1. What does B-BBEE stand for?
B-BBEE stands for Broad-Based Black Economic Empowerment.
2. What is the purpose of B-BBEE?
South Africa’s policy of broad-based black economic empowerment (B-BBEE) is not simply a moral initiative to redress the wrongs of the past. It is a pragmatic growth strategy that aims to realise the country’s full economic potential while helping to bring the black majority into the economic mainstream.
3. Why is B-BBEE important?
The legislation Broad-Based Black Economic Empowerment (B-BBEE) has an impact on business. It is intended to stimulate the process of participation of previously disadvantaged groups in the economy to lead to increased economic growth.
4. What does BEE compliant mean?
Larger businesses are incentivised to do business with you because it improves their own B-BBEE score. Being BEE compliant means you will not miss out on prospective business from companies wanting to deal with only BEE compliant companies. It could also mean you gain business from a non-compliant competitor
5. Why do I need a B-BBEE Certificate?
A company needs a B-BBEE-rating certificate to prove their level of B-BBEE status. The certificate includes indicators such as the company’s turnover, the level of black ownership and the overall B-BBEE status. It is important for companies to aim to achieve and maintain a level one status to remain competitive.