How do I get a SIC code?

How is an SIC code assigned?

SIC codes are four-digit numerical representations of major businesses and industries. SIC codes are assigned based on common characteristics shared in the products, services, production and delivery system of a business.

Who provides SIC code?

The government created the Standard Industrial Classification codes (SIC codes) to identify U.S. businesses. The classification system uses four-digit coded numbers that categorize businesses by industry. Every business can be categorized with a SIC code.

Does every business have a SIC code?

Every company has a primary SIC Code. This number indicates a company's primary line of business. A company's primary SIC Code is determined by the code definition that generates the highest revenue for that company at a specific location in the past year.

Do you have to have a SIC code?

You need to include a SIC code when you set up a limited company, and you also need to know your SIC code when you fill in your confirmation statement (annual return). SIC codes are also used by other organisations like the Office for National Statistics (ONS) and the Health and Safety Executive (HSE).

SIC Codes Explained

Do sole traders need a SIC code?

Only limited companies or limited liability partnerships need to select a SIC code and submit a confirmation statement. Sole traders and other partnerships are not required to do so.

Does company SIC code matter?

The simple answer is – yes. From 30 June 2016, when incorporating a company at Companies House, you must submit a SIC code, otherwise your company formation request will be rejected. The codes must be provided for all companies, even if they are not active.

What should my SIC code be?

SIC codes for dormant and non-trading companies

The SIC code for dormant companies is 99999. The SIC code for non-trading companies is 74990. If your company becomes dormant or non-trading after a period of activity, you should update your SIC code on the next confirmation statement.

Do private companies have SIC codes?

The government uses SIC codes to organize and standardize key economic data for various Federal and state agencies as well as private companies.

How do I find my business code?

You can find a company's or industry's NAICS code by going to the Census Bureau's North American Industry Classification System page.

What is a SIC code for a business?

The Standard Industrial Classification "SIC" is a classification system that uses a four-digit code for classifying a company's primary industry which is based upon the company's highest revenue category. The SIC was established in the United States in the late 1930s and focused on U.S. companies.

What is my company SIC code UK?

Find your code on the Companies House web pages

Use the Find Company Information link on the home page. Type in your company name or registration number. Look through the list to find the 5 digit code against your type of business. Use the search facility for your type of business activity.

Are SIC codes still used?

The SIC has not been updated since 1987, however, the SIC system is still widely used. Some companies, such as D&B, have created their own 4 digit extension to the original SIC system as a means to update and expand the system so their Customers can more precisely define their Business Classification.

Can a business have multiple SIC codes?

Yes. SIC Codes are used to identify the primary line of business for any specific company, however, many companies have more than one line of business.

How do you categorize industries?

Sectors and industries

Economic activities can be classified in a variety of ways. At the top level, they are often classified according to the three-sector theory into sectors: primary (extraction and agriculture), secondary (manufacturing), and tertiary (services).

Can a company change its SIC code?

Yes it can. The Standard Industrial Classification (SIC) code is a five digit number that categorises a company's nature of business. The code is chosen when a company is being registered. It is possible to complete a SIC code change when you file the company's Confirmation Statement.

Is SIC code unique?

SIC codes are made up of 4 digits, with more than 1,000 unique recognized codes used.

What replaced SIC codes?

Though the North American Industry Classification System (NAICS) officially replaced the Standard Industrial Classification (SIC) code system in 1997, both systems are still in use today and there is still confusion about which code to use and when to use it.

Which is better SIC or NAICS?

What is the difference between a SIC and a NAICS code? NAICS codes provide a greater level of detail about a firm's activity than SIC codes. NAICS includes 1,170 industries and SIC includes 1,004 industries.

How many SIC codes can a company have?

You're allowed to choose up to 4 SIC codes, as your services or products may be varied.

What if SIC code is wrong?

If you provide the wrong SIC code when you set up your company, or your main business activities change after company formation, you can update your SIC code when you file your next confirmation statement. If you need to change your SIC code immediately, you can file a confirmation statement early.

Do sole traders have to register with Companies House?

Sole traders don't have to register with Companies House, but they do have to maintain accounting records, pay income tax and file a self-assessment return with HMRC every tax year. For all the ins and outs of being a sole trader, read on.

Does it cost to register as a sole trader?

Registering as a sole-trader costs nothing, while accounting costs and tax liabilities are likely to be cheaper than if you started a limited company.

Can you register as a sole trader if you are employed?

Registering as self-employed and employed at the same time

If you're going to be a sole trader, you can register with HM Revenue & Customs here. If you're going to be a limited company, you can register with Companies House directly, with an accountant, or with an agent.

How often do SIC codes change?

SIC Codes Are Continuously Being Updated

For example, the government SIC Code system only contained 1,005 unique industries. Now, there are well over 10,000 industries constantly being updated and verified.