Did you know that not all companies need to undergo the formal verification process to obtain a B-BBEE certificate? The B-BBEE Codes makes provision for certain companies to achieve automatic recognition by only completing the prescribed B-BBEE Affidavit based on their size and level of black ownership.
When completing the B-BBEE affidavit, please take note of the following common mistakes:
o First check if you are using the correct affidavit (confirm your industry and annual turnover).
o If there is a selection to be made between Director/Member/Owner, please indicate the relevant role.
o If there is a selection to be made between Financial Statements/Management Accounts, please confirm which document you are relying on by indicating the applicable item.
o When asked which financial year-end is used, ensure you provide the full date e.g., 28 February 2023.
o When asked to confirm the black ownership and automatic B-BBEE level, indicate this by ticking the relevant box.
o For validity, please ensure that you complete and sign the affidavit in full (i.e., no percentages may be left blank) AND that it is commissioned on the same day.
Note: Depending on the sector your company falls within, there are different affidavit formats, and for some sectors the turnover threshold differs. For the transport sector there is no allowance for the use of an affidavit and this sector requires an accountant or auditor’s letter.
For more information on the above topic, please contact LabourNet Eastern Cape at 041-373 299.
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