When incorporating your company, you will be asked for a ‘SIC Code’ or information on the primary activities of your company. Like most, you may be unsure what a SIC Code is or why this information is needed, read on to find out.
What Is A SIC Code?
Standard Industrial Classification, or ‘SIC’ Codes were introduced into the UK in 1948 to classify different economic activities and categorise companies operating within these divisions. The list of SIC Codes available to UK companies has been revised multiple times, most notably in 2003 when the 4-digit codes changed to 5-digits. The use of the 5-digit codes has been mandatory since 2011.
Why Do You Need A SIC Code?
You will need a SIC Code to register your company — Companies House will reject your application without it. Every company needs to provide at least one code to Companies House during incorporation to describe the company’s nature of business. A company can choose to apply anything in between one and four codes, but it is not compulsory to have more than one code.
Can I Change My SIC Code?
If for any reason you should need, or want, to update your company’s SIC Code, you can do this by filing a confirmation statement. You can do this at any time or wait until your next annual confirmation statement is due.