South African Business 2018 edition
Welcome to the sixth edition of the South African Business journal. First published in 2011, the publication has established itself as the premier business and investment guide to South Africa, supported by an e-book edition at www.southafricanbusiness.co.za. Regular pages cover all the main economic sectors of the South African economy and give a snapshot of each of the country’s provincial economies. Feature articles on topical issues such as sustainability and African trade provide unique insights, together with an interview with the newly elected chairman of the African Association of Automotive Manufacturers, Mr Thomas Schaefer. Another special feature focusses on an exciting project to transform South Africa’s small harbours and coastal properties. South African Business is complemented by nine regional publications covering the business and investment environment in each of South Africa’s provinces. The e-book editions can be viewed online at www.globalafricanetwork.com. First published in 2011, the publication has established itself as the premier business and investment guide to South Africa, supported by an e-book edition at www.southafricanbusiness.co.za Regular pages cover all the main economic sectors of the South African economy and give a snapshot of each of the country’s provincial economies. Feature articles on topical issues such as sustainability and African trade provide unique insights, together with an interview with the newly elected chairman of the African Association of Automotive Manufacturers, Mr Thomas Schaefer. Another special feature focusses on an exciting project to transform South Africa’s small harbours and coastal properties. South African Business is complemented by nine regional publications covering the business and investment environment in each of South Africa’s provinces. Visit www.globalafricanetwork.com for more business and investment news, opportunities and events.
Welcome to the sixth edition of the South African Business journal. First published in 2011, the publication has established itself as the premier business and investment guide to South Africa, supported by an e-book edition at www.southafricanbusiness.co.za.
Regular pages cover all the main economic sectors of the South African economy and give a snapshot of each of the country’s provincial economies. Feature articles on topical issues such as sustainability and African trade provide unique insights, together with an interview with the newly elected chairman of the African Association of Automotive Manufacturers, Mr Thomas Schaefer. Another special feature focusses on an exciting project to transform South Africa’s small harbours and coastal properties.
South African Business is complemented by nine regional publications covering the business and investment environment in each of South Africa’s provinces. The e-book editions can be viewed online at www.globalafricanetwork.com.
First published in 2011, the publication has established itself as the premier business and investment guide to South Africa, supported by an e-book edition at www.southafricanbusiness.co.za
Regular pages cover all the main economic sectors of the South African economy and give a snapshot of each of the country’s provincial economies. Feature articles on topical issues such as sustainability and African trade provide unique insights, together with an interview with the newly elected chairman of the African Association of Automotive Manufacturers, Mr Thomas Schaefer. Another special feature focusses on an exciting project to transform South Africa’s small harbours and coastal properties.
South African Business is complemented by nine regional publications covering the business and investment environment in each of South Africa’s provinces. Visit www.globalafricanetwork.com for more business and investment news, opportunities and events.
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PROFILE<br />
The value of verification<br />
With BBBEE recognised as an imperative by companies<br />
committed to building an equitable <strong>South</strong><br />
Africa, verification is an essential requirement that<br />
confirms a company’s participation and contribution.<br />
Verification is performed in a manner similar to that of<br />
a financial audit: it provides an independent assessment<br />
of investment, performance and initiatives as<br />
a control system. Criteria against which companies<br />
are measured are provided by government, and like<br />
an audit, verification must be performed annually.<br />
BBBEE explained<br />
Government BBBEE legislation consists of:<br />
• The Strategy for Broad-Based Black Economic<br />
Empowerment<br />
• The Broad-Based Black Economic<br />
Empowerment Act, No 53 of 2003<br />
• The Codes of Good Practice for Black Economic<br />
Empowerment<br />
• Various sectoral BEE Charters or Codes<br />
In terms of these Codes of Good Practice,<br />
businesses are divided into three categories:<br />
• Where turnover is less than R10-million a year,<br />
or when in the first year of incorporation, a<br />
business is categorised as an Exempt Micro<br />
Enterprise (EME). However, it is necessary<br />
to confirm this status by providing proof of<br />
annual income.<br />
• <strong>Business</strong>es with a turnover of between<br />
R10-million and R50-million a year are categorised<br />
as Qualifying Small Enterprises (QSEs).<br />
The criteria for each of these elements are less<br />
onerous for QSEs than for companies with<br />
turnovers exceeding R50-million per annum.<br />
Advantages of BEE certificate<br />
from VeriFi<br />
• proposals for new business with government;<br />
• the licensing of regulated activities which include<br />
mining, liquor sales and the granting of<br />
credit; leasing of premises from government or<br />
private businesses; and<br />
• the creation or continuance of business relations<br />
with clients seeking assurance of a<br />
company’s BEE compliance<br />
Once a verification and certified rating through VeriFi<br />
is accomplished, a company can perform business in<br />
confidence, as its commitment to equality, nationbuilding<br />
and unique <strong>South</strong> <strong>African</strong> business processes<br />
will be recognised.<br />
Key facts and figures<br />
Year established: 2005<br />
No of staff: 15<br />
Major clients: BP, Public Investment Corporation<br />
Limited, IBM <strong>South</strong> Africa, Saab Grintek Defence,<br />
Independent Newspapers, Premier Fishing & Brands<br />
Limited, <strong>African</strong> Equity Empowerment Investment<br />
Limited, <strong>South</strong> <strong>African</strong> Express Airways SOC LTD.<br />
CONTACT INFO<br />
Tel: +27 86 175 3233<br />
Email: info@verifibee.co.za<br />
Website: www.verifibee.co.za<br />
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SOUTH AFRICAN BUSINESS <strong>2018</strong>