Take your Move Ahead with WOSB Certification
According to the market researchers the corporations, federal and state government agencies are all showing interest in involving the minority owned companies to the business. So, if you were always had a dream of starting up your own business venture, this is just the right time to move ahead. Well, getting established to business market is never a cakewalk, especially when you are a woman. Diverse social and economical restraints will appear to hinder your way. However, not to worry as federal government supports are there to help the small businesses with various opportunities. WOSB is the acronym of Women Owned Small Business Certification that is specially supported by the name of 8m certification. So, who are eligible for the grant? To the very first place this certification is for the enterprises those are located in the United States and are owned and operated by the women who are U.S. citizen. Proper documentation to support the claim is essential.
Apart from the basic requirement, at least 51% of the business or the company’s stock must be owned by the women, and management and operations must also be controlled by the similar individuals. So, in order to qualify as women owned business a female applicant must maintain the proportionate shares of assets, profits, losses and the business capital. The business you are applying for must be a minimum of six months old. This will help the certifying authority to determine how you manage your business. Also, the time will allow you to earn some money to perform the initial task. The authority will collect your financial information such as the net worth of your business. The Woman Owned Business certification program maintains financial requirements about the net worth of each applicant. However, the amount should not exceed $750,000 and must have the evidences to show some economic disadvantage in support of the situation.
An applicant has to prepare her application for the WOSB certification online or in papers including her business plan and targets. Well, the entire application review process will take around 90 to 120 days provided you have submitted all the documents perfectly; otherwise the processing may take even 5 to 7 months. That is the reason why you need to contact with the professional women owned business certification consultant who can help smoothen your way to a successful application process. Here you must keep it in mind that you can certify your business on both federal and state levels, even though the eligibility criteria and other requirements will be different in both the cases. So, if you think you can not satisfy the requirement of certain WOSB certification program just try for the other. According to the market researchers the U.S. federal government is the largest buyer of quality goods and services and so you just consider maintaining your business quality if you are seriously looking forward to get established to the federal market.
So, if you qualify, a letter will come to you stating that you have qualified as a woman owned business and later on you may receive a request for annual updates on your business return and other information such as the copy of your business or personal tax return, financial statement etc. So, get ready to take your move ahead with the WOSB certification now.
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