Why should I update business category?
Inland Revenue supplies the BIC code you provide to ACC and Statistics New Zealand. Choosing the correct BIC code means the information held by these agencies for you or your business is correct.
ACC uses your BIC code to calculate the levies you will need to pay (only if you have earnings liable for ACC levies). Supplying an incorrect BIC code will mean your ACC invoices are calculated incorrectly.
It also helps us to keep you safe in terms of suspicious transactions, scams and fraudulent activities
Where can I find my BIC?
In most cases, you can find your Business Category Code on the Companies Register.
Simply type in the name of your company and then navigate to the Company Summary. On the right-hand side, there will be Industry Classification(s).
Can I update my BIC later?
You can update your BIC later once you are logged in under the Managed section. Best practice will also be updating the Companies Register if your business decides to pivot.