Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Codes of Good Practice on Black Economic Empowerment

Purchase

The beneficiary enterprise must:

•	be a legally registered entity compliant with all the necessary regulations etc;

•	the owner/s, shareholders must be employers of at least three other permanently employed personnel and not merely a one person operation;

•	it must be a genuine emerging entity with employees and shareholders that lack skills and experience and have a genuine need to be empowered (there should be no window dressing or fronting).