SSIC 610 - TELECOMMUNICATIONS

Understanding SSIC 610

The SSIC 610 classification pertains to telecommunications. This official code is mandatory when registering a business entity with ACRA (Accounting and Corporate Regulatory Authority) in Singapore.

Key Characteristics:

Compliance with the Monetary Authority of Singapore (MAS) regulations is crucial, depending on the specific financial service offered.
Common business structures include sole proprietorships, partnerships, and private limited companies, with the latter being prevalent for larger operations requiring more capital.
Frequent regulatory requirements involve anti-money laundering (AML) and counter-terrorism financing (CTF) obligations under the MAS Act and related regulations.

Common Business Operations

Financial service activities except insurance and pension funding (including those providing auxiliary services to financial service activities) (excluding investment banking, merchant banking, fund management, trust, fiduciary and custody services, credit card operations and activities of central bank).

Activities such as money-changing services, remittance businesses, and pawnbroking are common operations classified under this SSIC in Singapore.

Examples include licensed money-changers operating in shopping malls and remittance companies facilitating cross-border money transfers, as per ACRA's classification examples.

Industry practices often involve leveraging technology for enhanced security and compliance, aligning with Singapore's Smart Nation initiative and MAS's focus on fintech.

SSIC 610 TELECOMMUNICATIONS

Companies in This Category (843)

Understanding SSIC 610

Key Characteristics:

Common Business Operations