Is your registered business in alignment with the ISIC 4 business classification list?
Saudi Arabia is one of the countries in the globe that is undergoing a significant economic transformation in an attempt to modernize and align with the biggest economies in the world. Implementation of the of ISIC 4 standards in Saudi Arabia is one of the main strategies adopted by the government to provide you with ease of setting business and ensure adherence to high levels of control and regulations. It is essential for your registered business to align with the ISIC4 standards to promote an attractive business environment and benefit from the availability of large sets of business data.
What is ISIC 4?
The International Standard Industrial Classification of All Economic Activities (ISIC) depicts a classification structure of economic activities based on a set of internationally agreed set of concepts, principles and classification rules. The structure of classification provides your business with a continuous flow of information that is valuable in monitoring, analysis, and evaluation of the economic performance over time. It is possible for you to use the large set of data available in the industry you are operating in to determine new opportunities and enhance your administrative approach to align with the rapid changes in the global business environment.
Importance of aligning your business with ISIC standards
As aforementioned above, observing the ISIC 4 standards enables your business to gain access to a large pool of important data that is vital in making important business decisions. Aligning your business with the ISIC4 standards will provide your business with a wide range of business activity choices and strengthen and increase business growth in the market by making good use of the large pool of data about the industry. ISIC4 standards are based on internationally recognized and agreed on concepts and principles. Therefore, an attempt to ensure that your business has aligned with the ISIC4 standards will mean that your chances of accessing and expanding to the international market are enhanced. Additionally, it will become possible for your business to collect important reports and statistical data important in improving your investment opportunities.
Where we help
Our organization can help you align with important ISIC standards that govern the industry under which your business falls. Our skilled and knowledgeable personnel will provide your business with vital information and assistance on the correct activities that your business needs to adopt in a bid to align with the ISIC4 standards. We will conduct an adequate assessment to help you identify the correct activities that your business needs to observe to meet the ISIC4 standards. We will also help you amend your business’s CR certificate based on the correct activities that define business in line with ISIC4 standards.
Briefly, the Saudi Arabia business environment is modernizing rapidly due to increased globalization and need to compete with the biggest economies in the world. It is important for your business to align with ISIC4 standards to promote growth and increase its international reach. and it is now mandatory to correct your activities on the CR and SAGIA licence. Contact us today for further information !