Eswatini, formerly known as Swaziland, is a landlocked country located in Southern Africa. With a growing economy and a relatively stable political environment, Eswatini is an attractive destination for entrepreneurs looking to start a business in Africa. If you’re interested in registering a business in Eswatini, here are the steps you need to follow.
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Choose a business name
The first step to registering a business in Eswatini is to choose a name for your business. You’ll need to come up with a unique and memorable name that reflects the nature of your business. Keep in mind that certain words and phrases may be prohibited or restricted, so it’s a good idea to check with the Ministry of Commerce, Industry, and Trade (MCIT) to make sure your chosen name is acceptable.
Reserve the business name
Once you’ve settled on a business name, you’ll need to reserve it with the MCIT. This involves filling out a Name Reservation Form and submitting it to the MCIT, along with the required fee. The MCIT will then check to make sure your chosen name is available, and if it is, they’ll reserve it for you for a period of 60 days.
Register the business
After you’ve reserved your business name, the next step is to register your business with the Registrar of Companies. This involves filling out an Application for Registration of Business Form, along with the necessary supporting documents, such as a certified copy of your ID or passport, proof of address, and proof of payment of the registration fee. You’ll also need to provide details such as the nature of your business, the names and addresses of the directors and shareholders, and the shareholding structure of the company.
Obtain a business license
Depending on the nature of your business, you may need to obtain a business license from the relevant government department. For example, if you’re opening a restaurant, you’ll need to obtain a food service permit from the Ministry of Health. You may also need to obtain permits from other government departments, such as the Ministry of Labour or the Ministry of Finance.
Register for taxes
All businesses in Eswatini are required to register for taxes with the Swaziland Revenue Authority (SRA). This involves filling out a Taxpayer Registration Form and submitting it to the SRA, along with the necessary supporting documents. You’ll need to register for VAT if your annual turnover exceeds a certain threshold, which is currently E1 million.
Open a business bank account
Once your business is registered and you have obtained all the necessary licenses and permits, you’ll need to open a business bank account. This will enable you to separate your personal finances from your business finances and make it easier to manage your cash flow.
In conclusion, registering a business in Eswatini can be a relatively straightforward process, as long as you follow the necessary steps and provide all the required documentation. However, navigating the legal and regulatory landscape in a new country can be challenging, especially if you’re unfamiliar with the local laws and customs. That’s where Generis Global can help. Our firm has extensive experience in helping businesses navigate the legal landscape in Eswatini and can assist you with all aspects of your business journey in this country. Contact us today to learn more.