{"id":129946,"date":"2016-07-13T14:45:59","date_gmt":"2016-07-13T12:45:59","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=129946"},"modified":"2016-07-13T14:45:59","modified_gmt":"2016-07-13T12:45:59","slug":"this-tool-will-help-you-with-your-bee-rating","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/129946\/this-tool-will-help-you-with-your-bee-rating\/","title":{"rendered":"This tool will help you with your BEE rating"},"content":{"rendered":"<p>FNB in conjunction with verification agency, Empowerdex, has launched a broad-based black economic empowerment tool which enables businesses of all sizes to determine and improve their BEE rating.<\/p>\n<p>The new tool, Instant BEE, also enables companies to purchase certifications.<\/p>\n<p>The key features of the value add include the following functionalities:<\/p>\n<ul>\n<li><strong>Scorecard<\/strong> &#8211; estimates what the BEE score and level could be after verification and takes into account all the rules and guidelines of the BEE codes.<\/li>\n<\/ul>\n<ul>\n<li><strong>Scenario Planner<\/strong> &#8211; assists the businesses by quantifying the impact of certain business decisions on the BEE score. This allows the business to plan its score well beforehand.<\/li>\n<\/ul>\n<ul>\n<li><strong>Document Storage<\/strong> \u2013 businesses are made aware of what documentation is needed for verification. These documents can be stored in the system.<\/li>\n<\/ul>\n<ul>\n<li><strong>Verification<\/strong> \u2013 after the scorecard is completed correctly and all required documents are uploaded on the system, businesses can obtain a verification of this information and on completion of this process, receive a BEE certificate from Empowerdex.<\/li>\n<\/ul>\n<p>Sanjeev Orie,\u00a0 CEO of Business Value Adds for FNB Business said \u2018Instant BEE\u2019 takes away the administrative challenge of BEE compliance and helps businesses to better understand requirements through scorecard, scenario planning, documentation and verification capabilities offered by the innovative tool.<\/p>\n<p>&#8220;This value add also ultimately helps professionalise businesses and provides them with growth opportunities as well.&#8221;<\/p>\n<p>The bank noted that a BEE certificate should be updated annually and the \u2018Instant BEE\u2019 solution helps to simplify this process.<\/p>\n<p>There are three thresholds which all businesses fall into:<\/p>\n<ol>\n<li>EME (Exempted Micro Enterprise): R0-10m turnover: Only requires an affidavit \u2013 a template is provided on the system.<\/li>\n<li>QSE (Qualifying Small Enterprise): R10-50m turnover: If a company is 51% or more black owned only an affidavit is required \u2013 a template is provided on the system. If a company is less than 51% black owned, an audit is required.<\/li>\n<li>Generic: R50m+turnover: A full audit is required. Generic includes listed companies.<\/li>\n<\/ol>\n<h3 class=\"my-4\">More on BEE<\/h3>\n<p><a href=\"http:\/\/businesstech.co.za\/news\/government\/125273\/we-will-take-your-profit-and-throw-you-in-jail-for-bee-fronting-government\/\" target=\"_blank\"><strong>We will take your profit and throw you in jail for BEE fronting: government<\/strong><\/a><\/p>\n<p><a href=\"http:\/\/businesstech.co.za\/news\/business\/119241\/how-many-whites-are-benefitting-from-bee\/\" target=\"_blank\"><strong>How many whites are benefitting from BEE<\/strong><\/a><\/p>\n<p><a href=\"http:\/\/businesstech.co.za\/news\/government\/110767\/the-da-wants-to-change-bee-laws-heres-how\/\" target=\"_blank\"><strong>The DA wants to change BEE laws \u2013 here\u2019s how<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FNB in conjunction with verification agency, Empowerdex, has launched a broad-based black economic empowerment tool which enables businesses of all sizes to determine and improve their BEE rating.<\/p>\n","protected":false},"author":10,"featured_media":43686,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[645,76,26],"class_list":["post-129946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-empowerdex","tag-fnb","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/129946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=129946"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/129946\/revisions"}],"predecessor-version":[{"id":129952,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/129946\/revisions\/129952"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/43686"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=129946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=129946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=129946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}