When starting out your own management consultancy business in the United Kingdom, you will need to incorporate your company before you find new clients. During the company incorporation process on Companies House, you will need to provide a SIC code based on your company type. There are over 600 SIC codes to choose from which can be overwhelming for first time entrepreneurs. This article explains what a SIC code is and how to choose the right SIC based on your management consultancy activities.
What are standard industrial classifications?
A Standard industrial classification code (SIC code) is a five-digit code which describes a company’s economic activities. These codes help the Office for National Statistics (ONS) track the state and growth of UK companies. The condensed list maintained by Companies House is available on the gov.uk website. A limited company can have multiple SIC codes.
Management consultancy activities and services englobe multiple sub-activities including public relations, financial management and other consultancy activities. The following sections will help you understand what each class includes.
What is the SIC code for Public relations and communication activities?
If your consultancy is providing services which include advice, guidance and operational assistance, including lobbying activities to businesses on public relations and communication then your SIC code is 70210. This class excludes advertising agencies and media representation services and market research.
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What is the SIC code for business and other management consultancy activities other than financial management?
If your consultancy provides strategic and organisational planning, business process re-engineering, change management, marketing objectives, policies and practices and human resource policies, practices and planning, excluding financial management, then your company will fall under SIC code 70229.
What is the SIC code for financial management consultancy activities?
If your consultancy firm advises businesses and organisations about cost reduction, operational efficiency, financial planning and other financial issues then it is likely to fall under SIC code 70221. Consultancy activities which provide advice and guidance on the design of accounting methods or procedures, cost accounting programmes, budgetary control procedures can also fall under this SIC code.
Once you have chosen a SIC code for your business and finalised the incorporation process, you will need to generate legal contracts to structure your business activities. Creating lawyer-approved agreements can be costly and it can be tempting to download free templates online such as for your consultancy agreements. However, this process is risky and unnecessary thanks to contract management platforms like Legislate. Legislate allows you to tailor the essential agreements you need to hire and grow your business such as employment, consultancy and internship agreements. To create a lawyer-approved contract for only £9.95, sign up to Legislate today!
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The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely.