In South Africa, the higher the score of a company’s Black Economic Empowerment (BEE), the more business opportunities they will have, especially where tenders are concerned.
Businesses can also be reassured of their efforts in stimulating the process involved with participation of previously disadvantaged groups in South Africa along with increasing opportunities in education and skills development, leading to an overall positive impact on several socio-economic development components.
BEE certification may not be mandatory for businesses in South Africa, but there are many benefits for companies who pursue this. One important consideration, however, is that companies must use a reputable and verified BEE verification agency through which to do their certification.
Qualifying Small Enterprises (QSEs) that have annual revenues of between R10 to R50 million can obtain a B-BBEE certificate. However, they must be verified according to the five elements that can be found on the revised BEE Scorecard by a Verified Agency (VA) of their choice.
There is a comprehensive list of accredited Verification Agencies that can be viewed on the South African National Accreditation System (SANAS), and DVS BEE is one of these trusted, accredited agencies that offers its services to businesses across all industries in South Africa.
Benefits of using a BEE Verification Agency to get your B-BBEE Certificate
It is extremely tricky for businesses to navigate the process involved with becoming BEE-certified on their own. It is therefore necessary to use the services of a BEE verification agency to ensure that the process is streamlined and correctly completed.
The verification process in South Africa is credible and it is overseen by the Department of Trade and Industry (DTI) who has appointed SANAS to develop the necessary accreditation standards for Verification Agencies.
When you use a BEE Verification Agency, you are assured that you are dealing with a legitimate agency that works according to the Verification Manual and the requirements and guidelines such as the Verification Agencies Accreditation resources. In addition to this, when you use a BEE verification agency, it ensures that:
- All parties that rely on the final score which is set out in the B-BBEE verification certificate along with the information contained in the verification, has been tested for validity as well as accuracy.
- There is the necessary confidence in the integrity of the information on which the verification of the business is based.
Benefits of a BEE Certificate
- Being able to conduct business with public entities and government sectors, which includes municipalities.
- The ability to win tenders – the higher the level of the certificate, the better the chances of winning a contract.
- Improved chances of securing contracts with larger companies and prominent industry names as they are encouraged to conduct business with smaller B-BBEEE compliant entities.
- Allows the business to participate as a supplier in a lucrative chain associated with preferential procurement
- It shows that the business cares and that the organisation is committed to making a positive difference in South Africa’s society.
- The advantage is that the B-BBEEE certificate can be used in marketing materials to draw in more business.
Read more: Government to review BEE rules for South Africa