I would like to register a company, but the SPICE+ form only allows me to submit the "Main Division" (2 digit) part of the NIC-2004 code. How will I be able to submit the full 5-digit NIC code for my company, because I see that company CIN numbers have 5-digit NIC codes and not 2-digit codes?
06 July 2024
When registering a company using the SPICE+ form, you typically need to provide a two-digit NIC (National Industrial Classification) code that broadly categorizes the primary business activity of your company. This is because SPICE+ form simplifies the initial registration process by focusing on these broad categories.
Here’s how you can approach the situation:
1. **Selecting the Main Division (2-digit NIC code)**: - Choose the two-digit NIC code that best represents the primary business activity of your company. This code should broadly describe the nature of your business operations.
2. **NIC-2004 vs CIN (Corporate Identification Number)**: - The NIC-2004 code is used to classify economic activities undertaken by businesses. It's a standardized classification system used by various government agencies to categorize different sectors of economic activities. - The Corporate Identification Number (CIN) is a unique 21-digit alphanumeric code issued by the Ministry of Corporate Affairs (MCA) when a company is incorporated. It includes details such as the state code, registration number, and NIC-2004 code related to the company's activities.
3. **Full 5-digit NIC code**: - While the SPICE+ form requires only a two-digit NIC code initially, the full 5-digit NIC code will be associated with your company’s activities and will reflect in your CIN once the company is registered. - The full 5-digit NIC code will be determined based on the detailed activities and nature of your business. This code is often derived from the more specific divisions and groups within the NIC-2004 classification system.
4. **Process during registration**: - You will need to select the appropriate 2-digit NIC code that aligns with your business activities and enter this into the SPICE+ form. - After incorporation, your company’s CIN will reflect this 2-digit NIC code along with additional details, including the 5-digit NIC code that specifies the exact nature of your business.
In summary, while SPICE+ form requires a 2-digit NIC code for initial registration, your company’s CIN will encompass a 5-digit NIC code that corresponds to the specific economic activities of your business. Ensure to select the most appropriate 2-digit NIC code that best describes your company’s primary business activity during the registration process.
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