How Do I Change My Sic Code In South Africa
How Do I Change My Sic Code In South Africa ? Businesses are categorized according to their main economic activity using the Standard Industrial Classification (SIC) code. It is a universally accepted code that is also used in South Africa. You should get in touch with the Companies and Intellectual Property Commission if you need to update your SIC code (CIPC).
To change your SIC code, follow these steps:
- Visit the CIPC website at www.cipc.co.za and log in to your account.
- Navigate to the “File Annual Returns” section and select the relevant company.
- Click on “Amend Annual Returns” and update the SIC code field with the new code.
- Submit the amended annual return and pay the applicable fee.
Alternatively, you can also submit a CoR15.1A form to the CIPC to change your SIC code. The form can be downloaded from the CIPC website and should be completed with the new SIC code information.
Because it may have an effect on how your firm is registered, how taxes are calculated, and other legal obligations, it’s critical to be sure that your SIC code appropriately describes your main economic activity. You should see a professional if you are unclear of your SIC code.
What are some of the examples of Sic code
- Bank of America Corporation (BAC), for example, would have the SIC code of 6021 because it’s a national commercial bank.
- State banks would have the SIC code of 6022.
- Life insurance companies would be classified as 6311.
What is the main important of Sic code
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.
Frequently Asked Questions About How Do I Change My Sic Code In South Africa
Can you change your SIC code?
Changing your SIC code
If you provide the wrong SIC code when you set up your company, or your main business activities change after company formation, you can update your SIC code when you file your next confirmation statement.
How do I change my business SIC code?
There’s one way to update your company’s SIC code; you need to file a confirmation statement. You can either wait until your confirmation statement is due (a company’s first confirmation statement is due 1-year and 14-days after incorporation) or you can file an early confirmation statement.
Does it matter if SIC code is wrong?
The consequences of using an incorrect SIC code
Fortunately, nothing. Unlike non-filing of the confirmation statement or annual accounts, where Companies House can impose penalties and eventually strike your company from the register, there are no regulations in place with the incorrect use of an SIC code
Can I have more than one SIC code?
How many SIC codes can a company have? One Standard Industrial Classification code is usually sufficient for most companies, but you may select up to four SIC codes to describe the nature of your company’s business activities. This is not unusual for companies with complex, specialised, or varied trades.
How do I add a new SIC code?
The only way to update the SIC code stored at Companies House is by filing a Confirmation Statement. You can update the stored SIC code on Inform Direct and then file the Confirmation Statement to report this to Companies House.
Source .. Scoutafrica.net
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