Bee Transaction Advice
The Broad-Based Black Economic Empowerment Act 53/2013 came into effect on 30 April 2015. The extent to which legal entities comply with the Act and the Broad Based Black Economic Empowerment Codes is measured in terms of the following five elements:
Legal entities that seek to do business with government institutions must demonstrate their level of B-BBEE compliance as calculated in terms of the scorecard contained in the B-BBEE Codes. In other cases legal entities will be required to comply because their customers will want to increase their own B-BBEE scores by procuring goods and services from “empowered” enterprises. As corporate and commercial attorneys, MNI Attorneys have advised on a range of complex B-BBEE transactions and assisted clients with structuring transactions to derive maximum B-BBEE benefit. MNI Attorneys also provide regulatory and compliance advice on issues such as:
B-BBEE is a strategic issue: With the new Codes, B-BBEE is no longer a 4- to 5-week process anymore. To achieve the scores to meet compliance and, more importantly give your company a competitive advantage, you need to approach B-BBEE strategically. That means setting objectives at the start of an assessment period, based on accurate information, and then building your scorecard steadily over the ensuing 1-year period.