Did you know that B-BBEE Compliance is required for companies operating in the property sector

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Based on the 2019 Property Practitioners Act and the 2022 Proclamation (government gazette 45735 issued on 14 January 2022 and made effective from 01 February 2022), all property practitioners are required to provide a valid B-BBEE Certificate or the applicable Amended Codes Affidavit when applying for the renewal of their Fidelity Fund Certificates.

Though a Property Practitioner is defined in chapter 1 of the 2019 Property Practitioners Act, the Property Practitioner’s Regulatory Authority has confirmed that the definition has been expanded to refer to anyone who deals with property and related matters in their ordinary course of business which include:

  1. Auctioneers of property,
  2. Persons who market, canvass buyers or negotiate the sale of property (i.e. Estate Agents),
  3. Persons who let or hires property (i.e. Rental Agents),
  4. Bond Brokers (i.e. Mortgage Originators),
  5. Property Developers, and
  6. Any other individuals or employees working for a firm of attorneys selling property.

 

Only natural persons, practicing attorneys and candidate attorneys are excluded and not required to provide a B-BBEE certificate or affidavit.

 

For assistance with your B-BBEE compliance needs, kindly contact your regional LabourNet office.

0861 LABNET (0861 522638).

Not yet a LabourNet client, but would like to know more about our service and products?

Email us: support@labournet.com

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