In India, the Business/Profession Code is a classification system used to categorize various business and professional activities for the purpose of registering a company with the Ministry of Corporate Affairs (MCA) and determining regulatory compliance requirements and taxes.
The Business/Profession Code is used in e-Form Spice32 and FiLLip forms, which are the forms required for incorporating a new company in India. The code must be filled with the relevant code that corresponds to the source of income of the proposed company.
For example, if the proposed company’s source of income is from consulting services, the appropriate Business/Profession Code could be “Consultancy Services”. If the source of income is from software development, the code could be “Software Development and IT-Enabled Services”.
It is important to fill the correct Business/Profession Code as it will impact the regulatory compliance requirements and taxes applicable to the company.
Business / Profession Code under MCA
The Business Code / Profession Code is a mandatory field that needs to be filled out in the e-Form Spice+ Part B when registering a company and in the FiLLip Form when registering an LLP with the Ministry of Corporate Affairs (MCA) in India.
The code will determine the nature of business activities and the applicable regulatory requirements and taxes.
| Business Code | Business / Profession |
|---|---|
| Business Code 01 | Medical Profession and Business |
| Business Code 02 | Engineering |
| Business Code 03 | Architecture |
| Business Code 04 | Chartered Accountant/Accountancy Technical Consultancy |
| Business Code 05 | Interior Decoration |
| Business Code 06 | Technical Consultancy |
| Business Code 07 | Company Secretary |
| Business Code 08 | Legal Practitioner and Solicitors |
| Business Code 09 | Government Contractors |
| Business Code 10 | Insurance Agency |
| Business Code 11 | Films, TV and such other entertainment |
| Business Code 12 | Information Technology |
| Business Code 13 | Builders and Developers |
| Business Code 14 | Members of Stock Exchange, Share Brokers and Sub-Brokers |
| Business Code 15 | Performing Arts and Yatra |
| Business Code 16 | Operation of Ships, Hovercraft, Aircrafts or Helicopters |
| Business Code 17 | Plying Taxis, Lorries, Trucks, Buses or other Commercial Vehicles |
| Business Code 18 | Ownership of Horses or Jockeys |
| Business Code 19 | Cinema Halls and Other Theatres |
| Business Code 20 | Others |
Hope this information help you to get information about business profession code under MCA.