(abridged) We study the composition of the faint radio population selected from the VLA-COSMOS 3GHz Large Project. The survey covers a 2.6sq.deg. area with a mean rms of ~2.3uJy/b, cataloging 10830 sources (>5sigma). Combining these radio data with optical, near-infrared (UltraVISTA), mid-infrared (Spitzer/IRAC) data, and X-ray data (Chandra), we find counterparts to radio sources for ~93% of the radio sample (in the areas of the COSMOS field not affected by saturated or bright sources in the optical to NIR bands), reaching out to z<6. We further classify the sources as star forming galaxies or AGN based on various criteria, such as X-ray luminosity, observed MIR color, UV-FIR spectral-energy distribution, rest-frame NUV-optical color corrected for dust extinction, and radio-excess relative to that expected from the hosts star-formation rate. We separate the AGN into sub-samples dominated by low-to-moderate and moderate-to-high radiative luminosity AGN, candidates for high-redshift analogues to local low- and high-excitation emission line AGN, respectively. We study the fractional contributions of these sub-populations down to radio flux levels of ~11uJy at 3GHz (or ~20uJy at 1.4GHz assuming a spectral index of -0.7). We find that the dominant fraction at 1.4GHz flux densities above ~200uJy is constituted of low-to-moderate radiative luminosity AGN. Below densities of ~100uJy the fraction of star-forming galaxies increases to ~60%, followed by the moderate-to-high radiative luminosity AGN (~20%), and low-to-moderate radiative luminosity AGN (~20%). Based on this observational evidence, we extrapolate the fractions down to sensitivities of the SKA. Our estimates suggest that at the faint flux limits to be reached by the SKA1 surveys, a selection based only on radio flux limits can provide a simple tool to efficiently identify samples highly (>75%) dominated by star-forming galaxies.
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