Business Center Corporation (BCC) has published the first volume of an SME Handbook, a project initiated by the Ministry of Economic Development.
This project is developed in partnership with organisations such as the UNDP, and with the backing of the Government of Japan. The handbook is crafted to address various aspects of SME operations, providing entrepreneurs with practical insights and information.
The SME Handbook encompasses a range of topics essential for SMEs to comprehend and navigate. It starts with an introduction that defines SMEs and explores their classifications within the specific context of the Maldives.
The handbook also includes a chapter on business and SME registration, emphasising the significance of proper registration procedures for ensuring legal and operational compliance. From the initial steps of creating an eFaas account to providing the necessary documentation, this section offers practical insights into the process.
Another chapter in the SME Handbook focuses on laying a business foundation. This chapter covers tasks such as setting up a company account, developing a mission and vision statement, creating achievable goals, crafting an impactful company profile, and formulating a comprehensive business plan.
The handbook also includes a chapter dedicated to financing options. It explores various financing needs, from acquiring assets to managing working capital and trade financing. The chapter delves into different financing alternatives, including Islamic, debt, and equity financing. Additionally, it provides insights into local banks offering MSME funding, discusses financing facilities, outlines required documentation for business loans, explores credit reports, and examines taxation implications.