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 53 of 2003 affects all business and individuals in South Africa. It is not only vital for the country’s integrated prosperity, but a catalyst for economic growth.
What’s my 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 utilises BEE-compliant enterprises in procuring goods and services.
It is the Scorecard, which helps ensure that compliance pressure is not confined only to direct suppliers to public bodies, but rather the entire supply chain. If direct suppliers are to have respectable BEE credentials, they must favour “empowered” enterprises. This creates a ripple effect that spreads even to businesses that are relatively remote from government influence.
As a result, even Small Enterprises or Exempted Enterprises find that their BEE rating can be crucial in maintaining and developing valuable business relationships.
An important business tool
It makes sense to ensure that your BEE rating is as high as possible. Find out more about increasing your commercial credibility when your business get its BEE Verification.