Nature of Business

Nature of Business

Usually, when filling out some kind of form, ‘Nature of Business’ refers to the type or general category of business or commerce you are describing. For example, if you worked at McDonald’s, the nature of your business is Food Services and if you worked at Civic Recruitment and Consulting Limited, the nature of business is Human Resources Provision and Management of Human Resources Functions. The ‘Nature of Business’ comes with the Standard Industrial Classification (SIC). This is a system for classifying industries by a five-digit code in the United Kingdom. It is used by government agencies to classify industry areas.

NOTE: The information on ‘Nature of Business’ can be sourced from Companies House.

The North American Industry Classification System (NAICS) is the standard used by the Federal Statistical Agencies in classifying business establishments for the purpose of collecting, analysing, and publishing statistical data related to the U.S. business economy. 

NOTE: Do not confuse the NAICS with the SIC.

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