Youths vying for the Young Entrepreneur Scheme (YES) can apply as a group to se­cure funding for an innovative business idea.

While joint applications were lodged by en­trepreneurs to the Ministry of Industry, Trade and Tourism (MITT), there were rare cases when joint applications consisted of more than two members.

“The maximum funding that can be dis­bursed to a successful group is $30,000 which is the same for an individual entrepreneur,” said the statement released by the Ministry.

“For group funding, it basically means that the unique and creative business idea was initiated by two or more people and they are jointly lodging a YES application.

“If their proposal is successful, their busi­ness idea will be funded through the scheme and the maximum funding is $30,000.”

There are no maximum number of members allowed for group applications but the Minis­try is encouraging the members be less than 5 members.

In addition, there is no requirement to reg­ister the business idea before the group mem­bers apply as long as they have an innovative or unique business idea that is commercially viable.

“Once an application is lodged, and the pro­posal is considered by the YES Selection Panel as being innovative and unique, the applicant will be assigned a mentor to guide the appli­cant in terms of improving the Business Plan, research on regulatory requirements that will need to be met before starting a business and this may consist of registering a name for the business with the Registrar of Companies.

“So initially, their business does not need to be registered before they apply but they will be asked to do so once they undergo the mentor­ing process.”

Edited by Susana Tuilau

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