National Industrial Classification or NIC Code
Uses of NIC Code
1) Registration on Udyam:
2) LLP/Company Registration:
Importance of NIC Code for MSME Registration
NIC code is important for the registrations under Udyog Aadhar. You will need to submit legal details like the nature of the business, activities of MSME Unit, aadhar card number, district industry centre, postal address, bank details, name of entrepreneur and enterprise, email address, phone number, and NIC Code. An applicant can easily fill all the details mentioned above in the form, but the confusion lies in filling NIC code. All these details can be easily procured, but the problem lies in entering the right NIC code since most people tend to submit the wrong ones.
The NIC Code for MSME is a system that helps to differentiate & smoothen the economic activities carried out by various medium, micro, and small enterprises.
Advantages of NIC for Udyog Aadhaar Registration
Following are the benefits of having your enterprise’s NIC Code for registration under the Udyog Aadhaar Scheme:
- A number of benefits under Govt. schemes can be availed of by entrepreneurs under the Udyog Aadhar Scheme, such as loans without guarantee, loans having lower interest rates, secured loaning, etc.
- Financial aid is offered to registered MSMEs who showcase their products by registering in foreign exhibitions.
- Subsidies given by the Government can be availed by applicants of this scheme.
- Processing of bank accounts that are being created in the name of the business becomes easier if MSME Registration is done.
- Business faculties can apply for additional schemes & micro business loans due to this scheme.
Checklist of Documents Required for MSME Application
Following are the documents that an applicant must submit for Udhyog Aadhaar Registration:
- Aadhaar Number and Aadhar details of the applicant,
- Applicant’s name according to their Aadhaar Card,
- Enter the section(Category) the applicant belongs to, i.e., Open category / SC or Scheduled Cast / ST or Scheduled Caste / OBC or Other Backward Castes,
- Name of the company under which the business is being directed. A candidate can have a number of undertakings, and each one of them can be enlisted exclusively with the same Aadhaar No. for a different Udyog Aadhaar,
- Indicate the kind of your business faculty or a legitimate substance like Co-Operative, LLP, Hindu Undivided Family, Pvt. Ltd. Company, Proprietorship, Public Limited Company, Self Help Group, Partnership Firm, and others too,
- Number of employees in your business,
- Nearest District Industry Center (DIC) to their business,
- National Industrial Classification or NIC Code for MSME,
- Bank details of the business, like bank account number and IFSC Code,
- Key operational sections of the company/entity like service or manufacture,
- Postal location of the company so that you can be communicated with. All this along with email address and contact numbers.
Procedure to enter NIC Code for Online MSME Registration
Once you’ve completed previous steps of registration on the MSME portal, you must follow these steps while filling the NIC Code:
- To fill it, conduct a simple NIC Code search by entering a keyword, or
- Choose the other facility, where you get to choose an economic activity such as service or manufacturing. Then put two-digit, four-digit or five-digit NIC codes. Suppose, by mistake, one enters the NIC Code incorrectly, then also they have the option to correct or edit their response in Udyog Aadhaar and then get their resultant acknowledgement.
FAQs about NIC Code
✅ What does the NIC Code look like?
It is a numeric pin in the form of a 2 or 3 digit, a 4 digit, and a 5 digit number. Two-digit codes/Three-digit codes usually represent the section pertaining to business activity; four-digit code represents a class of business activity while five-digit code stands for sub-class of business activity.
✅ How do I get my NIC code from MSME?
The NIC code for the business activity can be taken easily from the online portal of MSME, i.e., msmeregistrar.org.
✅ Who cannot register under MSME?
Individual applicants cannot register for MSME since this registration is made for businesses and enterprises only. However, an applicant can register if they’re a one-person company or if they’re one in small scale industries who want to register.
Table of Contents
- 1 National Industrial Classification or NIC Code
- 2 Uses of NIC Code
- 3 Importance of NIC Code for MSME Registration
- 4 Checklist of Documents Required for MSME Application
- 5 Procedure to enter NIC Code for Online MSME Registration
- 6 FAQs about NIC Code