South African Business 2019 edition

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 core policy instruments that have been designed to bring about BEE. 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 a business 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; and verification of supplier BBBEE status. 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 in a control system. Criteria against which companies are measured are provided by government and like an audit, verification must be performed annually. 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. SOUTH AFRICAN BUSINESS 2019 146

PROFILE 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. 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). The criteria for each of these elements are less onerous for QSEs than for companies with turnovers exceeding R50-million per annum. Advantages of BEE certificate from VeriFi • 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; and • 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, as its commitment to equality, nationbuilding and unique South African business processes will be recognised. Key facts and figures Year established: 2005 No of staff: 15 Major clients: BP, Public Investment Corporation Limited, IBM South Africa, Saab Grintek Defence, Independent Newspapers, Premier Fishing & Brands Limited, African Equity Empowerment Investment Limited, South African Express Airways SOC Ltd. CONTACT INFO Tel: +27 86 175 3233 Email: info@verifibee.co.za Website: www.verifibee.co.za 147 SOUTH AFRICAN BUSINESS 2019