{"id":44,"date":"2023-08-18T04:51:01","date_gmt":"2023-08-18T04:51:01","guid":{"rendered":"https:\/\/bizbeesolutions.co.za\/blog\/?p=44"},"modified":"2023-08-18T04:51:01","modified_gmt":"2023-08-18T04:51:01","slug":"what-is-the-meaning-of-b-bbee","status":"publish","type":"post","link":"https:\/\/bizbeesolutions.co.za\/blog\/what-is-the-meaning-of-b-bbee\/","title":{"rendered":"What is the meaning of B-BBEE"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">As a B-BBEE authorised certification service, we provide the following information, so that you can learn more about exactly what it is that is required, and what we do to help you and your business to undergo an audit and become certified, which provides extensive advantages to you and your business. Please feel free to read through this informative article, as well as the other articles on this blog. We are working on adding more articles over time, so please return periodically to read our latest information as we update our blog for your benefit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B-BBEE is rather a simple government policy, which is mostly referred to as&nbsp;<a href=\"https:\/\/bizbeesolutions.co.za\/\"><strong>Broad-Based Black Economic Empowerment<\/strong><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B-BBEE is not forced upon any entity by law. So why is it important to comply with B-BBEE? Firstly companies will need to be pro-active in their approach to transformation in order to maintain and achieve:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>a good B-BBEE score for enhanced business opportunities;<\/li>\n\n\n\n<li>access to state funding &amp; public tenders;<\/li>\n\n\n\n<li>most importantly, empowerment of the South African market.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">B-BBEE (Broad-Based Black Economic Empowerment) is essentially a policy, which hopes to achieve the levelling of the economic playing field that has been distorted by decades of apartheid economics, where blacks were disadvantaged and denied opportunities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The B-BBEE Codes of Good Practice define three types of companies<\/strong>:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>EME (Exempt Micro Enterprises)<\/strong>:&nbsp;Enterprises with an annual turnover of less than R10 million. These companies with a 100% Black shareholding are automatically given a B-BBEE Level 1 status&nbsp;<strong>OR<\/strong>&nbsp;a Level 2 B-BBEE status with a 51% or more Black shareholding&nbsp;<strong>OR<\/strong>&nbsp;a Level 4 Status with 50% or less Black shareholding.<\/li>\n\n\n\n<li><strong>QSE (Qualifying Small Enterprise)<\/strong>:&nbsp;Enterprises with an annual turnover of between R10 million and R50 million. These companies with a 100% Black shareholding are automatically given a B-BBEE Level 1 status&nbsp;<strong>OR<\/strong>&nbsp;a Level 2 status with a 51% or more black shareholding&nbsp;<strong>OR<\/strong>&nbsp;those enterprises with 50% or less Black shareholding would be required to undergo a&nbsp;<a href=\"https:\/\/bizbeesolutions.co.za\/\"><strong>B-BBEE audit<\/strong><\/a>&nbsp;in accordance with the QSE scorecard.<\/li>\n\n\n\n<li><strong>Generic \u2013 Companies:&nbsp;<\/strong>Enterprises with an annual turnover above R50 million. These enterprises would be required to undergo a B-BBEE audit in accordance with the GENERIC scorecard.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If your company requires certification of your B-BBEE status or would like more information about B-BBEE, please visit our website by clicking&nbsp;<a href=\"https:\/\/bizbeesolutions.co.za\/\"><strong>HERE<\/strong><\/a>&nbsp;and\/or give us a call for the best professional service you will find.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a B-BBEE authorised certification service, we provide the following information, so that you can learn more about exactly what it is that is required, and what we do to help you and your business to undergo an audit and become certified, which provides extensive advantages to you and your business. Please feel free to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-44","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/bizbeesolutions.co.za\/blog\/wp-json\/wp\/v2\/posts\/44","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bizbeesolutions.co.za\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bizbeesolutions.co.za\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bizbeesolutions.co.za\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bizbeesolutions.co.za\/blog\/wp-json\/wp\/v2\/comments?post=44"}],"version-history":[{"count":1,"href":"https:\/\/bizbeesolutions.co.za\/blog\/wp-json\/wp\/v2\/posts\/44\/revisions"}],"predecessor-version":[{"id":45,"href":"https:\/\/bizbeesolutions.co.za\/blog\/wp-json\/wp\/v2\/posts\/44\/revisions\/45"}],"wp:attachment":[{"href":"https:\/\/bizbeesolutions.co.za\/blog\/wp-json\/wp\/v2\/media?parent=44"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bizbeesolutions.co.za\/blog\/wp-json\/wp\/v2\/categories?post=44"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bizbeesolutions.co.za\/blog\/wp-json\/wp\/v2\/tags?post=44"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}