What is BBBEE In South Africa?
BBBEE stands for Broad-Based Black Economic Empowerment. It is also referred to by the acronym B-BBEE.
BBBEE is a program that the government of South Africa has put in place to promote an equal-opportunity economy.
Is BBBEE still compulsory in South Africa?
New regulations promulgated last week by the Minister of Finance in the wake of Sakeliga’s
Constitutional Court victory against BEE in public procurement will enter into force on 16 January 2023 containing no BEE or local content requirements. Even the definition of “B-BBEE” has been removed from the regulations.
Does BBBEE certificate expire in South Africa?
A certificate is only valid for 12 months from date of issue and cannot be renewed. Once expired a new application must be filed.
Only directors/members of entities are allowed to apply for B-BBEE certificates, no intermediaries or third parties.
What are the BBBEE requirements?
Equity ownership (25% weighting)
Management control (15% weighting, 4% bonus possible)
Skills development (20% weighting, 5% bonus possible)
Enterprise development (40% weighting, 4% bonus possible)
Socio-economic development (5% weighting)