The ministry of economy, industry and commerce (El Ministerio de Economia, Industria y Comercio - MEIC) offers small and medium sized firms a program called “Classification SME.” This program ensures that these firms have the possibility to show the qualities of their products and services according to different types, be it in printed or digital form.
The labelling of SME, comes with different levels of differentiation: Label SME basic and Label SME Value Added. In consequence, it enables firms to differentiate and distinguish themselves from their competition in the market.
Benefits of SMEs formally certified/labelled by the MEIC:
1. To be able to obtain the SME branding.
2. The firm could be exempt from the public limited company tax applicable to MSMEs
3. In the case that a SME registered before the MEIC is awarded/wins a public auction, then the state is obliged to pay within 30 days and not the 45 days as the law usually indicates.
4. The registered SME also has benefits in accessing non-reimbursable financings for innovative projects offered by PROPYME.
If the firm wins a public auction or is awarded the right to supply and sell to the state, it has an advantage over other SMEs who have not been certified. The first, due to the reliability and benefits the government poses, which are established in the ordinances of the administrative recruitment.
In the case of discounting receipts, formally registered SMEs can make us of a financial instrument and not use the 30 days to discount the receipt, thus achieving a more convenient desired percentage.
You can find more information concerning the benefits of registered SMEs on this link
How can one obtain the SME label?
Those firms which are registered and up to date on payments with the SME Registry of the MEIC, can request the administrative procedure to obtain the SME label. One of the simplest requirements is completing and handing in the corresponding form of the National registry of micro, small and medium sized businesses (Registro Nacional de Micro, Pequeña y Medianas Empresas). Along with this form, a certification showing that the firm is up to date on the payment of income tax and up to date on social security payments must be handed in. Once you have fulfilled these requirements, one can email the MEIC to request the relevant labelling/seal. Additional information can be found on the webpage of the MEIC.