|Definition of: Exempt Micro Enterprise (EME)|
|Monday, 04 June 2007 22:00|
The Broad-Based Black Economic Empowerment Act, act 53 of 2003 makes
provision for a set of Codes of Good Practice to define requirements
for becoming B-BBEE compliant. The codes were gazetted on 9th February
2007 in government gazette 29617.
Within the codes - Code 000, Statement 000: General Principles And The Generic Scorecard, paragraph 4.1 defines an Exempt Micro Enterprise (EME) as one with total annual revenue of less than R5 million.
Paragraph 4.2 states that an EME is deemed to have a B-BBEE recognition status of Level 4 and a preferential procurement recognition level of 100% under the procurement scorecard.
Paragraph 4.3 states that an EME that is more than 50.1% black owned has a B-BBEE recognition status of Level 3 and a preferential procurement recognition level of 110% under the procurement scorecard.
Paragraph 4.4 states that an EME may choose to follow the QSE scorecard if they wish to maximize points.
Paragraph 4.5 states that sufficient evidence of qualification is an auditors certificate or similar certificate issued by an accounting officer or verification agency.
EconoBEE is available to assist companies in preparing all the documentation required to prove you are an EME.
You can find more information on our Exempt Micro Enterprise BEE Documentation Pack on our website .
|Last Updated ( Monday, 25 June 2007 05:17 )|