New BBBEE Codes of Good Practice – Time to get a move on!

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The BBBEE Amended Codes of Good Practice came into law on 1 May 2015 (already) and it has made fundamental changes to our current BBBEE regulations.  All businesses should speedily assess the impact of these changes on their BBBEE rating/status and generally on their business going forward.

Not only has the amount of BBBEE points required to reach a certain level been increased, but the total number of points on the scorecard has increased from 107 to 118.  This means, that your business may have been a level 4 with 65 points under the old regulations, but will now be a level 7.

Importantly, all businesses may suffer an automatic downgrade in their BBBEE status if they don’t meet all the minimum requirements set by the Amended Codes. This includes not complying with any of the priority elements on the scorecard.

All start-up enterprises (in their first year of incorporation) are regarded as EME’s.  EME’s are deemed to have a Level 4 BBBEE status unless they are 51% or 100% black owned, in which case a level 2 or 1 is awarded.

The changes in the Amended Codes holds far-reaching implications for all businesses, especially for businesses who require a minimum BBBEE status in order to continue doing business in an already challenging economy.  Approach one of our specialist attorneys at SchoemanLaw today to take the necessary steps and precautions to ensure you remain compliant and to continue to grow your business!

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