Black Economic Empowerment
What is BEE?
Economic Opportunity
Black Economic Empowerment (BEE) is a transformative policy in South Africa aimed at addressing historical inequalities and promoting economic inclusion for previously disadvantaged individuals, particularly those of Black African descent. It seeks to rectify the imbalances created during the apartheid era by providing opportunities for Black South Africans to actively participate in the country’s economy.
How can BEE impact my business?
Compliance
It is essential for businesses to access government contracts and tenders. Many public and private sector entities require BEE compliance as a prerequisite for procurement, giving preference to companies that prioritize transformation. Embracing it enables businesses to tap into these lucrative opportunities, expanding their customer base and driving sustainable growth. See this article published by Norton Rose Fulbright to see why a company needs a rating.
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Planning and Verification
Old Mutual offers additional insights into the benefits for Small and Medium-sized Enterprises (SMEs) to become certified. To summarise, SMEs with the certification are desired by large business entities since they can use them to boost their own BEE status. Thus, this certification allows your business to capitalize on new opportunities.
Whether you are in a hurry or looking for a long-term solution. We can help you with structuring and planning your business in order to achieve a required BEE level. We can also provide affidavits for ratings and/or a generic rating for your business.