Singapore updates business classification and corporate laws

Singapore is implementing significant regulatory updates affecting business registration and corporate governance. As of May 9, 2026, businesses must use the updated Singapore Standard Industrial Classification (SSIC) 2025 framework when registering or updating activities with the Accounting and Corporate Regulatory Authority (ACRA). This revision reflects economic shifts in sectors such as artificial intelligence, ecommerce, sustainability, fintech, and digital platforms.

Additionally, the Corporate and Accounting Laws (Amendment) Act 2025 is introducing reforms to overhaul the Companies Act 1967 and the Accountants Act 2004. Most provisions are set to commence in April 2026, with selected sections effective from May 6, 2026. The Act aims to prevent the misuse of corporate vehicles for unlawful purposes, such as money laundering and terrorism financing. Key changes include empowering the Registrar to refuse the restoration of struck-off entities if they are deemed a threat to national security or public order, and shortening timelines for striking off dormant entities to reduce regulatory gaps.