Company Information
What is an Industry Code? How Companies are Classified
An industry code is a five-digit code that describes a business's main activity. The codes are based on the Standard for Industrial Classification and are used for statistics, registry data, and industry analyses, among other things.
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An industry code is a five-digit code that describes a business's main activity. The codes are based on the Standard for Industrial Classification and are used for statistics, registry data, and industry analyses, among other things.
How is the code determined?
Enhetsregisteret (The Central Coordinating Register for Legal Entities) registers the industry code when a business is established. The description of the activity provided during registration is used as the basis. Most businesses have one code representing their main activity, while enterprises with sub-units and different activities may have several.
The code is not a complete description of everything the company offers. A consulting firm may provide many services, but only one activity can be considered the most important based on its registered scope.
Can the industry code be changed?
Yes. If the activity changes or the code is incorrect, the activity description is updated through Samordnet registermelding (the Coordinated Register Notification form). Brønnøysundregistrene (The Brønnøysund Register Centre) then assesses the correct code. New investment and holding companies may temporarily have the code 00.000 Unspecified.
How to use industry codes in analysis
The code makes it possible to find companies in the same industry, compare key figures, and build target groups. However, use it in conjunction with company descriptions, websites, and other indicators. Two companies with the same code can have different products and customer segments.
Industry codes on Proffi
Proffi should display the code, description, source, and last update. Industry searches should support both five-digit codes and higher-level classifications. Implement filtering by geography, size, financial data, and registration status, and explain that the results are based on registered main activity.
Frequently asked questions
- Are 'næringskode' (industry code) and NACE code the same?
- The terms are often used for the same classification family, but Norwegian codes follow the national standard based on the European NACE classification.
- Can an incorrect code have consequences?
- Yes, for statistics, searches, and certain assessments, among other things. Businesses should keep their activity description updated.