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Broad-Based Black Economic Empowerment Act 53 of 2003 (B-BBEE)
ActSouth Africa Source: South African Government
Business RegistrationB-BBEEEmpowermentCompliance
Summary (Plain English)
Establishes the B-BBEE framework for economic transformation in South Africa. Companies are rated on a scorecard measuring: ownership, management control, skills development, enterprise and supplier development, socio-economic development. B-BBEE status affects ability to do business with government and large corporations. Companies with annual turnover under ZAR 10 million can qualify as Exempted Micro Enterprises (EMEs) with automatic Level 4 status.
What This Means For You
- • B-BBEE compliance is practically required for government contracts
- • Large companies require suppliers to have B-BBEE certification
- • EMEs (turnover < ZAR 10M) get automatic Level 4
- • Annual verification required by accredited agency
- • Non-compliance limits access to major contracts
Original Source
https://www.gov.za/documents/broad-based-black-economic-empowerment-actContent sourced from South African Government. Always refer to the official document for authoritative text.
Not legal advice. This summary is for informational purposes only. ONIM does not store or republish full legal texts. Always consult a qualified legal professional for advice specific to your situation.