The Singapore Standard Industrial Classification (SSIC) is a system used by government agencies and organizations in Singapore to classify and categorize businesses and economic activities based on their primary functions and industries. Understanding the SSIC is essential for businesses, policymakers, and researchers to analyze economic trends, conduct industry studies, and facilitate regulatory compliance.
Overview of Singapore Standard Industrial Classification (SSIC)
The SSIC provides a standardized framework for classifying economic activities and businesses into specific industry sectors and subsectors. Key points about the SSIC include:
- Hierarchical Structure: The SSIC adopts a hierarchical structure, with codes organized into different levels of classification, including divisions, sections, groups, and classes. Each level represents a broader or more detailed category of economic activity.
- Industry Sectors: The SSIC covers a wide range of industry sectors, including manufacturing, construction, wholesale and retail trade, transportation and storage, accommodation and food services, information and communications, financial and insurance activities, professional, scientific, and technical services, and more.
- Code System: Each economic activity is assigned a unique SSIC code, consisting of a four-digit numerical code at the division level, followed by additional digits for greater specificity at the section, group, and class levels.
Applications of Singapore Standard Industrial Classification (SSIC)
- Statistical Analysis: The SSIC facilitates statistical analysis of economic data, allowing policymakers, researchers, and businesses to track trends, measure industry performance, and conduct comparative studies across different sectors.
- Regulatory Compliance: Government agencies and regulatory bodies use the SSIC for regulatory compliance purposes, such as business registration, licensing, taxation, and reporting requirements. Businesses may need to provide their SSIC code when registering with authorities or filing statutory returns.
- Market Research: Market researchers and analysts use the SSIC to segment and analyze industry data, identify market opportunities, assess competitive landscapes, and develop strategic insights for businesses operating in specific sectors.
SSIC Code Lookup
- SSIC Code Directory: The Department of Statistics Singapore provides an online SSIC Code Directory, allowing users to search for specific SSIC codes, view classification hierarchies, and access detailed descriptions of economic activities covered by each code.
The Singapore Standard Industrial Classification (SSIC) serves as a standardized framework for classifying economic activities and businesses in Singapore. By providing a systematic classification system, the SSIC facilitates data analysis, regulatory compliance, and market research, supporting informed decision-making and enhancing understanding of Singapore’s economic landscape.