There are numerous advantages to qualifying a business enterprise as disabled veteran-owned. Owners of such businesses are able to take advantage of government contracts. They also have a marketing advantage because many potential customers are more likely to do business with a company that is disabled veteran-owned.
However, there is a process that you'll have to go through before your company can be designated as disabled veteran-owned. The following are six things to do to designate your company as a disabled veteran business:
Registration with VetBiz
VetBiz is a government website that includes Vendor Information Pages. One of the first steps to qualifying as a disabled veteran business is going to this site, registering, and creating a user account.
Submission of Military Service Records
As part of registering on the VetBiz site, you'll need to submit Military Service Records to prove your status as a disabled veteran. You can get these records by submitting a request with the Department of Defense. In addition to getting service records, you also may need a letter from the VA indicating your disability status.
Submission of Bank Statements and Other Financial Documents
Many financial forms regarding yourself and your business need to be submitted as part of the process of verifying your status. These financial forms include bank statements, reports on any inventory and/or assets your company owns, and your past tax returns. This part of the process helps to determine your capability for handling government contracts.
Demonstration of majority ownership
If a company is jointly owned, a disabled veteran has to own more than half of it for it to qualify as a disabled veteran-owned business. You'll therefore have to show how ownership of the company is broken down if it is jointly owned.
Registration with the General Services Administration
If one of your primary interests in becoming a disabled veteran business is acquiring government contracts, you're also going to have to register with the General Services Administration. To do this, you'll need to consult the GSA schedules and create an account using the GSA's award management system.
Registration with the state in which you're located
You may also have to register on the state level if you hope to be awarded state contracts. Processes for registering on the state level vary widely by state. You can consult the National Veteran-Owned Business Association for information on registration processes and requirements for individual states.
Reach out to a company like Traxx Construction for more information.