This new system — the North American Industry Classification System, or NAICS — is used in the US, Canada and Mexico, and aims to give more specific detail about business types. Thanks to business friendly perks like integration with Xero and BatchTransfer facilities, you’ll find you can spend less time managing your finances, and more building your business. With a Wise Business account you can easily pay invoices and people abroad. That makes it straightforward to work with overseas suppliers, or companies based outside of the US. You can also receive payments in major currencies, so you can connect with customers no matter where in the world they might be. As an entrepreneur you need smart ways to save time and money.

First find the right division based on the type of business you run, then identify the correct major group, and industry group by following the prompts and options on screen. There are alternative classification systems to using SIC Codes. A common and highly detailed business classification system can be found with the NAICS Code system. The NAICS Code system is used by the US Government for statistical classification, compilation, and analysis. To explore and search within the NAICS Code system, please use the link(s) below.

Getting the right business account to let you cut fees and manage your money on the go is essential. To find the right SIC code for your company simply use our lookup table.

SIC to NAICS Code Conversion

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SIC 6-Digit Codes for “import of goods;”

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  • The first limitation surrounds its definition and mistaken classification of employee groups.
  • SIC division 52 through 59 show businesses involved in retail trade activities, with the major group 58 corresponding to eating and drinking places.
  • ISIC is a classification structure of economic activities (industries) based on a set of internationally agreed concepts, definitions, principles and classification rules.
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  • NAICS codes are used more by government agencies and departments, while many private companies still use the longer established SIC codes as their primary classification system.

As a result, and thirdly the SIC has been slow to recognize new and emerging industries, such as those in the computer, software, and information technology sectors. SIC codes are used by government agencies and departments, private companies, and academics analyzing business activity. You’ll need to enter your SIC code when completing various pieces of paperwork, including loan applications and sic code india government documents.

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  • ISIC is used to classify statistical units, such as establishments or enterprises, according to the economic activity in which they mainly engage.
  • There are alternative classification systems to using SIC Codes.
  • However, uptake has been patchy, meaning many private companies, and even government agencies, continue to use SIC codes instead of, or alongside, the NAICS system.
  • The OMB established the Economic Classification Policy Committee in 1992 to develop a new system representative of the current industrial climate.
  • The Bureau of Labor Statistics updates the codes every three years and uses SIC to report on work force, wages and pricing issues.

Industry Executives

From this we get the industry group SIC code 581 — eating and drinking places, and can further narrow this down by adding the fourth digit to create SIC code 5813. This specifies that we are looking at an establishment which sells alcoholic beverages. SIC division 52 through 59 show businesses involved in retail trade activities, with the major group 58 corresponding to eating and drinking places.

How to find the SIC code for your company?

The new codes were implemented in Canada and the United States in 1997 and in Mexico one year later. ISIC has a central position among existing classifications of economic activities, as well as other economic classifications, such as those for products. ISIC provides the internationally accepted standard for categorizing producing units within an economy, which allows for data comparison at the national and international levels. ISIC is a completely separate classification system from SIC Codes. The industry badges represent the primary business activity of India Bazaar at this specific location.

SIC codes are assigned based on common characteristics shared in the products, services, production and delivery system of a business. Census has identified three major limitations to using the SIC system. The first limitation surrounds its definition and mistaken classification of employee groups. Business has changed considerably since then from manufacturing-based to mostly service-based.

The following table is from the SEC’s website, which allows searching for companies by SIC code in its database of filings.11 The acronym NEC stands for “not elsewhere classified”. The SIC system was last revised in 1987 and was last used by the Census Bureau for the 1992 Economic Census. Daily, new games are launched by game creators on our playground and they appear in this list. So if you are into discovering new games, this list will help you discover the latest online web games. Each game can be played for free, without installs or pop-ups.

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In the early 1900s, each branch of United States government agencies conducted business analysis using its own methods and metrics, unknown and meaningless to other branches. In the 1930s, the government needed standardized and meaningful methods to measure, analyze and share data across its various agencies. SIC codes are four-digit numerical representations of major businesses and industries.

The third and fourth digits describe the sub-classification of the business group and specialization, respectively. NAICS codes are used more by government agencies and departments, while many private companies still use the longer established SIC codes as their primary classification system. In the US, Canada and Mexico, you’ll also find NAICS — North American Industry Classification system — codes used. This newer system was introduced to give more granular information about business activities. However, uptake has been patchy, meaning many private companies, and even government agencies, continue to use SIC codes instead of, or alongside, the NAICS system. The U.S. Census Bureau, Bureau of Labor Statistics, Internal Revenue Service and Social Security Administration utilize SIC codes in their reporting, although SIC codes are also used in academic and business sectors.