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What is B-Bbee affidavit?

The Broad-Based Black Economic Empowerment (hereinafter referred to as B-BBEE) Codes of Good Practice allow for the use of so-called sworn affidavits to represent a measured entity's B-BBEE Level in certain instances. The use of sworn affidavits recently came under fire.

What is EME in bee?

WHAT IS AN EME (EXEMPTED MICRO ENTERPRISE)? As a general rule, businesses with an annual turnover lower than R10 million qualifies as Exempted Micro Enterprises (EME). This means that a small business does not have to conduct a full BEE verification in order to achieve a BEE level.

Who qualifies for a B-BBEE affidavit?

Who can use a B-BBEE Sworn Affidavit? Any company that is exempt from B-BBEE compliance because their turnover is less than R10 million per annum. Typically start-ups and Exempt Micro Enterprises (EMEs) and Qualifying Small Enterprises (QSEs).

What is an EME affidavit?

An EME Affidavit is statement made under oath attesting to the following: Annual Turnover below R10 million per annum. The percentage of Black Ownership.

What is EME or Qse?

In terms of the statement, a Qualifying Small Enterprise (QSE) is an Enterprise with an annual turnover between R10m -R50m. If the turnover is up to R10 the Enterprise will be called an Exempt Micro Enterprise (EME) and if the annual turnover amounts to R50m per annum or more it is classified as a Generic Enterprise.

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What is a B-BBEE affidavit?

A BEE Affidavit is a declaration that states what the measure of black ownership in your company is. It's officiated by the signature of a Commissioner of Oath or by the CIPC.

How do I get a sworn affidavit in the US?

To obtain an affidavit, write out the statements to which you want someone to swear in affidavit format. Have the person review the statements and, if they're true and accurate, that person should sign the affidavit before a notary public. Affidavits are executed under penalty of perjury.

What is an EME in South Africa?

In South African law, Exempted Micro Enterprises (EMEs) are businesses that are exempt from measurement in terms of the DTI's codes of Good Practice for Black Economic Empowerment (BEE).

What is the purpose of a B-BBEE certificate?

B-BBEE is an empowering initiative to increase the number of black (and other previously disadvantaged) people who own and manage businesses within the South African economy through the implementation of Codes of Good Practice.

How much does a B-BBEE certificate cost?

CIPC B-BBEE certificates are free of charge. CIPC only provides B-BBEE certificates to Exempted Micro Enterprises; turnover of no more than R10 million. A certificate is only valid for a year and cannot be renewed.

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