Finance companies (with deposit taking functions)
This sub-class includes finance companies that are licensed by the Monetary Authority of Singapore (MAS) and governed by the Finance Companies Act. These units are involved in providing fixed and/or saving deposits as well as credit facilities to individuals and/or corporations. Units in this sub-class may not: - offer deposit accounts which are repayable on demand by cheque, draft or order - grant unsecured credit facilities to any person or body of persons, which in the aggregate and outstanding at any one time exceeds S$5, 000 - deal in any foreign currency, gold or other precious metals or acquire foreign currency denominated stocks, shares or debt securities
Licences & Permits
2 licences apply to businesses in this SSIC code depending on the specific activities you conduct. Most are activity-triggered — a holding company in 64, for example, only needs a Banking Licence if it actually conducts banking.
Application for Bank Representative Office
Bank representative offices are registered under section 13A of the Banking Act (Cap. 19). A bank representative office may carry out liaison work, market research or feasibility studies, but is not allowed to transact any business in Singapore. The registration of a bank representative office does not imply that the applicant will qualify for a banking licence in future.
- Processing
- available on the agency's website
Licensing and Authorisation for Banking Business
Financial institutions (FIs) wishing to conduct banking business in Singapore must meet MAS' admission criteria and receive written authorisation from MAS to set up a wholesale bank or merchant bank in Singapore.
- Processing
- available on the agency's website
Need help with these licences?
We handle the applications, document prep, and agency liaison end-to-end.
Licence requirements change — we keep this list current as part of the engagement.
Tax Incentives & Schemes
2 schemes that businesses in this SSIC code may qualify for. Eligibility is case-by-case — talk to the relevant authority.
Partial Tax Exemption (PTE)
Eligibility: Singapore tax-resident company.
Start-Up Tax Exemption (SUTE)
Eligibility: Newly incorporated SG-resident company, ≤ 20 individual shareholders (or one corporate holding ≥ 10%), not in investment-holding or property-development.
Note for SSIC : Excludes 64202 investment holding & 41001/68101 property development
Worth applying for any of these?
We screen eligibility and shape the application — most schemes are discretionary and need a substantive activity case.
Foreign Worker Levies
This SSIC code falls under MOM's Services sector for foreign-worker levy purposes. Levies below apply per worker per month, paid by the employer in addition to salary.
S Pass
| Tier | Monthly | Conditions |
|---|---|---|
| Tier 1 | SGD 550 | Up to 10% of total workforce |
Work Permit
| Tier | Monthly | Conditions |
|---|---|---|
| Higher-skilled (Tier 1) | SGD 300 | Up to 10% |
| Basic (Tier 1) | SGD 450 | Up to 10% |
| Basic (Tier 2) | SGD 600 | 10–25% |
| Basic (Tier 3) | SGD 800 | >25% (up to DRC of 35%) |
Hiring foreign workers in this sector?
We handle Work Permit, S Pass, and EP applications alongside the incorporation — and check Dependency Ratio Ceilings before you commit headcount.
Levies and Dependency Ratio Ceilings are reviewed periodically by MOM (rates above effective 2024-09-01).
Classification Path
Need help choosing?
Our guide helps you find the right SSIC code for your business activity.
Read the SSIC Guide