Understanding NAICS Codes
What: This guide helps you to understand The North American Industry Classification System (NAICS), and how to find the code for your organization.
Why: When making payments to an overseas partner, you will likely be asked for your NAICS code. Payment processors and banks use this information to help protect you and your business from money laundering and other risks.
What Are NAICS Codes?
The North American Industry Classification System or NAICS is an classification of business establishments by type of economic activity (process of production). It is used by government and business in Canada, Mexico, and the United States of America. It has largely replaced the older Standard Industrial Classification (SIC) system, except in some government agencies, such as the U.S. Securities and Exchange Commission (SEC).
How do I find my NAICS code?
Where can I learn more?
You can download the full list of NAICS codes here
Where can I find my NAICS code?
The full overview of NAICS is available here from the US Census Bureau, or can be viewed below.
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Chinese companies face increasingly strict rules and regulations, avoidance of which can place them in one or more irregular operational categories. The irregular registration status is one such important list.
A Chinese Registration Bureau could refer to any number of government entities (at the national, provincial, or regional level), each of which issue particular certificates, licenses, or other official documents that allow a Chinese company to operate legally in China (and engage in foreign import and export activities).
Chinese companies often have complex investment structures, with both the company entity and its senior officers holding investments in one or more business venture.
Chinese companies engaged in importing or exporting goods must hold a variety of certificates and licenses, including the China Import and Export License.
When making payments to an overseas partner, you will likely be asked for your NAICS code. Payment processors and banks use this information to help protect you and your business from money laundering and other risks.
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The Chinese industry classification system is a method by which the Chinese government categorizes its primary, secondary, and tertiary industry segments.
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