For business owners, understanding what the SIC code in the UK signifies is crucial because it tells Companies House information about your organization. Uncertain about what SIC is and its specifics? Check out our UK SIC search engine here and read this article.
What does the UK's SIC code mean?
The classification with five digits is called the UK Standard Industrial Classification (SIC) code. The company's economic operations are indicated by this categorization to Companies House.
The SIC code was first used to classify business establishments and the nature of their economic activity in the UK in 1948.
The categorization has undergone numerous revisions since 1948 as new businesses and goods entered the market and old categories underwent adjustments. The most recent change occurred in 2007, and the whole list of the SIC code and its hierarchy of classification may be seen on the Companies House website. Since October 2011, businesses in the UK have been required to update their SIC code when submitting their annual return in accordance with the UK SIC 2007 classification.
You may learn a company's section, division, group, class, and subclass from its SIC code.
Additionally, SIC codes can be used as an easy approach to identify entities for administrative purposes and for other purposes.
The UK SIC is a five-digit hierarchical structure that has 21 sections, each of which is identified by a single letter from A to U. Divisions will subsequently be made within these areas. Two digits identify and indicate the division. There are three additional levels under division, including group, class, and subclass.
Currently, there are 615 classes, 191 subclasses, 88 divisions, 272 groupings, and 21 sections. A minimum of one SIC code must be selected when a company is incorporated in the UK, and business owners are permitted to select up to four codes.
Read here for more detail and get free UK SIC check: https://bbcincorp.com/offshore/articles/standard-industrial-classification-sic-code-uk
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