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South African Business 2017 edition

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South African Business is a unique guide to business and investment in South Africa. In addition to an up-to-date economic overview of the country, analyses of the main industrial sectors, plus profiles of the nine provincial economies, the 2017 edition of South African Business includes special features on key topical issues such as skills development and education, renewable energy and the REIPPPP programme, and trade with Africa.

PROFILE VeriFi VeriFi is

PROFILE VeriFi VeriFi is the leader in the business of verification and certification for BBBEE recognition. South Africa requires an economy that can meet the needs of all its economic citizens – its people and their enterprises – in a sustainable manner. Government’s objective is to achieve this vision of an adaptive economy characterised by growth, employment and equity. Achieving authentic BEE has required a reassessment of traditional business models and corporate cultures. The Bill, code and strategy document rely upon two core policy instruments that have been designed to bring about BEE. Both of these instruments are essentially measurement tools that will permit the public and private sectors to evaluate the BEE status of a particular enterprise. Failure to adapt to the new paradigm will have significant consequences. A real commitment to BEE is now an economic imperative. Description of services • Assess and certify BBBEE rating • Provide insight into BBBEE challenges facing various organisations • Provide insight and guidance on the actions required to elevate BBBEE status • Verification of supplier BBBEE status • To assist small, medium and large enterprises in acquiring a certified BBBEE verification, and to clarify the codes of good practice, BBBEE Act and guide and advise where necessary, thus ensuring a suitable level of recognition Target markets Small, medium and large enterprises achieving an annual turnover of below R10-million and over R50-million respectively (including all charter sectors). Pricing Pricing for BEE consultancy services is based on the client’s requirements and can be structured on an hourly or monthly basis. For BEE Verification and issue of a BEE Compliance Certificate, please contact the office for the current rates. BBBEE explained Government BBBEE legislation consists of: • The Strategy for Broad-Based Black Economic Empowerment • The Broad-Based Black Economic Empowerment Act, No 53 of 2003 • The Codes of Good Practice for Black Economic Empowerment • Various sectoral BEE Charters or Codes In terms of these Codes of Good Practice, businesses are divided into three categories: • Where turnover is less than R10-million a year, or when in the first year of incorporation, a business is categorised as an Exempt Micro Enterprise (EME). However, it is necessary to confirm this status by providing proof of annual income. • Businesses with a turnover of between R10-million and R50-million a year are categorised as Qualifying Small Enterprises (QSEs). SOUTH AFRICAN BUSINESS 2017 90

PROFILE The criteria for each of these elements are less onerous for QSEs than for companies with turnovers exceeding R50-million per annum. The value of verification With BBBEE recognised as an imperative by companies committed to building an equitable South Africa, verification is an essential requirement that confirms a company’s participation and contribution. Verification is performed in a manner similar to that of a financial audit: it provides an independent assessment of investment, performance and initiatives as a control system. Criteria against which companies are measured are provided by government, and like an audit, verification must be performed annually. A BEE certificate from VeriFi is advantageous for: • Proposals for new business with government • The licensing of regulated activities which include mining, liquor sales and the granting of credit • Leasing of premises from government or private businesses • The creation or continuance of business relations with clients seeking assurance of a company’s BEE compliance Once a verification and certified rating through VeriFi is accomplished, a company can perform business in confidence when engaging with other organisations, as its commitment to equality, nation-building and unique South African business processes will be recognised. Key facts and figures Year established: 2005 No of staff: 15 Major clients: BP, Scaw Metals, Hertz Car Rental, Public Investment Corporation Limited, IBM South Africa, SAAB, South African Express Airways Soc Ltd. CONTACT INFO Tel: +27 86 175 3233 Email: info@verifibee.co.za Website: www.verifibee.co.za 91 SOUTH AFRICAN BUSINESS 2017

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