National Industrial Classification Code is a five digit code and also known as known as NIC Code. The Company uses NIC Code based on the main business activities at the time of incorporation.
What is NIC Code?
National Industrial Classification Code (NIC) is a statistical standard for developing and maintaining a comparable data base analyzing each business entity data in the asset development of the Government of India (GOI) and for various economic activities. This code has been developed with an intent to ascertain and analyse as to how each economic activity is contributing towards national wealth. This classification is used in all types of censuses and sample surveys conducted in India.
Importance of NIC Code:
– Most of the Government Departments in India uses NIC Code to ensure the appropriate classification and bifurcation of businesses activities by the entities.
– It is used to keep track on the commercial activities of a business.
– In order to obtain Udyog Aadhar
– For Registration of a company or a Limited Liability Partnership (LLP)
List of NIC Code:
Government has launched/ released NIC Codes list for the registration of the Company and LLP and to obtain a Udhyog Aadhar.
To access the full list of NIC Code, Please refer the provided link here: List of NIC Code 2008
Where can the NIC code be used?
NIC code can be used for the following:
1) Udhyog Aadhar:
Udhyog Aadhar is a registration provided to micro, small and medium sized businesses in India under the MSMED Act, 2006. While applying for Udhyog Aadhar, the NIC code needs to be submitted. The Applicant can choose NIC Code from the choices provided to portray the nature of its business activities. Moreover, Applicant can add more than one NIC Code on the basis of nature of business.
2) Company Registration/ LLP Registration:
For incorporating a company or a LLP, one needs to register the respective company/ LLP on the MCA (Ministry of Corporate Affairs) Portal. While registering, the NIC code of the business is required.