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What is the Standard Industrial Classification – SIC code?

Standard Industrial Classification (SIC) code, introduced in 1937, amended six times to identify different companies is an important identifier for businesses.

It’s a five-digit number which classifies businesses on the basis of industries like agriculture, mining, IT etc.

SIC codes are grouped into progressively broader industry classification- industry group, major group and division.

The first three digits denote the industry group and first two digits denote the major group the company belongs to.

There’s no denying in the fact that many new companies are daily adding up to the already existing large number of companies.

SIC codes are considered to clarify industry in the most precise manner. It is a standardized and meaningful way to measure, analyse and share data across its various agencies. Since based on common characters shared in assigned products, services and production.

SIC codes are required for state registration, federal registration, tax purposes, when filing your DUNS number, and when seeking eligibility for government contracts.

How SIC codes are useful for businesses?

From plenty of companies, each of different type, it is difficult to find out one Target Company, to resolve this problem SIC codes helps.

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