapore Standard Industrial Classification) to describe your business activity.

Most founders spend 2 minutes on this. They pick a random code that “sounds close enough” and move on.

This is a mistake.

In 2025/2026, your SSIC code is not just a statistic. It is used by Banks to assess your risk, by Enterprise Singapore to approve grants, and by MOM to approve work passes.

Choosing the wrong code (e.g., classifying a simple trading business as “Investment Holding”) can lead to instant bank account rejection. Here is how to pick the right one.

1. What is an SSIC Code?

The SSIC code is a standard list used by the Singapore government to track economic activity. Every company must have at least one (Primary Activity) and a maximum of two (Secondary Activity).

You can search for codes using the [ACRA BizFile+ Search Tool], but the descriptions are often technical and confusing.

2. The “Banking Trap”: High-Risk Codes to Avoid

Singapore SSIC Code Risks Banking High Risk vs Safe Codes List

Banks use automated compliance systems. Certain SSIC codes trigger “Red Flags” for Money Laundering (AML) or require Enhanced Due Diligence (EDD), which can delay your account opening by months.

Common “Red Flag” Codes (Use with Caution):

  • 64201 (Investment Holding Companies): Banks view these as “shell company” risks. Unless you have substantial capital, avoid this if you have active operations.

  • 46900 (General Wholesale Trade): This is vague. Banks prefer specific codes (e.g., “Wholesale of Computer Hardware”) to prove you are a real business.

  • 663* (Fund Management/Crypto):** These require MAS licenses. If you pick this by accident, your account will be denied immediately.

Pro Tip: If you are a consultant, do not just pick “General Management Consultancy.” Be specific (e.g., “Public Relations Consultancy” or “IT Consultancy”) to prove you have a clear business model.

3. Top SSIC Codes for Modern Businesses (2025 List)

Here are the most common “Safe” codes for typical startups:

  • E-Commerce:

    • 47910: Retail sale via internet (with income derived from online auctions/marketplaces).

    • 63201: Web portals (e.g., operating a marketplace platform).

  • Technology & Software:

    • 62011: Development of software and applications (except games/cybersecurity).

    • 62021: Information technology consultancy.

  • Marketing:

    • 73100: Advertising activities.

    • 70205: Public relations, marketing and brand consultancy.

4. Can I Change My SSIC Code Later?

Yes. If your business pivots (e.g., from “Software Development” to “Selling Coffee”), you must update your SSIC code with ACRA.

  • The Process: We lodge a “Change in Company Information” on BizFile+.

  • The Cost: There is no ACRA fee for this change.

  • The Timing: It is instant.

5. Does SSIC Affect Grants?

Yes. Many government grants (like the Progressive Wage Credit Scheme or specific industry grants) are tied to specific SSIC codes.

  • Example: A “Food Services” grant will only be auto-credited to companies with F&B codes (e.g., 56111). If you listed yourself as “General Business,” you might miss out on thousands in automatic payouts.

Conclusion: Specificity Pays Off

Don’t be vague. Be precise. A clear SSIC code tells banks and the government exactly what you do, smoothing the path for account opening and grant approvals.

At Excellence Singapore, our Incorporation Services] include a strategic review of your business activities. We select the best SSIC code to ensure you are “Bank Ready” from Day 1.

Need help registering your company correctly? Contact us for an Incorporation Consultation.