The prize is free to enter and open to any citizen of a Commonwealth country who is aged 18 and over. It is awarded for the best piece of unpublished short fiction (2,000–5,000 words). Regional winners each receive £2,500 and the opportunity to be published online by Granta magazine, and the overall winner receives £5,000.
As well as English, stories are accepted in the Bengali, Chinese, Creole, French, Greek, Kiswahili, Malay, Portuguese, Samoan, Tamil and Turkish languages. Translated entries from any language into English are also eligible. If the winning story is a translation, the translator receives additional prize money.