BBBEE Compliance and Pre-Audits
BEE, or more accurately Broad-Based Black Economic Empowerment (BBBEE) is the process by which the government is trying to ensure economic equity amongst race groups. The act is intended to drive transformation by facilitating inclusion in terms of black participation in the South African economic context.
The BBBEE act covers aspects such as equity ownership (shares in the business), management of the business, skills development, employment equity (staffing), procurement (where you purchase your supplies), enterprise development and corporate social responsibility.
During the BEE verification the verified entity has to submit physical proof of activity, spending and contributions in the Five elements of empowerment…
We offer extensive BBBEE Compliance services, including the following:
We actively encourage our current and prospective clients to concentrate on the necessary steps and best practice implementation based on the revised BEE Codes of Good Practice. The codes take into account the size of the business and allow for multi-national companies to comply without necessarily having to sell equity.
The revision of the Code of Good Practice (RCoGP) on Broad-Based Black Economic Empowerment (BEE) in 2013, is reflective of some of these actions over approximately the past seven years, providing us with some indication of how The Department of Trade and Industry (DTI) views the progress made to date.
Service Process
During the BEE verification the verified entity has to submit physical proof of activity, spending and contributions in the Five elements of empowerment. The elements are:
