Almost 99% of the businesses in the US are small business enterprises. It accounts for nearly 30 million, including millions of veteran-owned business enterprises. The US government focuses on supporting various veteran-owned enterprises.
Veteran-owned businesses are recognized as necessary for the US economy. This is excellent news for the veterans trying to register their businesses.
However, getting a veteran-owned business in the US is complex. It involves a lot of steps and requirements.
What is a veteran-owned business?
Veteran-owned businesses are small business enterprises. There are generally three types of veteran-owned businesses. It counts for veteran-owned business enterprises, veteran-disability-owned business enterprises, and service-disabled veteran-owned business enterprises.
How to register as a veteran-owned business?
The registration process for a veteran-owned business includes some important criteria. To register –
- It should be a small business enterprise.
- The company should have a minimum of 51% of the business share controlled by one or more veterans.
- Veterans take all the day-to-day operations, service, and management business decisions.
Registration process for veteran-owned business certification
Registering for a veteran-owned business enterprise becomes hassle-free when you visit the top intermediate websites. These websites make the process easier, and you can quickly get the registration certificate. Below are the essential steps:
- Visit the website of the certification service providers like 58Joralemon.
- Signup by paying a certain amount.
- Login to your account with the credentials.
- Fill in the required details.
- Provide the necessary documents.
- The certificate is ready within seven working days, and you can download it easily from your login account.
Eligibility requirements for veteran-owned business enterprises
Veteran-owned businesses are prevalent in the US. Below mentioned are a few of the eligibility requirements for registration. You need to fulfill the criteria to be eligible.
- The veterans must own a minimum of 51% of the company share.
- One of the veterans needs complete control over making strategic policies and daily operational decisions.
- The veterans need to be full-time office workers.
- One of the veterans must have complete managerial expertise, which is important to run the enterprise.
- The veteran needs to receive the highest pay in the company. They can provide a formal document explaining why taking a lower salary will benefit the business organization.
- The veteran needs to be in the highest rank in the company as an officer or manager rank.
- Veterans must have served under an active duty in the Air Force, Coast Guard, Navy, Army, or Marine Corps. Members of the National Guard or Reservists are also considered veterans.
Eligibility requirements for veteran-disability-owned business enterprises
- It includes all the above requirements for veteran-owned businesses, and
- The disability of the veteran must not occur during the service period.
Eligibility requirements for service-disabled veteran-owned business enterprises
- It includes all the above requirements for veteran-owned businesses, and
- The eligible veterans must have incurred disability during the service period.
Why should you register as a veteran-owned business in the USA?
The best reason to register under a veteran-owned business in the US is to gain complete control over the market and win more revenue. Government agencies, as well as large corporations, give much importance to such businesses. It also set aside good business revenue every year.
Competing for the contracts rendered by government agencies takes up much time in terms of the certification process. However, if small business agencies focus only on selling to government agencies, it will be worth the effort and time you invest. Business corporations prioritize business with veteran-owned organizations and companies.
Around 15% of the fortune 1000 companies prioritize veteran-owned businesses in the US. The entire process of getting a veteran-owned business registered is less competitive.
Also, various consumers prioritize purchasing only from veteran-owned businesses. This can help any veteran-owned business in the USA reach a large group of customers with huge potential.
Also Read: Why You Should Get Diverse Business Certification
Types of veteran-owned business certification
Veteran-owned business enterprises in the USA need two kinds of business certifications to operate in the USA. The two types of certificates are –
- Federal certification belongs to the government. It is done through its own process to qualify for any set-aside contracts.
- Third-party certification offers corporate supplier diversity programs. Independent and nationally-recognized organizations provide it. The brand or company will vet it. This gives you veteran-owned business certification.
Veteran Entrepreneur Training Symposium (VETS)
The US government offers entrepreneurship training programs to all veteran individuals. In such training programs, the veterans get well equipped with knowledge that is important to provide services to the entire federal government.
It consists of business sessions, where the veterans are connected with several prime contractors, large and medium-scale enterprises, and government agencies. Every veteran-owned business needs to go through this training program.
Important Documents required for veteran-owned businesses certification in the US
Veteran-owned business enterprises need to go through the documentation process. The documents necessary for registration and certification of veteran-owned businesses are:
- Resume
- Driver’s license
- Articles of organization
- Previous tax returns
- Payroll information
- Department of Defense Form 214
The support offered to veteran-owned businesses in the US
Veteran-owned businesses get much support from the US government and large-scale enterprises. Registration is essential for doing business with the veteran community and getting help. Let us quickly look at the support rendered by the US government to all veteran-owned business enterprises.
- The ability to do business. Certification offers the necessary flexibility for conducting business in the country.
- Priority to bid on several contracts for several federal and government business agencies.
- Tax relief is one of the support that is easy to have with veteran-owned businesses.
- Complete access to capital gains.
- Support for small businesses with good ideas for growth and innovation.
Cocolevio’s 58Joralemon
58Joralemon is an online platform by Cocolevio for a simplified certification process. The application will help you establish business credibility in just 15 minutes.
Conclusion
Veteran-owned businesses have many prospects in the US, depicted by several government agencies and large medium-scale operations. Individuals who fulfill all the eligibility criteria can register under veteran-owned business enterprises in the US and generate good revenue every year.
Open up new areas of innovation and generate good business revenue with successful registration.
