The Dutch Chamber of Commerce (KVK) has reclassified all SBI (Small and Medium Enterprises) codes, impacting Dutch businesses. This update aligns with new European-wide standards for business classification, ensuring consistency across the EU.
SBI codes influence how banks, authorities, and partners assess a company’s risk profile and compliance. For recognised sponsors (erkend referenten), a mismatch between your registered SBI code and your actual activities may not lead to direct withdrawal, but it can raise questions during audits or reviews, leading to extra checks or delays.
Why it Matters:
- Closer scrutiny from authorities: A mismatch may prompt requests for clarification about your activities.
- Compliance checks: Inaccurate codes can create friction in processes that rely on up-to-date classifications, including recognised sponsor reviews.
- Practical impact: Misalignment may complicate insurance policies, financing, or participation in tenders.
Review your SBI code in the Trade Register to confirm it matches your current business activities. If updates are needed, file them with KVK promptly to avoid unnecessary complications. Unsure about these changes contact us to make sure you stay compliant.
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