When registering your organization in Worldfavor, you need to select the industry and sub-industry your company is active in. This is based on the NACE Rev 2 standard. We understand this can be confusing, so we've created this guide to help you make the right choice.
What is NACE Rev 2?
NACE Rev. 2 is the statistical classification of economic activities in the European Community. Developed by Eurostat, it provides a framework for collecting and presenting a wide range of statistical and financial data according to economic activity. This classification system helps standardize economic data across Europe, ensuring consistency and comparability.
Why use NACE Rev 2?
NACE Rev 2 is widely recognized and used for categorizing economic activities. Using this standard ensures consistency and accuracy in reporting and analyzing economic data. By classifying your business correctly, you can benefit from more precise benchmarking and better insights into industry-specific trends.
Step 1: Understand the structure
The NACE Rev. 2 structure consists of several levels:
Sections: Representing broad industry categories. In the platform, these are labeled as "industry".
Divisions: Representing more specific industry sectors within each section, labeled as "sub-industry" in the platform.
Step 2: Identify your main business activity
Think about the primary activity of your company. What is the main service or product you provide? This will help you narrow down your options.
Step 3: Use our industry and sub industry guide
We’ve listed common business activities and their corresponding ISIC codes below. Find the one that best matches your primary activity.
Example:
If you are a company importing wine:
Main activity: Importing and selling wine.
Industry: "Wholesale and retail trade; repair of motor vehicles and motorcycles".
Sub industry: "Wholesale trade, except of motor vehicles and motorcycles".
Industry and sub industry guide
Here are some examples to help you choose:
Company activity | Industry (Section) | Sub-industry (Division) |
Importing wine | Wholesale and retail trade; repair of motor vehicles and motorcycles | Wholesale trade, except of motor vehicles and motorcycles |
Manufacturing shoes | Manufacturing | Manufacture of leather and related products |
Providing consultancy services | Professional, scientific and technical activities | Activities of head offices; management consultancy activities |
Selling furniture | Wholesale and retail trade; repair of motor vehicles and motorcycles | Retail trade, except of motor vehicles and motorcycles |
Veterinary services | Professional, scientific and technical activities | Veterinary activities |
Manufacturing foods | Manufacturing | Manufacture of food products |
Law firm | Professional, scientific and technical activities | Legal and accounting activities |
Security firm | Administrative and support service activities | Security and investigation activities |
Relocation/moving company | Transportation and storage | Land transport and transport via pipelines |
Is your company activity not listed here? Reach out to customer support for guidance.
Step 4: Still unsure?
Consult the NACE Rev. 2 List: If you're still unsure, consult the detailed NACE Rev. 2 list available online to see descriptions and examples for each category.
Reach Out for Help: Don’t hesitate to contact our support team if you need assistance.
Frequently asked questions
What if my business activity fits into more than one category?
Choose the category that best represents your primary business activity. If necessary, our support team can assist you in making the right choice.
My business activity isn’t listed in the examples. What should I do?
Use the search function to find related activities or contact our support team for guidance.
Can I change my industry and sub-industry later?
Yes, you can update your industry and sub-industry settings in your account profile if your business activities change.
Worldfavor customer support
Should you need further assistance, please don't hesitate to contact us, either by hitting the chat button in the bottom-right corner or by sending an email to help@worldfavor.com.