BB-BEE certificates or BB-BEE Affidavits are an advantage for many businesses.
Here is a brief summary that may help you understand the BB-BEE status.
The government has more than 200 billion rands worth of tenders available to businesses. If your company want to start tendering you must have a valid BB-BEE certificate. .
A BB-BEE certificate is just a certificate that verifies if the owners of the company are from a previous disadvantaged group or is in partnership with people from a disadvantaged group. Currently more than 70% of private companies outsource one or more of their functions out via a tender process. In most cases in order for businesses to get tenders small businesses must be able to produce a valid BB-BEE certificate.
Bigger company's that give tenders to previously disadvantaged companies,obtain points toward their scorecard which goverment then use to rate these companies.
A companies BB-BEE status is linked to points which get rewarded and adds up to the total score a company will get towards their tender application. Each company that wish to tender must have a BB-BEE certificate.
Hope this gives you a little closure to your BB-BEE status and makes you think about your companies future.
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