1. Is it a requirement for the applicant to be registered as a business with the ministry of economic development?
The applicant does not necessarily need to be registered as a business. Applicants can apply from the individual category.
2. Will there be any advantages if the business is registered?
The recipients of the grant must open business accounts with us in order to disburse the funds, while having a registered business will make the procedure simpler, it will not necessarily provide an advantage during the review process.
3. Is it necessary for the business to be a company, or can it be a sole proprietorship?
It can be any form of business
4. I have a sole proprietorship business registered under my name, and it has been more than 12 months. As BML start up grant criteria mentions that existing businesses should not be registered over 12 months, I would like to clarify that in this case can I apply as an individual?
No. Any applicant should not have any business registered over 12 months.
5. If my registered sole proprietorship business is over 12 months, and I have registered a business name that is less than 12 months, can I apply as that name?
No. Any applicant should not have any business registered over 12 months
6. If a registered business in less than 12 months, and if it wins, can the grant be used to develop a business in partnership with another business?
New business Shall be registered. The Ultimate Beneficial Owners should not have any business which is registered over 12 months
7. If I have a new business registered (which is less than 12 months) and wins the grant, can the fund be used to develop the business in partnership with the existing business which is over 12 months?
The Ultimate Beneficial Owners should not have any business which is registered over 12 months
8. Is the startup criteria is only based on the registered duration or are there any opportunities for SME who are developing and in need of these grants?
The BML Startup Grant aims to foster emerging entrepreneurs to explore new business ideas, start-ups, or grow an existing micro or small business in the Maldives, however the business should not be registered for more than 12 months, and the Ultimate Beneficial Owners should not have any business which is registered over 12 months
9. Can I make the proposals by answering the questions?
Yes. But it should include the sections mentioned in our guide.
10. As per eligibility, business should not be more than 1 year since incorporation. As at which date? At time of application?
Businesses registered after 25th May 2022 (one year from the announcement of the Start-Up Grant), will be eligible.
11. For individual sector, does the idea has to be registered as a business?
No, if the applicant wins the grant, you will be requested to register business and open account with us.
12. If I have a registered Sole proprietorship, but the new business idea will be implemented under a new business name, would it still be considered over 12 months?
Yes, any applicant should not have any business registered over 12 months.
13. Is it possible to apply as a partnership instead of an individual or a business? If not, do we have to register a business under our name and proceed with the application?
At the time of applying it is compulsory to register the business under the ‘Individual’ category.
14. It's mentioned that the funds will be paid in installments, if selected. What if we need more than what the installment amount offers?
Funds will be paid in based on the requirement of the grantee and mentioned in the business plan
15. What kind of help will BML offer, following the selection process?
Business support will be provided by a Relationship Manager of the Bank for each winner for a period of 1 year as after-care support to the winners.