What is VOSB?
Veteran-owned small business (VOSB) is a small business that is 51% unconditionally owned and controlled by a veteran.
What kind of business may be qualified for VOSB certification?
To be qualified as a VOSB, the business must:
Be a small business;
Be at least 51% owned by one or more veterans;
Be controlled by at least one veteran. The definition of “Control“ includes both day-to-day operation control and long-term strategic decision-making;
What are the advantages of been verified as VOSB?
Eligible to set-aside contracts: federal government agencies, as well as some state agencies are giving some important preferences to VOSBs. Department of Veterans Affairs will set aside contracts only for SDVOSBs/VOSBs to bid. Additionally, according to the Veteran Entrepreneurship and Small Business Development Act of 1999, the government has to set aside no less than 3% of the total value of all prime contracts and subcontracts for SDVOSBs/VOSBs. According to USASpending.gov, the Federal government has awarded 295,982 prime contracts and 1,542 sub-contracts, which worth about $13.3 billion, to SDVOSBs/VOSBs.
Increase the possibility of joining prime contracts on big contracts: after your business has been certified as VOSB, many larger companies will seek out your company to be as a sub-contractor for their big projects. The reason is that a lot of large contracts require the large company that originally takes the contract to meet a small business participation goal as a percentage of its overall contract.
Possible Tax Benefits: there may be some state tax benefits that come to companies that have been certified as VOSB status.
More business opportunities: more than 70% of Americans prefer to do business with SDVOSBs/VOSBs compare to non-VOSBs. Thus, proudly displaying the official SDVOSB/VOSB logo on your website and letterheads as well as in your stores and emails will naturally attract more business from local contractors, suppliers, and corporations that are seeking to work with veteran-owned businesses.
What is the VOSB Verification Processing Time?
CVE processes complete applications within 90 days in accordance with regulatory compliance. Applicant’s 90 day clock does not officially start until all required/requested documents have been submitted. Upon receipt of all documents, the examination commences and the 90-days clock for Verification begins. If additional documents are required/requested the clock stops until all documents are received again. Please note that the Days are calendar days.
What services does The Deng Law Firm provide?
We will be your point of contact/representative, and help you navigate the entire VOSB verification process.
We will help you to prepare your documentation in accordance with VA CVE requirements (13 C.F.R. 125).
We will help you organize the required documents and submit them in the proper format.
We will draft the appropriate Letter of Explanation for those documents you do not possess.
We will ensure your peace of mind during the entire verification process.
For first-time VOSB verification clients, we guarantee that approval! If the application has been eventually denied, we guarantee a 100% full refund.