Future Generation International was established in 2013 as one of W.J. Towell Group's initiatives that depict its vision of social responsibility and the creation of real employment opportunities away from the traditional employment methods and continue building the national economy. The company will provide financial, technical and administrative assistance to Omanis who wish to start their own small or medium sized business.
Future Generation International will help young Omanis in developing SMEs and promote entrepreneurial culture across the country, create new job opportunities for Omani young generations and provide them with management and financial skills required for successfully managing their own businesses. As part of the operations, Future Generation International will invest together with the owners instead of only providing funds and support to develop their own company or existing enterprises.
In addition, we will provide a comprehensive training program for a minimum of three months at the expense of Future Generation International. We also provide technical and management support throughout the partnership duration to assist the owner of the project.
Future Generation International supports Omani entrepreneurs who meet the following requirements;
- Omani National.
- Between 22 and 45 years old.
- Ready to submit a comprehensive feasibility study including a market research study
(Please note that Future Generation International can supervise such a study).
- Able to complete training courses at Towell Knowledge Institute (if required).
- Will be working full-time with the company.
- Will comply with the Omanization percentage required by Ministry of Manpower
(as per the activity).
- Able to provide a minimum share (30%) in capital of the project value.
- Is not benefitting from a similar project support by another organization or authority.
- Is open to a possible partnership with Future Generation International.
- Will submit a business plan including a proposed budget and comprehensive information on how to manage the company for a minimum of three months.
- Is approved after an interview made by Future Generation International.
What will be your benefits as an Omani entrepreneur?
- Future Generation International provides support and invests 30-70% of the proposed project capital subject to the Board approval.
- Future Generation International may participate with up to 90% of the project capital (60% from Future Generation International and 30% through an interest bearing loan with a nominal interest of 3%, which is recoverable within 3 years).
- Future Generation International bears the fees for an accounting system.
- Future Generation International bears the fees for accounting services.
- Future Generation International will execute a quarterly audit (if necessary).
- The company may purchase Future Generation International shares at any time for an agreed amount. This period should not exceed three years. If the owner of the company wishes to buy the shares from Future Generation International before the realization of profits then a refund for the capital share is needed to be paid to Future Generation International .
Conditions and Applicant's Commitments
- A written application specifying the projects concept, activity including sufficient details about the project should be sent to the General Manager of Future Generation International.
- Submit a written confirmation to pay the minimum of 30% share including a bank guarantee certifying sufficient fund is available.
- Education and work experience specification.
- Submit a police clearance certificate.
- The owner of the company cannot use the name or trade mark of Future Generation International or W. J. Towell LLC in obtaining any tender or any works whether from Oman or abroad before obtaining a written acceptance by the company.
- Future Generation International may close the project if it is proven that the owner or employees are careless.
Future Generation International will provide capital to small and medium projects with up to 50 000 R.O. (Fifty Thousands Riyal Omani) for each project, according to the nature of the project and the feasibility study. The paid amount is subject to the approval by the Board of Directors.
The Financial Conditions:
- Future Generation International will pay the share in capital after the owner register his company with the Ministry of Commerce & Industry, and obtaining all licenses such as the environmental, and municipal licenses and attach copies thereof.
- Shall not obtain any additional loans from any other authority for running the project without obtaining a written approval from Future Generation International.
- The goods purchase by the company on credit shall not exceed the capital of the project at any point of time.
- The owner must obtain approval from Future Generation International for expenses exceeding 200 R.O. per month and/or 2400 R.O. per year.
- In case the company is dissolved, priority shall be given to pay the share in the capital of the project (30%/70%) or any ratio as per the agreement to Future Generation International.
- Future Generation International will not bear any debts created by the owner without their consent.
- The owner is responsible for any damages to others as a result of practicing his/her business and shall exempt Future Generation International from all and any responsibility.
- If the owner wants to withdraw before starting operations, all pre-operation costs and the refund of capital share paid by Future Generation International, will be put on the owner.
- If the owner wishes to withdraw after starting operations, full amount of Future Generation International share has to be returned.
- The project may not be sold to any other party without the approval from Future Generation International.
Please contact us for further information and we will assist you to take the next step in developing yourself and your idea.