Do you qualify as an Empowering Supplier? – EconoBEE Newsletter – 26 November 2015
Do you qualify as an Empowering Supplier?
An answer of “no” for your Empowering Supplier status could seriously impact your BEE status. If a company fails to meet the Empowering Supplier Status requirements then their entire scorecard is not able to be used by their customers. It is therefore vitally important to ensure that each criteria is carefully analysed to confirm compliance. If not then a great deal of effort should be placed on becoming an Empowering Supplier.
EconoBEE prepared a short video with our expert consultants to help explain the Empowering Supplier Status.
Contact our consultants on 011 483 1190 to assist you manage your BEE compliance process.
Latest Development and new Gazettes
The dti has been very busy lately. In the past weeks the minister has issued the draft AgriBEE sector code, the draft Verification Manual, the draft Forestry sector code and has also issued the Tourism Sector codes as a final code after having issued them as a draft in June. He has also appointed an Acting BEE Commissioner.
To us, this implies the dti is far more concerned about BEE than ever before:
The pressure is mounting on businesses to become compliant. Many have adopted a wait and see approach. They are running out of time to become compliant, and are going to lose business.
The usual backlash we see from many companies refusing to comply is irrelevant to the dti and those businesses will lose business. Without a valid certificate many businesses will be unable to renew their liquor licenses, gaming licenses and many other activities for which they rely on the state.
We are going to see prosecutions for fronting – 10 years in jail or 10% of annual turnover penalties that can be imposed.
Govt is also cracking down on Employment Equity compliance – visits from the dept of labour are becoming commonplace.
One of the new issues in the Amended codes is the concept of an Empowering Supplier. This is a complicated issue, but unless you are an Empowering Supplier, your good BEE level is almost worthless.
Preferential Procurement – Save Time by using the BEE Procured database containing over 70 000 BEE Certificates. Managed Service: Our consultants can phone your suppliers for a BEE certificate – Managed Service.
While there is demand for a B-BBEE Scorecard someone will be taking advantage, shouldn’t that someone be you…
EconoBEE is an expert BEE consultancy. EconoBEE helps businesses Become BEE Compliant, prepare for verification, earn maximum BEE Points and ensure that they achieve the BEE Level they need to get more business.