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By Kwanele Dhladhla
iSwiss Bank, through its subsidiary FZ CAPITAL JSC, has obtained the first Special Economic Zone license in the Kingdom of Eswatini.
This landmark agreement, signed directly with His Majesty King Mswati III, marks a significant step forward for Eswatini, positioning it as one of the most competitive and attractive destinations for international investors and entrepreneurs, with tax incentives reaching as low as zero per cent.
Minister of Finance Neal Rijkenberg confirmed that iSwiss got a license under FZ Capital JSC.
“They had applied for a special economics license, which they got. They then want to set up at King Mswati III International Airport, and there one needs a lease from His Majesty. The King has signed the lease.
And so, from that perspective, they are kind of all systems go, and as a country, we do hope and trust they will provide world-class service.
I think that they are dealing with the Central Bank of Eswatini (CBE), and they are applying for a banking license, which is a merchant banking license. And they have these platforms, or this is what they say, they have platforms for people to be able to transact very easily around the world, and that is what sets them apart. We hope that they can succeed,” said Rijkenberg, who went on to disclose that they were currently in Eswatini on Friday.
London-based online publication, King News Wire, reported that the establishment of a zero-tax Free Economic Zone would open Eswatini’s market to a wide range of global investors, with projections to register between 600,000 and one million new companies by 2025.
It was mentioned that this favorable fiscal environment, combined with advanced financial infrastructure and global banking connections, promises substantial benefits for both foreign entrepreneurs and the local population.
The publication stated that the free cone would provide direct access to multi-currency bank accounts, simplifying and streamlining international economic transactions.
Christopher Aleo, CEO of iSwiss Bank and the driving force behind this Free Zone initiative, reportedly shared his vision for the project: “After spending many years in Dubai and working closely with Middle Eastern royal families,
I’ve had the opportunity to observe and understand the success models that have made cities like Dubai and other economic hubs international benchmarks for business. This experience, coupled with my travels to Georgia, Kazakhstan, Bulgaria, and other countries, allowed me to integrate the best aspects of various Free Zones worldwide, always keeping in mind the needs of modern digital entrepreneurs, consultants, and freelancers.”
Aleo was quoted to have added, “Today, many entrepreneurs, freelancers, and digital consultants feel lost when faced with complex tax regulations and bureaucratic processes that delay business setup.
In Eswatini, we have made it possible to open a business in under three minutes, complete with a multi-currency bank account and global payment services.
hanks to our advanced facial recognition and document verification systems, clients can register quickly and securely without the long, costly trips typically required to open accounts abroad.
Our goal is to provide them with the best possible experience while ensuring full compliance with anti-money laundering regulations.”
King NewsWire noted that the Free Economic Zone project goes beyond offering tax incentives by aiming to create a modern and interconnected economic platform.
It was pointed out that new companies would be able to operate as though they were based in the home country of their commercial counterpart, with fast, secure, real-time transactions that break down geographical barriers and simplify international trade.
It was stated that SEPA, ACH, and SWIFT connections provided by iSwiss Bank would enable money transfers worldwide with the same speed as local transactions, making Eswatini one of the most financially interconnected states in Africa.
The Eswatini Free Zone also remains committed to boosting the industrial sector.
The publication disclosed that iSwiss Bank has already allocated significant funds for building state-of-the-art industrial facilities and logistical areas, which will create high-quality job opportunities for the local population and foster skill development in high-demand sectors.
In partnership with the Eswatini Free Zone Authority, training programs for the local workforce will be launched, contributing to the creation of a competent, globally aligned labor force.
Aleo and the entire iSwiss team dedicated to African development have personally met with Prime Minister Russell Dlamini, Rijkenberg, and Minister of Commerce, Industry, and Trade Manqoba Khumalo, along with other senior government officials.
“We immediately recognized that we could help bring this beautiful nation to ever greater heights, supporting its economic and social growth,” Aleo reportedly commented.
It was mentioned that the agreement between iSwiss Bank and the Government of Eswatini was only the first step in a long-term partnership, with plans to expand into key sectors such as tourism, precision agriculture, and renewable energy.
The objective was to establish Eswatini as an economic hub for the entire African continent, following in the footsteps of successful Free Zones like those in Dubai.
Eswatini remains on track to become a prime destination for global business, creating a fiscal and financial environment that accelerates new business growth and offers substantial returns for the nation.
The innovative approach of iSwiss Bank, combined with the visionary support of the government and His Majesty King Mswati III, seeks to transform the African nation into a significant international market, providing an unprecedented opportunity for investors, entrepreneurs, and citizens alike.
