Go Global: Finance Scheme to Participate in International Trade Conventions
The international marketplace offers a world of business opportunities. Every business aims to go beyond geographical borders and make their mark globally. In order to do so, it is vital that it showcases itself at international trade fairs and conventions.
Enrolling a business into these conventions requires a significant amount of financing which sometimes becomes difficult to arrange. This is where the International Cooperation Scheme comes into picture.
The International Cooperation Scheme provides financial assistance to an SME organisation or a body that wishes to participate in international trade fairs and conventions.
How does an SME body benefit from this scheme?
SMEs who are members of an SME organisation can benefit from this scheme. This finance scheme provides funds to SME organisations or bodies for various expenses incurred while participating in international delegations.
Here are the various benefits such SME organisations can enjoy under this scheme:
- When visiting foreign countries as an MSME business delegation:
- 100% reimbursement of airfare, up to ₹5 lakhs, for both the SME delegates and the office bearer of the SME organisation is provided
- An additional reimbursement of $150 per day for the office bearer’s stay/meals/local expenses, etc. is provided
- A compensation as per the accompanying government official’s entitlement is provided
- When participating in international exhibitions, trade fairs, or buyer-seller meets as an MSME delegate:
- Along with the benefits listed above, 100% reimbursement (maximum up to ₹ 1 lakh) is provided, which covers all the space rental charges and expenses paid by an SME body or organisation at the time of participation
- When participating in international exhibitions or trade fairs held in India:
100% reimbursement (maximum up to ₹ 1 lakh) is provided covering all the space rental charges and expenses paid by an SME organisation or body at the time of participation
- When organizing international Conferences or Seminars for Indian SMEs:
- For a foreign resource person’s airfare, 100% reimbursement (maximum up to ₹5 lakh) is provided
- An overall reimbursement (maximum up to ₹5 lakh) per event is provided if the event is held in India
- An overall reimbursement (maximum up to ₹25 lakh) per event is provided if the event is held abroad
What is the eligibility criteria for this scheme?
The scheme can only be availed by an SME organisation or body. Moreover, the SME organisation should:
- Be registered under the Companies Act or be a Society under the Societies Act, etc. with the primary objective of promoting and developing MSME business in India
- Act as an SME organisation or body since the last 3 years with a good track record
- Have regularly audited accounts for the past 3 years
- Have applied for financial support for events, that have significant international participation
How can an SME body apply for this scheme?
An SME body can apply for this scheme online by clicking here.
However, the following Terms and Conditions* must be kept in mind before applying for this scheme:
- An SME body can apply for a maximum of two events in a financial year. The Screening Committee can, however relax this rule and allow additional applications for special events.
- An SME, as the applying organization, would have the sole responsibility of selecting the participating units.
- The entrepreneurs or participants who are participating in the event on behalf of an SME body should be chosen in a fair and transparent manner, taking into consideration factors like track record, growth potential, export potential, etc.
- SC/ST/Minority/Women entrepreneurs must be adequately represented.
Individuals who have not participated earlier with government grants should be given preference.
What documents are required to apply for this scheme?
The following list of documents must be submitted in order to apply for this scheme:
- The name of the delegates who are proposed to participate in the event in Annexure A
- The Budget estimate – in Annexure B
- The Copy of Registration Certificate of your SME organisation or body which is to be submitted once
- Copy of Memorandum and Articles of Association which are to be submitted once
- Copies of Audited Balance Sheet, Profit & Loss Account or Income & Expenditure Account of the applicant body for the last three years
In addition, the following documents are needed when claiming the refund:
- A complete list of participants – in Annexure-C
- A Mandate Form which should be duly filled up by the SME body and verified by the concerned Bank – in Annexure-D
- Pre-receipt – in Annexure-E
- Udyog Aadhar Memorandum Acknowledgement
- Copy of e-ticket complete in all respect with fare information on e-ticket for air travel
- Boarding Pass
- Invoice/Bills for space rent (in case stalls were put up in the event)