Updated SBI codes: Avoid lost contracts or terminated permits

What does this mean for your organisation / your business?

The new SBI codes might have significant and immediate consequences for businesses. Examples of new codes include those for travel agencies, comparison sites, crypto brokers, meal delivery services and drop-shipping companies. Insurers use these codes to calculate premiums, while banks and municipalities rely on them to determine eligibility for loans, permits, or subsidies. The codes also affect collective labour agreements, tax assessments, and company pension funds. If your SBI code is incorrect, your business might risk being excluded from automated processes, missing out on business opportunities, or facing administrative delays. Therefore, verifying your new code is crucial.

Kamer van Koophandel

The KvK has been working on the project for a year and has held hundreds of discussions with municipalities, banks, notaries, pension funds, and insurers to ensure they correctly adapt the changes in their systems. The majority of the 5.7 million codes will change, sometimes only the number combination, and in other cases, the business activity must be classified more specifically.

The KvK is running a campaign to encourage all entrepreneurs to check whether the new codes match their business activities. Also, the Central Bureau of Statistics (CBS) strongly urges all companies to proactively verify their new codes. That way, businesses avoid missing contracts or loans, termination of permits and administrative complications. 

Research shows that nearly three out of ten entrepreneurs do not know which business activities they are registered for in the trade register. Small and medium-sized enterprises in particular have many questions about their systems and processes. The upcoming changes are a good opportunity to check your (new) SBI and verify if it is applied correctly. When in doubt, feel free to contact your trusted PwC advisor.