What is the NSIC Registration?

Have you ever heard about NSIC? If not, then this article has got useful information concerning the subject NSIC and its registration. NSIC stands for National Small Industries Corporation is a government undertaking under Micro, Small and Medium Enterprise (MSMEs).

Established by the government of India in 1955, it is today recognized as a reputed Mini Ratna PSU that possesses ISO 9001: 2015 certification. Post-independence, the government to encourage and promote the development of small and growing start-ups has set up NSIC that provide assistance to Small Scale Industries (SSIs). 

 Small and medium enterprises having online NSIC registration get access to developmental and beneficial schemes of government through which it can achieve tremendous growth in their business.

Let us understand in detail about NSIC registration and its eligibility henceforth. 

Functions of NSIC

NSIC registration is conducted for the fulfillment of following objectives such as:

• NSIC runs and operates a various developmental and advantageous scheme for MSME to enhance its competitiveness
• NSIC provides integrated support services to small and medium enterprises concerning marketing, technical, financial and allied services.
• Along with other benefits and scheme, NSIC provides aids to MSME through skill and training development in India
• The government built up NSIC with the target that it provides hardware and machinery based on the direct purchase or hire purchase that helps in marketing and promoting import-export business in India
• NSIC helps in managing the supply of foul materials who made these materials to provide the same at concessional rates to Small industries and start-ups
• NSIC through intervention with government banks and the financial institution provides loans, finance, funds, and advances in easy terms to the sprouted small private business

Eligibility for NSIC Registration

The business entity must fulfill the prescribed conditions for being eligible to get NSIC registration under Single Point Registration Scheme:

• Microenterprise engaged in manufacturing sector having investment in plant & machinery up to INR 25 Lakhs
• Microenterprise engaged in service sector having investment in equipment up to INR 10 Lakhs
• Small enterprise with investment in plant and machinery up to INR 5 Crore
• Small enterprise with investment in equipment engaged in service sector up to INR 2 Crore
• The business entity already holding MSME Registration certificate
• A business that has completed at least one year from commencement of business.

Benefits of NSIC Registration

Let us understand the pros of getting NSIC License:

Schemes for Small Scale Units having NSIC Registration

Incentivized scheme for MSMEs having NSIC License is being jotted down herein below:

NSIC Registration Procedure

Get assistance from our professionals who have expertise and command in NSIC and related small units schemes. One can apply for NSIC registration through online and offline mode as per its discretion following these simple steps:

Step 1:  Micro and Small units can apply online through the official website . One can also apply offline through the submission of the application form (which can be downloaded from the website or can get from NSIC office) and requisite document to a branch or zonal office. 

Step 2:  Upon the receipt of the application, Registration Form is forwarded to the respective inspecting agency along with supporting documents and supporting proof of payment for inspection. Inspecting agencies carry out the technical investigation for MSME and thereafter forward their inspection report endorsed by them. 

Step 3:  Upon the final verification of application form along with consideration of the inspection report, NSIC registration authorities shall grant Single Point Registration Scheme Certificate. NSIC registration certificate granted under SPRS remains valid for 2 years and needs to be renewed every two years. And provisional registration certificate issued to MSME remains valid for one year. 

Documents Required for NSIC Registration

List of documents to be annexed with application form irrespective you apply either online or offline:

• Details about plant and machinery installed such as date of purchase, original value, depreciation rate, etc.
• MOA, AOA, and COI in case the applicant is a company
• Self-attested supporting ownership document
• Declaration from director and promoter stating they have no relation with large-scale units
• Banker's report depicting the financial position of the applicant
• Audited balance sheet and P&L account
• Certified copy of PAN and Aadhar of director / promoter / applicant

Summary

Once you have analyzed the applicability of a suitable scheme for your firm, start getting your firm registered under NSIC. Our experts have vast knowledge in every kind of government scheme that can be beneficial for your organization. Feel free to contact us for further assistance. Corpbiz

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