Navigating the pitfalls of Business Compliance

By in Business, Economy, Finance on July 7, 2016

Business In Theory is hosting a business compliance seminar for entrepreneurs and business owners.

The Success Through Compliance seminar takes place on the 4th August 2016 at the Emperors Palace. The event hopes to attract 350 entrepreneurs and business owners to discuss business compliance and its impact on the bottom line.

Business compliance is about how a company, in accordance to the laws and regulations of the country, manages its operations and its stakeholders including employees and customers.

For instance, the Black Economic Empowerment (BEE) Act specifies how government and the private sector assist the Small and Medium Enterprises (SME) sector. For a company to comply with the Black Economic Empowerment (BEE) Act, an authorized BEE verification agency must measure and verify the turnover, ownership and spend in the SME sector, against a BEE scorecard and issue a BEE certificate.

For an SME that is exempt (i.e. annual turnover is less than R10 million, and the percentage of black ownership is 51% or more) an affidavit, with a commissioner of oaths stamp, confirming the company is exempt is required to be BEE compliant.

Any contributions, financial or non-financial, by a BEE compliant company to a qualifying SME (i.e. a registered business with BEE certificate) based on enterprise or supplier development, receives points towards their BEE Scorecard.

An SME that is not registered and does not have a BEE certificate cannot reap the benefits.

“South Africa has a large number of unregistered businesses that need funding or support to grow the business. Contributions channelled via BEE initiatives can only reach registered companies.” That is why Marang, the Founder of Business In Theory is hosting this seminar. “Once we understand the rules, it’s easier to be the next #GameChanger”.

Tickets are still available via http://www.successthroughcompliance.businessintheory.co.za/