People who start a company usually know what their business is, and the official also wants to know what your business is, so they will ask every entrepreneur. Let's take a look at how to answer and what rules to follow.
How to show your business
During registration, you will be asked to select and submit an SSIC code, which is a string of numbers used to identify your future business entity, such as a restaurant, wedding company, or coffin manufacturer. In other words, these codes indicate your company's business and operating areas.
In order to implement reasonable policies, the Singaporean authorities need to understand which companies are currently in the country. The SSIC code system simplifies the communication between enterprises and authorities, and it is convenient for countries to collect and analyze data and determine development trends. The SSIC code also helps determine whether the company needs a license.
Things to know when registering
Every entrepreneur needs to submit at least one SSIC code when registering a company. If necessary, you can add a second SSIC code, but the SSIC code cannot exceed two at most. You can use Osome's free SSIC code search tool to find the code that best suits your business.
If you are concerned that the SSIC code cannot clearly indicate your future business, you can describe your business type more specifically when registering.
Be careful when selecting the SSIC code for business activities that require a license. The following is a list of these business activities:
- ? 零售
- ? 建筑
If you want to develop business in the above industries, then you must select the corresponding SSIC code during registration. For example, the manpower intermediary company must choose the SSIC code "78104-Employment Intermediary Agency" in order to obtain the employment agency license issued by the Ministry of Manpower.
Things to know when operating
Fortunately, the code you choose during registration does not limit your company's business. You can ask your company secretary to change your SSIC code at any time.
Fortunately, you are not restricted by the SSIC code you choose. Your company is free to engage in any business, even if these businesses are not related to the business you declare through the SSIC code. You can freely participate in any legal business! Just make sure you have all the licenses and permits you need.