I have over 3 years Management experience which is the requirement to pursue a MBA. The job position that I have has little more room for advancement since I work closely with the owner of the organisation. Do you think there are any advantages of pursuing this MBA?

Potentially... having an MBA obviously has its benefits, as you can move up in the work force and get better paying jobs (not necessarily at your job, but somewhere else)... although as it's obvious, it's another year in school.

To be blunt, if you're happy with your current position, and you feel relatively secure with it, then why not just stick around?

But in today's market... nothing's secure.

The only major advantages I can think of for obtaining an MBA, if you hope to stay in your current position, would be because of the new knowledge and contacts you obtained (at a pretty significant cost normally) you now have additional job opportunities available to you, so you can demand a better compensation package.

If you think that's unlikely, there isn't much reason to pay (in money and time) for a degree that probably won't be too useful. If there are skills you'd consider important, (in a specific subject), it will be far more cost effective to get training in those skills rather than learn all the general stuff that doesn't apply to your position.