The Verification Fee is being introduced to cover the true costs of both submission and verification on a company’s journey towards B Corp Certification.
The evaluation process after submission is an initial verification to evaluate whether the company is eligible for B Corp Certification and analyze the company’s structure and operations to ensure they are on the best certification track.
The verification process is the analysis of the company’s B Impact Assessment, Disclosure Questionnaire and supporting documentation and can take from a few months to years depending on the company’s size and complexity.
The fees for B Corp Certification are what allows B Lab to work towards driving systemic change, funding community engagement and advocacy efforts, along with ensuring the B Global Network can continuously improve the standards and processes for B Corp Certification.
Every company’s journey to certification is different. Typically, the time between submission and verification is roughly 3-7 months.
An average company will spend 2-3 months in the Evaluation Queue to prepare its certification process, then roughly 2 months in Evaluation to determine their eligibility, appropriate IBMs, and the review approach. Lastly, the company will spend about 2 months in the Verification Queue to upload the necessary documentation for the Verification process. Once the company enters the Verification queue, the second instalment (90% of the verification fee) will be due.
The submission fee has been incorporated as the first installment of the verification fee.
The verification fee will only be applicable to companies that submit on or after April 1, 2024. Annual fees will not change for the existing B Corp Community and will not apply to companies that submit for B Corp Certification prior to this date.
When companies apply for recertification, they will not have to pay a new verification fee.
If you submitted your BIA before April 1st, 2024, you will only pay the existing Submission Fee and be exempt from the Verification Fee.
Both installments of the verification fee are non-refundable. If a company attempts to certify again and submits a new B Impact Assessment, they will also be subject to the Verification Fee.
While B Lab is increasing our fees, we are also exploring ways to ensure our movement continues to be inclusive and accessible, like Equity Pricing Discounts for entrepreneurs from underrepresented and underserved communities. Read our latest update.
If the verification fee is not paid, the verification service will not commence. Furthermore, if payment is not received within 60 days of receiving the payment request via the BIA or invoice, the review will be closed. In such a case, the company will need to restart the entire process. This includes resubmitting the application, and they will be required to pay the previously paid submission fee (10% instalment) again, as they will undergo the process anew.
No, B Lab is not planning on making any increases to the annual certification fees – this pricing will remain the same. The verification fees are a one-time payment to account for the true cost of the services and verification conducted before a company obtains B Corp Certification.
B Lab Europe Team and local European teams will be available should you have any enquiries. Please get in touch via our contact page here.
