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BEE Certificate

BEE Certificates / Business / January 5, 2018

 

What is a BEE certificate?

 

A Black Employment Empowerment certificate (BEE) is a document that indicates a company’s level of BEE compliance. A level one contributor is the highest achievable status and the lowest level of BEE compliance is level eight. The higher the BEE status level, the stronger a company is in relation to its competition.

 

Why does a company need a BEE certificate?

 

A company needs a BEE certificate to prove their level of BEE status. The certificate includes indicators such as the company’s turnover, the level of black ownership and the overall BEE status.

 

The Minister of Finance, Pravin Gordan has ruled that from the 7 December 2011 a company cannot conduct business with municipalities, government departments and any state-owned entities without a valid BEE certificate. Failure to submit a valid BEE certificate shall lead to disqualification.

 

What are the requirements for verification?

 

When applying for BEE-verification ensure you have the following required documents:

  • Recent CIPC / CIPRO registration document
  • Identity documents of all shareholder/s
  • Share Certificate if applicable
  • Recent VAT 103 or Tax Clearance
  • Proof that annual turnover is less than R5 million preferably Annual Financial Statements or Letter of Turnover from your Auditor
  • Proof of payment of BEE Verification Fee

 

The certificate is valid for a year and renewed annually.


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Nivesh
Nivesh Mahadeo, Managing Director of ATB Consultants (Pty) Ltd, Accounting - Taxation - Business




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3 Comments

on February 12, 2018

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    on February 12, 2018

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