Cenfed Blog

The Blog of Cenfed BBBEE Verification Agency. For all things regarding BBBEE Certificates, BBBEE Verification and BBBEE codes.

COVID-19 and the impact on companies B-BBEE Rating

The past couple of months have been tough for businesses especially with the state of the economic environment in mind. Covid-19 has been affecting many businesses globally, however the impact on B-BBEE is something which is totally unique to South Africa. The impact of Covid-19 has had an effect on businesses across all the distinct types of enterprises. The impact on a particular business is of course dependent on the type of business and the turnover of the business. This impact

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B-BBEE verification benefits for Small to Medium Entity’s (EME’s)

While some business owners are scared off by B-BBEE jargon it is a rather simple government policy. B-BBEE or more specifically Broad-Based Black Economic Empowerment refers to the process by which the government is trying to ensure economic equity amongst race groups. Many times, the question arises Is B-BBBEE compulsory?. The answer to this is an absolute no. It is also important to note that BEE is not forced upon any business by law but is highly recommended. This is a topic that normally leave business owners feeling a bit pressured to get verified, while in the same breath wondering how

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The importance of doing a BBBEE cost analysis before embarking on a certificate

In business today it is crucial to get the most out of every idea, option and investment. Getting the most out of an investment in particular is what is predominantly emphasized by businesses. This makes a lot of sense, investing in something should ultimately translate into a return on investment. Like most things associated with business and in the business field, it is very important to get a B-BBEE cost analysis done before deciding to embark on the journey of getting B-BBEE certification. A cost analysis is generally used to determine the true

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HOW ARE BUSINESSES REWARDED FOR PARTICIPATING IN THE YES INITIATIVE?

The YES Initiative is a collaborative effort, established in 2018, between South African workers, business and government to combat youth unemployment and boost the country’s economy. The goal is to create over one million new jobs for unemployed youth over the next three years. In a country with an unemployment rate approaching 28 percent, millions of which are younger people, such an initiative is very badly needed. As of March 2019, over four hundred companies have joined the YES Initiative,

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EVERYTHING THERE IS TO KNOW ABOUT THE YES INITIATIVE

South Africa faces a number of economic and social challenges, and unemployment is one of the most severe. Of the country’s 58 million citizens, nearly 28 percent were unemployed as of May 2019. Obviously, rapid and firm steps must be taken to combat this – and one of the ways this is happening is the YES Initiative, a collaboration between South African workers, the government, and the business sector designed to get young South Africans into the working world. What

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Cyril take note: Namibia scraps 25% BEE clause with a telling explanation

CAPE TOWN — At first, it appeared that Namibia would adopt South Africa’s BEE legislation without too much adaptation – but now they’ve scrapped an equity clause demanding 25% of all businesses belong to ‘racially disadvantaged’ people. It’s a shrewd economic move, even though the expurgated draft bill has already seen Botswana supplant Namibia as Africa’s second most attractive jurisdiction for mining houses to invest in. The scrapping of the clause has nevertheless been universally welcomed by global investors. President Hage Geingob touched on a fundamentally flawed aspect of

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Meaningful transformation in SA travel sector

A study conducted by Grant Thornton and commissioned by the Association of Southern African Travel Agents (Asata) has found that the South African travel sector has made significant strides from being a white-owned and managed sector to one that has achieved meaningful B-BBEE transformation across all levels within businesses and across all business sizes. “We are extremely encouraged by the report’s findings that indicate that travel enterprises have largely achieved excellent scores on their Tourism B-BBEE scorecards. While the positive

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Independent M&R board rejects ATON advances

The board feels the offer is not in the construction company’s best interests. Picture: Moneyweb A day after Murray & Roberts (M&R) announced plans by German minority shareholder ATONto acquire control of the group, an independent board has advised shareholders to reject the offer. In an announcement published on Sens on Tuesday afternoon the board, consisting of four M&R independent non-executive directors, called the ATON offer “opportunistic”, taking advantage of conditions ATON contributed to. The board consists of Suresh Kana (chairman),

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SA President Ramaphosa: YES to Upskill Youth for Industrial Revolution

President Cyril Ramaphosa says the Youth Employment Service (YES), which aims to prepare young people for employment, forms part of a broader plan to impart technical skills that will underpin the industrialisation of the economy. “We see this initiative as one pillar of a broad and comprehensive national effort to create opportunities for young people. Another, central, pillar of this effort must be the development of the skills and capabilities of young people,” said the President.

New Act broadens access to insurance

The Insurance Act, which was signed into law earlier this year, aims, among other things, to increase low-income earners’ ability to access insurance products and foster transformation in the insurance sector. The Act, which was approved by Parliament in December last year, aims to bring smaller players into the fold under the auspices of the regulator, the new Prudential Authority, which will fall under the South African Reserve Bank. “Not only will the new law making it easier for low-income

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Client Testimonial

"I would like to thank all the staff at Cenfed/Chamberlink for their professional and friendly service.

We have dealt with numerous BEE verification agencies and have found that Cenfed has a proper procedure that they stick to. We have never experienced the BEE verification process in this manner before and have come to the realisation that Cenfed are doing it correctly.

Thank you for your patience and advice and the wonderful manner in which Yolandi Storm conducted herself with the on site audit.

We would recommend Cenfed to anyone in need of assistance with their BEE verification."

Monique Beets - Accounting Clerk
TMF Construction & Electrical CC