In-depth information regarding the applicant, proposed project, financing, human resource will be provided by the applicant. This information will be scheme specific and may vary accordingly. A 2nd Level Screening will be conducted.
Standardised due diligence process.
A second stage due diligence may be conducted to determine that the applicant has sufficient funds to implement the initiative. The applicant will be requested to demonstrate evidence through copies of the last audited financial statements (income and expenditure) within the last two years, signed and certified by an independent third party. (To liaise with Reesha)
New enterprises (between one to three years) should give an estimate of their previous and current year’s budget (income and expenditure).
Proposals will be further perused by the Site Assessment and Monitoring Unit, which will conduct a site visit at the premises of the applicant to assess whether the company or institution has the necessary infrastructure/ resources to carry out the proposed initiative.
A technical review will be undertaken in line with the requirements of any specific scheme. This implies either a peer review or an evaluation panel.
Project not making it to the next stage will be oriented to the Project Advisory Unit for advice on improvement for any future application.
The MRIC will may also request other organisational and management information for administrative purposes to ensure that the applicant adheres to certain business and financial standards. When requested, the information should be submitted to the Council as expeditiously as possible.
Applicants whose proposals have been rejected due to intentional misinformation may be blacklisted.