When registering a company, how should the "Nature of Business" field be filled in?
What Is the Nature of Business?
- The Nature of Business refers to the company's business activities
- It must be declared during company incorporation
Business Code Selection
- Companies are required to select the appropriate Business Code during registration
- The Business Code identifies the company's principal business activities
Maximum of 3 Business Codes
- According to SSM requirements
- A company may register a maximum of 3 Business Codes
- Therefore, the company should identify its core business activities
- And select the 3 most relevant codes
What Industries Do Business Codes Cover?
- SSM provides Business Codes for various industries, including:
- Agriculture
- Mining
- Manufacturing
- Food & Beverage
- Trading
- Services and many others
- Each category may be further divided into:
- Import & Export
- Wholesale & Retail
- Product-Based Businesses
- Service-Based Businesses, etc.
Why Is the Business Code Important?
- The Business Code is used not only for company registration
- But also for tax reporting purposes
- Companies are required to use the appropriate Business Code when filing taxes
- Therefore, it is important to ensure the selected code accurately reflects the company's activities
Summary
- Every company must declare its Nature of Business during registration
- And select the most suitable Business Code(s)
- A maximum of 3 Business Codes can be registered
- Choosing the correct code helps ensure compliance and accurate tax reporting
For more information on Business Codes, please visit the official SSM website.