NSIC (National Small Industries Corporation) is a government corporation that works under the MOMSME, supporting the Micro, Small and Medium Enterprises growth. It also actively encourages businesses to sustain in the present market through loans and other schemes.
This corporation operates throughout the nation via accessible technical centres and offices. Apart from India, the NSIC operates in a few African countries. Hence, it set up an administration centre in Johannesburg, South Africa, to manage, support, and operate MSME functionalities.
Yet, it’s no longer available now as it was closed in January 2018 to focus more on the local MSMEs. The National Small Industries Corporation set up Training Cum Incubation Centers government agency in 1955 to serve the micro to medium scale businesses. The same government agency later turned into a government corporation.
NSIC Objectives
The primary goal of the National Small Industries Corporation is to support and raise the Small Scale Industries. However, it also operates several aspects in supporting MSMEs, including improving efficiency, profitability, manpower, skills up-gradation, enhancing self-employment, and a lot more.
Here’re a few objectives of the NSIC.
- To build corporation reach and support in the sustainable growth of Micro, Small, and Medium Enterprises.
- To support and enhance the workforce in the industries by upgrading skills.
- To ensure a hygienic working environment.
- To train people and create self-employment that develops the nation.
- To improve businesses’ efficiency, profits, and productivity.
- To facilitate the MSMEs with lease equipment, huge machinery, and raw materials.
NSIC vs MSME
Most novice business owners misunderstand the NSIC and MSME functionalities. However, these two corporations are entirely different from each other and provide various schemes to empower small-scale businesses.
The MSME (Micro, Small, and Medium Enterprise) Department is the head of all MSMEs. At the same time, the NSIC (National Small Industries Corporation) comes under the MSME Department and the six other departments.
The departments under the MSME include the following:
- National Small Industries Corporation or NSIC
- National School of Leadership
- Indian Institute of Entrepreneurship
- National Institute of Entrepreneurs & Small Business Development
- National Institute of Micro, Small, and Medium Enterprises
- Khadi and Village Industries Commission or KVIC
- National Commission for Enterprises in the Unorganized Sector
The MSME department introduces, regulates, and operates various sets of rules and regulations for the MSMEs. Some of the schemes under the MSME include Udyog Aadhar, Zero Defect Zero Effect, MSME Loan in 59 Schemes, and The Credit-linked Capital Subsidy Scheme.
NSIC Schemes
The National Small Industries Corporation supports MSMEs in technology, marketing, finance, and other operations. It tailors a set of schemes to increase competitiveness and business growth. Some of the schemes include:
- Single Point Registration Scheme
- Performances & Credit Rating Scheme
- MSME Global Mart
- Skill & Development Scheme
- Raw Material Assistance Scheme
- Bill Discounting Scheme
Features & Benefits of NSIC
Here’re a few features and benefits of the National Small Industries Corporation that you should know.
- Supporting MSMEs through loans and schemes.
- Mentoring documentation processes and helping in all aspects of the business.
- Supports financially at best interest rates and assures complete guidance.
- It offers credits and provides an option to switch banks for credits.
- It offers raw materials, equipment, and other machinery.
- It helps in technology development and skills upgradation.
- It provides training and ensures self-employment for people.
Required Documents for NSIC Registration
To avail of NSIC benefits and schemes, you should register for the NSIC submitting the required documents as mentioned below.
- Copy of PAN, ISO 9000, BIS License, and MSME registration acknowledgment
- Details of machinery, equipment, raw material and other resources, along with the price
- Certificate of Incorporation, MOU, Ownership documents, and permission deed.
- The latest copy of the electricity bill
- Form A or Registrar of Firms with the partner’s name and a document of declaration from partner, director, or proprietor.
- List of raw materials, the total number of employees for technical assistance, audited balance sheet, profit and loss account, and trading account.
- Performance statement
- Last three years accounts
- Finally, the item for which you need the NSIC registration
Make sure you’ve all the mentioned documents for a hassle-free registration process.
Registration Process & Charges
Any enterprise with MSME registration and Udyog Aadhaar Registration are eligible for NSIC registrations. The registration process can be done either online or offline based on your preferences.
1. Offline NSIC Registration Process
- Initially, download the application copy and fill up the required details in the form.
- Apply to any NSIC technical offices in Delhi, Hyderabad, Chennai, Bangalore, Kolkata, and other regions.
- Then, your application is forwarded to the nearest sub-branch in your enterprise locality.
- After a favorable report on your enterprise, registration would be granted.
2. Online NSIC Registration Process
If you’d like to register online, follow the below-given steps.
- Login to the National Small Industries Corporation office portal and click on the “Online Registration for GP” on the right-hand side.
- Fill up the form with all the required details. Then, save and proceed with the application.
- Next, pay registration charges and upload scanned copies.
- Finally, submit the application for NSIC registration.
3. Registration Charges
The registration charges depend upon the business turnover. Based on the attest data from the NSIC, the registration charges are 3000 INR for businesses with a turnover of less than a crore.
Businesses with turnover over INR 1 Crore:
- For Micro Enterprises: INR 3000 and an additional INR 1500 for every other one crore turnover.
- For Small Enterprises: INR 5000 and an additional INR 2000 for every other one crore turnover.
However, there are also few other charges, including the Inspection fee and professional fee. For micro-enterprises, it’s INR 2000 and INR 6000 while for small enterprises it’s INR 3000 and INR 8000 respectively.
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