SAE and RAE: what they are, what they are for, how to get them

SAE and RAE are codes used by Italian banks to classify companies for statistical purposes and to define their level of credit reliability. These numerical codes, sometimes required by banks for administrative procedures such as opening a new current account, are used to describe the characteristics of an economic entity according to an internationally recognized standard.

The RAE code was discontinued in 2010 in favor of the Ateco code, which identifies the sector of economic activity, while the SAE code is still assigned by banking and financial intermediaries. Unlike Ateco, however, the SAE code is neither listed in the company registration report nor included in the Business Register.

RAE and SAE codes: what they are and what they are used for

RAE and SAE codes were created to allow banks to register the economic activities of companies and to classify customers based on objective parameters, such as corporate structure or number of employees. These codes, sometimes still required to start procedures such as opening a current account or applying for financing, were once assigned by the Bank of Italy through specific circulars. 

As established by the third update of Circular no. 140 of February 11, 1991, the RAE code was discontinued as of June 2010, replaced by the Ateco code from Istat. Ateco and RAE (Economic activity branch) actually served the same purpose: both identified the activities of companies based on the NACE (Nomenclature of Economic Activities in the European Community), the statistical classification of the economic activities of the European Community.

The SAE code (Sector or Subgroup of economic activity), on the other hand, classifies bank customers based on different criteria concerning corporate form, whether or not the activity is financial in nature, the number of employees, and the geographical area of reference. Together with Ateco, SAE allows banks to classify entities in a uniform way by referring to the nomenclatures adopted by Istat, which in turn reflect the common standard adopted by the European Union.

How to determine a company’s SAE and RAE codes?

The Ateco code has long replaced the RAE: RAE codes are no longer assigned, and the Bank of Italy no longer provides RAE information to companies. The SAE, on the other hand, continues to be assigned to economic entities operating in Italy. Also replaced by Ateco for tax and administrative purposes, the SAE code is in fact used by banks and credit institutions for customer classification for statistical purposes and to assess their level of reliability.

Unlike the Ateco code, which is mandatory for the registration of any economic activity, the SAE code is not listed in the Business Register nor is it found within the company registration report. As recalled by the Bank of Italy, the SAE classification “has no certifying value, does not constitute an element of the legal or economic nature of entities and produces no legal effects on them”.

To obtain the SAE code, it is necessary to contact banking and financial intermediaries, who are responsible for assigning and verifying the SAE according to the instructions contained in Bank of Italy Circular no. 140. 

How to obtain a company’s Ateco and SAE codes

Along with financial statements, financial reports and any records of negative events such as protests and procedures, Ateco and SAE codes are part of the data that provide a complete picture of a company’s size and characteristics. Therefore, in addition to statistical purposes, they are used by banks to assess a company’s creditworthiness, i.e. its ability to repay any debts.

Such data can also be useful outside the banking context, serving as a valuable tool for commercial statistics or for preliminary investigations aimed at investments and new collaborations. 

The Ateco code, as we have seen, is listed in the company registration report, so it is very easy to obtain. The SAE code, on the other hand, is mainly used for internal bank purposes and is therefore not among the public data included in the Business Register. To trace a company’s SAE code it is necessary to refer, once again, to Bank of Italy Circular no. 140, which contains the complete classification. 

Today, SAE codes of Italian companies are also accessible via API: Ateco, NACE, SIC, RAE, and SAE are in fact among the more than 1,300 business data points included in Openapi’s Full Company report. It is also possible to obtain a company’s RAE and SAE using the Anti-Money Laundering (AML) service, which allows you to obtain in just a few seconds all the certified data for companies’ Anti-Money Laundering checks.