South African Business is an annual guide to business and investment in South Africa. Published by Global Africa Network Media in Cape Town, the 2016 edition is in its fourth year of publication.
The publication provides up-to-date information and analyses of the country's key economic sectors, as well as detailed economic overviews of each of the nine provinces in South Africa.
PROFILE VeriFi VeriFi is
PROFILE VeriFi VeriFi is the leader in the business of verification and certification for BBBEE recognition. South Africa requires an economy that can meet the needs of all its economic citizens – its people and their enterprises – in a sustainable manner. Government’s objective is to achieve this vision of an adaptive economy characterised by growth, employment and equity. Achieving authentic BEE has required a reassessment of traditional business models and corporate cultures. The Bill, code and strategy document rely upon two core policy instruments that have been designed to bring about BEE. Both of these instruments are essentially measurement tools that will permit the public and private sectors to evaluate the BEE status of a particular enterprise. Failure to adapt to the new paradigm will have signifi cant consequences. A real commitment to BEE is now an economic imperative. Description of services • Assess and certify BBBEE rating • Provide insight into BBBEE challenges facing various organisations • Provide insight and guidance on the actions required to elevate BBBEE status • Verifi cation of supplier BBBEE status • To assist small, medium and large enterprises in acquiring a certifi ed BBBEE verifi cation, and to clarify the codes of good practice, BBBEE Act and guide and advise where necessary, thus ensuring a suitable level of recognition. Target markets Small, medium and large enterprises achieving an annual turnover of below R5-million, between R10-million and R35-million, and over R50-million respectively (including all charter sectors). Pricing Pricing for BEE Consultancy Services is based on the client’s requirements and can be structured on an hourly or monthly basis. SOUTH AFRICAN BUSINESS 2016 124
PROFILE For BEE Verification and issue of a BEE Compliance Certificate, please contact the offi ce for the current rates. BBBEE explained Government BBBEE legislation consists of: • The Strategy for Broad-Based Black Economic Empowerment • The Broad-Based Black Economic Empowerment Act, No 53 of 2003 • The Codes of Good Practice for Black Economic Empowerment • Various sectoral BEE Charters or Codes In terms of these Codes of Good Practice, businesses are divided into three categories: • Where turnover is less than R10-million a year, or when in the fi rst year of incorporation, a business is categorised as an Exempt Micro Enterprise (EME). However, it is necessary to confi rm this status by providing proof of annual income. • Businesses with a turnover of between R10- million and R50-million a year are categorised as Qualifying Small Enterprises (QSEs). These organisations must comply with any four of the seven elements that comprise the BEE Scorecard set out in the Codes of Good Practice. The criteria for each of these elements are less onerous for QSEs than for companies with turnovers exceeding R35-million per annum. • Where annual turnover exceeds R50-million, businesses are evaluated against all seven elements of the scorecard. The value of verification With BBBEE recognised as an imperative by companies committed to building an equitable South Africa, verifi cation is an essential requirement that confi rms a company’s participation and contribution. Verifi cation is performed in a manner similar to that of a fi nancial audit: it provides an independent assessment of investment, performance and initiatives as a control system. Criteria against which companies are measured are provided by government, and like an audit, verifi cation must be performed annually. A BEE certifi cate from VeriFi is advantageous for: • Proposals for new business with government • The licensing of regulated activities which include mining, liquor sales and the granting of credit • Leasing of premises from government or private businesses • The creation or continuance of business relations with clients seeking assurance of a company’s BEE compliance Once a verifi cation and certifi ed rating through VeriFi is accomplished, a company can perform business in confi dence when engaging with other organisations, as its commitment to equality, nation-building and unique SouthAfrican business processes will be recognised. Key facts and figures Year established: 2005 No of staff: 15 Major clients: BP, Ford Motor Company of South Africa Limited, Scaw Metals, Hertz Car Rental CONTACT INFO Tel: +27 86 175 3233 Email: info@verifibee.co.za Website: www.verifibee.co.za 125 SOUTH AFRICAN BUSINESS 2016
