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4 No. 41709GOVERNMENT GAZETTE, 15 JUNE 2018General Notices Element Kennisgewings Trade and Industry, Department of/ Handel en Nereid, Department OF TRADE AND INDUSTRY NOTICE 343 OF 2018 343BroadBased

How to fill out broad-based black economic empowerment

How to fill out broad-based black economic empowerment

1. To fill out broad-based black economic empowerment, follow these steps:
2. Start by gathering all the necessary documents, including your company registration documents, tax clearance certificate, financial statements, and proof of compliance with various legislation and codes.
3. Familiarize yourself with the B-BBEE Codes of Good Practice, which outline the requirements and scoring criteria for broad-based black economic empowerment.
4. Assess your company's current status in terms of ownership, management control, skills development, employment equity, and enterprise development.
5. Identify areas where your company needs improvement based on the B-BBEE scoring criteria.
6. Develop a broad-based black economic empowerment plan that outlines specific goals, strategies, and timelines for achieving the desired B-BBEE score.
7. Implement the plan by taking action to address areas of improvement. This may involve initiatives such as increasing black ownership, implementing skills development programs, promoting employment equity, and supporting black-owned suppliers and enterprises.
8. Keep track of your progress and update your documentation and policies accordingly.
9. Engage with an approved verification agency to conduct a B-BBEE verification audit and issue a B-BBEE certificate.
10. Submit your completed B-BBEE certificate and supporting documents to relevant authorities or organizations, as required.
11. Review and repeat the process regularly to ensure continued compliance and improvement.
12. It is advisable to seek professional help or consult with experts in B-BBEE to ensure accurate and effective implementation of broad-based black economic empowerment.

Who needs broad-based black economic empowerment?

1. Broad-based black economic empowerment is needed by businesses and organizations operating in South Africa. It is a legal requirement for certain sectors and industries, such as mining and financial services, as stipulated by the Broad-Based Black Economic Empowerment Act.
2. In addition to legal obligations, many companies voluntarily embrace B-BBEE to demonstrate their commitment to economic transformation, social responsibility, and diversity. B-BBEE can provide competitive advantages in public procurement, business relationships, and attracting investors.
3. Furthermore, broad-based black economic empowerment aims to address historical injustices and inequalities caused by apartheid in South Africa, by promoting economic participation and empowerment of black individuals and communities. Therefore, it is a crucial tool for promoting social and economic transformation.

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What is broad-based black economic empowerment?

Broad-based black economic empowerment is a program introduced by the South African government to advance economic transformation and enhance the participation of black people in the economy.

Who is required to file broad-based black economic empowerment?

All entities operating in South Africa, including companies, partnerships, and trusts, are required to file broad-based black economic empowerment.

How to fill out broad-based black economic empowerment?

To fill out broad-based black economic empowerment, companies need to provide information on their ownership, management control, employment equity, skills development, preferential procurement, enterprise development, and socioeconomic development initiatives.

What is the purpose of broad-based black economic empowerment?

The purpose of broad-based black economic empowerment is to address the historical imbalances in South Africa's economy by promoting the participation of black people, including women, youth, and people with disabilities, in various economic sectors.

What information must be reported on broad-based black economic empowerment?

Companies must report on their ownership structure, the percentage of black ownership, management control, employment equity targets and achievements, skills development initiatives, preferential procurement opportunities given to black-owned businesses, enterprise development programs, and contributions to socioeconomic development.