How will BEE affect me?
It has been said that, “B-BBEE legislation is the most significant piece of legislation affecting South African business today.”
The Broad-based Black Economic Empowerment Act, Act 53 of 2003 (“B-BBEE”), affects all business and individuals in South Africa. It is not just vital for the country’s integrated prosperity but a catalyst for economic growth.
What’s your score?
A business’s BEE Compliance Level is used to rank it for the allocation of contracts by business, state, government and local government. The Scorecard is the most important element of your BEE verification because it proves the extent to which your business favours BEE Compliant enterprises in procuring goods and services.
It is the Scorecard, which serves to ensure that compliance pressure is not confined to the ranks of direct suppliers to public bodies, but rather the whole supply chain. If direct suppliers are to have respectable BEE credentials, they themselves must favour “empowered” enterprises. This engenders a ripple effect that spreads even to businesses that are relatively remote from government favour. Consequently, even small or exempted enterprises find that, to maintain and develop valuable business relationships, a BEE rating proves to be a powerful qualification.
An important business tool
It makes sense to ensure your BEE rating is as high as possible. Discover more about how to increase your commercial credibility when your business get its BEE verification.
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