Trustee, fiduciary and custody services
This sub-class includes trustee fiduciary and custody services (e.g., nominee companies, trustees, REIT trustees, securities custody).
Licences & Permits
3 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.
Capital Markets Services Licence
Capital Markets Intermediaries are licensed under section 82 of the Securities and Futures Act (Cap. 289) to carry out any or all of the regulated activities specified in the Second Schedule to the Securities and Futures Act. The regulated activities are: (a) dealing in securities; (b) trading in futures contracts; (c) leveraged foreign exchange trading; (d) advising on corporate finance; (e) fund management; (ea) real estate investment trust management; (f) securities financing; (fa) providing credit rating services; and (g) providing custodial services for securities. Any person who wishes to carry on a business in any regulated activity under the Securities and Futures Act in Singapore is required to hold a capital markets service licence, unless an exemption applies. The exemptions from the requirements to hold a capital markets service licence are provided in section 99 of the Securities and Futures Act and the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations.
- Processing
- available on the agency's website
Major Payment Institution Licence
Major payment institutions are licensed and regulated under the Payment Services Act ("PS Act") to provide payment services without being subject to the specified thresholds. The thresholds are set out in section 6(5) of the PS Act. In summary, these are: S$3 million monthly transactions for any payment service (other than electronic money (e-money) account issuance and money-changing services). S$6 million monthly transactions for two or more payment services (other than e-money account issuance and money-changing services). S$5 million of daily outstanding e-money Note that entities that provide only money-changing services should apply for a money-changing licence instead. Entities that provide payment services below the specified thresholds should apply for a standard payment institution licence.
- Processing
- available on the agency's website
Standard Payment Institution Licence
Standard payment institutions are licensed and regulated under the Payment Services Act ("PS Act") to provide payment services below the specified thresholds. In summary, these are: S$3 million monthly transactions for any payment service (other than electronic money (e-money) account issuance and money-changing services). S$6 million monthly transactions for two or more payment services (other than e-money. account issuance and money-changing services). S$5 million of daily outstanding e-money. Note that entities that provide only money-changing services should apply for a money-changing licence instead. Entities that provide payment services above the specified thresholds must apply for a major payment institution licence.
- 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