SSIC 702 MANAGEMENT CONSULTANCY ACTIVITIES
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Understanding SSIC 702
The SSIC 702 classification pertains to management consultancy activities. This official code is mandatory when registering a business entity with ACRA (Accounting and Corporate Regulatory Authority) in Singapore.
Key Characteristics:
- Compliance with the Companies Act (Cap. 50) regarding property ownership and financial reporting, including proper valuation and depreciation of assets.
- Common business structures include Private Limited Companies (Pte Ltd) holding property for investment or development, and Sole Proprietorships/Partnerships for smaller-scale rental operations.
- Regulatory requirements include compliance with the Urban Redevelopment Authority (URA) planning guidelines, Building and Construction Authority (BCA) regulations for construction and renovation, and the Stamp Duties Act for property transactions.
Common Business Operations
Real estate activities with own or leased property include buying, selling, renting and operating self-owned or leased real estate such as apartment buildings and dwellings, non-residential buildings, developing and subdividing real estate into lots, lessors of real property, operators of apartment hotels and residential mobile home sites.