Admin Table of Contents
What is a SIC code used for?
Businesses. Companies use SIC codes to identify their existing customers and potential customers by industry. SIC codes can be used to classify companies for tax purposes. Banks and creditors use SIC codes to identify the industry a company belongs to when considered extending credit.
Who needs an SIC code?
Classification – Companies use SIC codes to classify their customers/potential customers according to industry. Furthermore, firms can use business SIC codes to identify their regional/industrial competitors by searching for companies in similar sectors via SIC codes.
What is SIC NAICS code and description?
What are SIC and NAICS codes? Both Standard Industrial Classification (SIC) and North American Industrial Classification System (NAICS) codes identify a firm’s primary business activity. For example a firm with SIC 571 primarily sells retail furniture. A firm with NAICS 311 is primarily engaged in food manufacturing.
What are SIC codes used for UK?
The UK Standard Industrial Classification of economic activities, abbreviated as UK SIC, is a five-digit classification providing the framework for collecting and presenting a large range of statistical data according to economic activity.
Who assigns an SIC code?
The Bureau of Labor Statistics updates the codes every three years and uses SIC to report on work force, wages and pricing issues. The Social Security Administration assigns SIC codes to businesses based on the descriptions provided by employers under the primary business activity entry on employer ID applications.
How does a company get a SIC code?
SIC and NAICS codes are generally self-assigned. That is, the companies and facilities responding to government requests for information (such as an industrial census or a financial report) are asked to provide the code that the company itself decides best reflects its own business.
Is sic 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.
Are MCC and sic the same?
While technically different things, the Standard Industrial Classification (SIC) code and Merchant Category Code (MCC) are essentially both systems the credit card industry uses to identify industry types using a four-digit code.
Where do I find my company’s SIC code?
To find SIC codes, click on the “Company Information” link in the blue banner near the top. Enter company name or ticker in the search box & set box to left as “company name” or “ticker symbol.” Open up company record and click on “Industry” link.