[1] The scheme was established as The Queen's Award to Industry by a royal warrant of 30 November 1965, and awards are given for outstanding achievement by UK businesses in the categories of innovation, international trade, sustainable development and promoting opportunity through social mobility.

Recipients are also able to fly the King's Awards flag at their main office, and use the emblem on marketing materials such as packaging and adverts.

The Queen's Award to Industry, the scheme's original title, was instituted by Royal Warrant in 1965.

In 1999, the scheme became the Queen's Awards for Enterprise, with International Trade, Innovation and Sustainable Development as the categories.

In 2017, a fourth category was introduced, Promoting Opportunity (through social mobility).