Before understanding BEE Verification process Johannesburg there are many terms that one needs to learn to make the process easy, this article will take you to step by step in learning about these terms and understanding the BEE Verification process furthermore more information can be obtained from Inspiredex.
What is BEE Verification?
This is a process where the entity must meet a SANAS Accredited BEE Verification that is also offered by Inspired.
The following are the 3 easy steps offered by Inspiredex’s BEE Verification process Johannesburg comprises
1. Completion of Documentation and BEE Verification planning.
2. Gathering of Evidence according to the 5 elements of relevance.
3. Verification of Evidence and calculating BEE Compliancy.
What is SANAS?
South African National Accreditation System (SANAS) is therefore responsible for overseeing the development and maintenance of the required rating standards in the BEE industry. SANAS is responsible for the accreditation of certification bodies for Quality Management Systems and Environmental Management Systems.
What is the BEE Verification process Johannesburg process?
The process differs depending on the size of your business this means small businesses that have an annual turnover of under R10 million enjoy much-simplified verification than large and medium businesses. Here are the most commonly used steps in the BEE verification process:
BEE Verification process Johannesburg should operate under the 5 elements of the Amended Codes which are:
• Ownership refers to the owner’s right to share in economic benefits that accrue as a result of the owner’s participation in the enterprise, and the right of the owner to influence the use of assets and resources of the enterprise. This is regarded as a priority element and failure to comply with the minimum target (40% of Net Value) will result in the Level as obtained above being discounted.
• Management focuses on the level of representation of black people in all levels of a company, from Top Management (executive directors) to Senior, Middle and Junior Managers this means that races must be represented accordingly.
• The balance of men and women and their positions should also be equal
3. Skills development
• Developing skills of the public and the employees is regarded as a priority element and it is important to know that failure to comply with the minimum target of 40% will result in the Level as obtained above being discounted.
• The company should provide accredited programs such as apprenticeships, learnerships and internships, and mentorship programs.
4. Enterprise and supplier development
• For BEE Supplier development is the process of working with certain suppliers to improve their performance for the benefit of the buying organization.
• On the other hand, Enterprise development is a strategy for promoting economic growth and reducing poverty by building SMMEs, membership organizations to represent them and competitive markets that are stronger and more inclusive.
• Developments can be monetary and non-monetary, but the main aim is to improve the business.
5. Socio-economic development
• These are the social contributions played by the company towards its employees and communities.