Resources & FAQs for becoming a B Corp

 

The Global B Corp Movement

This video, created at the 10 year mark of the B Corp movement, is a celebration of what we've achieved and how B Corps are changing the world

 

Top 10 Tips for Using the B Impact Assessment

The B Impact Assessment is an extremely powerful tool. It's been used by more than 50,000 businesses to measure and manage their impact on their stakeholder groups. In this video, we show you how to navigate the assessment and progress towards becoming a Certified B Corporation.

 

Frequently Asked Questions

 

What are B Corps?

A B Corp is a company that redefines success in business - it looks at the positive impact on people and on planet as well as on profit. A B Corp is a for-profit business that has social and/or environmental outcomes as part of its mission. They are certified by the not-for-profit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency.

Can my business certify as a B Corp?

B Corp certification is available to any for-profit business, of any size, so long as:

  • it’s been 12 months since you first generated revenue
  • it competes in a competitive marketplace;
  • it’s NOT a charity or have DGR status.

Not-for-profit organisations who are a Company Limited by Guarantee legal structure without DGR status can certify.

Can public companies become B Corps?

Yes! In fact, there are three in the Australian community: Silver Chef, Australian Ethical, Murray River Organics.

Can a subsidiary of a company become a B Corp if the holding company is not one?

They sure can. For example, Ben & Jerry’s is a Certified B Corp and a subsidiary of Unilever.

Can startups become B Corps?

In order to certify as a B Corp, your business must have operating for 12 months from the date of your first issued invoice.

Is this a USA thing?

No! Although B Lab was founded in the US, the movement is going global. Quickly. B Corps are currently active in more than 50 different countries around the world. With regional hubs in Canada, South America, Australia & New Zealand, Europe and the UK, this reach continues to fuel the momentum of a truly global movement.

What is the movement like in Australia & New Zealand?

B Lab Australia & New Zealand is a registered not-for-profit organisation in Australia. We were founded in 2013 with a small community of only 12 B Corps. Since then, it’s grown to a thriving community of more than 200 B Corps, ranging from solo entrepreneurs to large, ASX listed companies. You can see the Australian & New Zealand community by using the search filters here

What are the steps to becoming certified?

There are three important steps to becoming a Certified B Corporation:

  1. 1. Complete the B Impact Assessment and score a minimum of 80 points (out of 200)
  2. 2. Go through the review process and have your score verified by our standards team
  3. 3. Make it official! Sign the B Corp Term Sheet, Declaration of Interdependence and pay your first year invoice

What does this mean legally?

Currently there is no legal corporate form for B Corps in Australia. B Lab Australia & New Zealand are advocating for a new corporate form to be introduced, known as the Benefit Company. More information about this is here. For now, the term sheet that B Corps sign upon certification commits them to making the change to being a Benefit Company when the legislation is passed in parliament.

How much will it cost?

There is an annual certification fee which ranges depending on your businesses’ turnover. Click here for more information.

How long will it take?

It typically takes 2-3 hours for a small company to attempt all questions and get a baseline score. Larger companies will take longer. The entire process to certification will likely take 3-6 months.

How do I get started?

The best way to get started is to dive in! Visit the B Impact Assessment and begin going through the process. We’ve created this video to help you navigate the assessment and learn all the tips for becoming a Certified B Corporation.