Country Profile 

Eswatini, officially Kingdom of Eswatini, was formally known as Swaziland. It is a land linked country in the eastern flank of South Africa, where it adjoins Mozambique. It extends about 110 miles (175 km) from North to South and about 80 miles (130 km) from west to east at its largest dimensions.

The country’s capital city is Mbabane. Strategically situated between South Africa and Mozambique, the Kingdom of Eswatini offers a safe and peaceful atmosphere for business. The Kingdom boasts of natural advantages including exquisite landscape, rich natural resources, and relatively well-developed infrastructure in Africa. Its natural beauty and preserved culture coupled with a contemporary lifestyle make living and working in the country an enjoyable experience.

The country has an estimated population of 1.2 million people with its official languages being Siswati and English.

Political and Legal Overview

Eswatini is a monarchy with a bicameral parliament consisting of the Senate and House of Assembly, each composed of appointed and elected members. The king appoints the prime minister and political power is largely vested with the king and his traditional advisors.

Eswatini operates a dual legal system based on common law and customary law with two distinct court systems i.e., traditional courts and common law courts. The court system includes the Supreme Court, a High Court and specialised subordinate and courts or tribunals exercising judicial function.

General Information

Capital	Mbabane
Area	17,364 sq. km
Official Languages	Siswati and English
Population	1.217 million (2024) (World meter)
Currency	Swazi Lilangeni
GDP (current US$)	4.85 billion (2022) (Macrotrends)
GDP per capita (current US$)	4040 (2022) (Macrotrends)
GDP growth (annual %)	3.91 (2022) (Macrotrends)

Why Eswatini?

Eswatini offers a competitive cost base for value - added manufacturing coupled with an educated and trainable workforce. Trade among the Southern African Development Community (SADC), which Eswatini is a member, allows 85% trade in goods duty-free between Member States. Other benefits in the SADC free trade area include the reduction and elimination of tariffs and non-tariff barriers, easy cross-border trade, increased market opportunities, the creation of a value chain across the region, the lowering of input costs, and the creation of regional competition to reduce consumer price index. Its strategic linkage to leading regional and international markets including SACU, COMESA, SADC, AGOA, EPA, SACU Mercosur, EFTA, and the CFTA makes Eswatini the investors’ preference for export-oriented manufacturing as it gives them access to over 1 billion preferential, market through regional and overseas markets.

Eswatini has its own currency, the Lilangeni, but it is also a member of the Southern African Common Monetary Union (CMA|), which pegs the Swazi Lilangeni one-to-one with the South African Rand. This ensures that funds move fluidly between the Member States.

Eswatini has quality roads, rail, and communication infrastructure. Its railway provides links to the South African rail network in both the north and the south of the country and even to Mozambique.

Eswatini is known for her peaceful and welcoming nature for all, thus it is a low-risk country (politically and socially stable).

Eswatini Investment Promotion Authority (EIPA)

EIPA’s mandate is to attract, encourage, facilitate, and promote local and foreign direct investment and trade in Eswatini for economic development. It also facilitates the implementation of Government policies and strategies on investment and trade in the country. Furthermore, it advises the Minister on trade and investment policies, strategies, proposals, and suitable incentives.

EIPA’s mandate is sub-divided into the following distinct functions;

• Trade promotion – to promote and stimulate local and foreign trade in and out of Eswatini by encouraging export development and marketing as well as import substitution. It conducts registration and profiling of all existing and potential exporters on the online trade portal www.buyeswatini.com.

• Investment Promotion Services – to attract and facilitate investment generation while marketing Eswatini as a viable and attractive investment destination. It operates as a one stop shop trade and investment partner by providing one stop shop services to investors and traders e.g., permit applications, legislative support, registration and licensing among others. It assists companies to ensure they are operating in a favourable business environment, to ensure local and foreign business retention, expansion, and diversification.

• Mavuso Exhibition and Trade Centre – host exhibitions of any magnitude, class and category in different markets and industry specifications.

Incentives

a) General Fiscal Incentives

• Developmental Approval Order which is a corporate tax concession at the maximum rate of 10% for ten years, applicable only in Manufacturing, Mining, Tourism and International Services;

• Duty free access for capital goods (machinery and equipment) imported into the country for productive investments are exempt from import duties;

• Duty free access on raw materials to manufacture goods to be exported outside the Southern African Customs Union (SACU);

• Machinery initial allowance is 50% of the total cost of machinery or plant brought for the first time to be used in manufacturing and a 10% annual allowance on the reducing balance method over the lifetime of the asset;

• Building initial allowance of 50% of the actual cost of Industrial building, for the first year and 4% thereafter;

• Infrastructure initial allowance is 50% of the cost incurred of infrastructural machinery, plant or facilities, to be used in the provision of infrastructural services;

• Immovable property initial allowance of 20% during the first year the expenditure is incurred and 10% for the next succeeding years for the erection of any dwelling to be occupied solely by employees (applicable in manufacturing).

b) General Non-Fiscal Incentives

• Foreign exchange mechanisms allow full repatriation of profits and dividends of enterprises operating in the country;

• Fully serviced industrial sites and provision of purpose-built factory shells at subsidized rates, provided they are in partnership with the private sector;

• Five-year work permits available for directors.

c) Special Economic Zones Incentives

The Government of Eswatini has development Special Economic Zones with an aim of attracting investments. To reduce the cost of doing business, the following incentives are offered to investors interested in locating in the zones:

• Exemption from payment of corporate tax for 20 years and thereafter the corporate tax shall be charged at 5%;

• Remission of customs duty, value added tax, and any other tax payable in respect of goods purchased for use as raw material, equipment, machinery, and services directly related to manufacturing in the special economic zones;

• Exemption from foreign exchange control and restriction on operation carried in a special economic zone;

• Entitlement to unrestricted repatriation of profits;

• Entitlement to allowance on constructed buildings;

• Entitlement to Research and Development allowance;

• Exemption from training levy for an investor who has trained local employees;

• Entitlement to Green technology allowance.

d) Sectoral Incentives

I. Tourism

• Reduction of corporate tax from 27.5% to a maximum rate of 10% for ten years;

• In respect of capital expenditure in connection with the erection or beneficial improvement of a hotel during the year of assessment for the first use of the hotel or beneficial improvements on an existing one, the allowance shall be at the rate of 50% of the actual cost incurred and 4% annual allowance given for the succeeding years.

II. Mining

• Reduction of corporate tax from 27.5% to a maximum rate of 10% for ten years;

• The Income tax Order provides for the immediate deduction of the amounts from the income derived by a taxpayer from mining operations such as shift sinking building, works or equipment including any renewals or replacement of equipment. Development, general administration and management (including any interest payable on loans utilized for mining purposes) prior to the commencement of production or during any period of non-production but excluding the cost of acquiring mineral rights.

III. Agriculture

The Capital Development Expenditure (CDE) is allowed as an incentive for agriculture. The CDE may be allowed on the listed farming implements; dipping tanks, dams, irrigation schemes, wells and boreholes, pumping machineries, erection of or additions or improvements to farm buildings, including dwellings for employees, establishment of orchards and vineyards, and building of roads and bridges used in farming operations.

e) Investment Guarantees

Key guarantees in terms of investment protection include:

Non-discriminatory treatment of foreign investments; 100% foreign ownership of foreign investments; Guaranteed repatriation of funds;

Guarantees against expropriation and government interference; Double taxation avoidance agreements applicable to countries who have ratified with Eswatini.

Investment Opportunities

a) Information and Communications Technology

The role played by ICT in the economy extends through the various sectors of the economy from agriculture, education, health to trade, industry and entrepreneurship. Opportunities exist in:

Telemedicine, education and socio-economic development; Accessible and affordable internet infrastructure;

Broadcasting service and local content development; E-commerce and online services; Strategic partnerships: Network modernization, financial online services.

b) Mining

Eswatini is endowed with numerous minerals which include coal, gold, diamond, iron ore, asbestos, quarry stone, kaolin, green chert, talc and silica. This sector is characterised by investor friendly legal and policy framework hence the need to explore its opportunities which include:

• Mineral’s explorations and mining

• Beneficiation such as steel manufacturing from iron ore,

• Jewellery manufacturing from the precious stones.

• Manufacture primary iron products, like pig iron ore pellets, up to the stage of steel products

c) Agribusiness

Agribusiness seek to explore various ways of adding value to agricultural products through creating wealth in agricultural production and creating food security. Opportunities exist in:

• Increased local production of targeted products such as dairy, fruits, vegetables, meat and other agricultural produce;

• Value addition of agricultural produce (e.g., tomatoes, peppers, sweet corn, citrus, meat etc.);

• To establish within the agribusiness special economic zone at the King Mswati III International Airport;

• Establishment of small and large agro-processing facilities;

• Dairy production – increase milk production and dairy products.

d) Manufacturing

Some of Eswatini’s main industries include sugar, textiles and apparel, soft drinks, and wood pulp production. Opportunities exist in:

Local manufacturing of essential medicines; Anti-snake venom manufacturing; Integrated waste management (green, non-burn technologies); High-end fashion textile manufacturing;

Wood processing; Automotive components; Packaging materials; Building materials; Value addition of agricultural produce(sugar, tomatoes, peppers, sweet corn, and citrus).

e) Tourism

Eswatini is a gem of African tourism with its warm-natured people, serene landscapes, game parks, festivals and cultural richness providing the most beautiful and safe tourist destination. Opportunities exist in:

Hotels; Casinos; Housing estates;

Water theme parks; Cable motors; Bungee jumping.

f) Energy

Energy development in Eswatini is guided by the National Energy Policy of 2018 which since its implementation the country’s energy sector has been undergoing rapid transformation with the liberalization of the electricity sector to encourage private sector investment. The Government’s desire is to improve energy security, access to reliable, adequate, and affordable electricity, and the mitigation of potential detrimental impacts on the environment because of the growing energy demand. Opportunities exist in:

• Biomass; 

• Solar;

• Hydro power generation.

Starting a Business

It’s essential to decide on the type of business structure one wants to establish before commencing the registration process. Below are the business structures In Eswatini:

1. Sole Proprietorship: an unincorporated business owned and operated by an individual.

2. Partnership: an entity or an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests.

3. Private Limited Company: is an entity held under private ownership. Private companies may issue stock and have shareholders, but their shares do not trade on public exchanges (Eswatini Stock Exchange). A private company should have at least one director.

4. Public Limited Company: A company with shares available for the public to purchase. It’s an entity that may offer its shares to the public, but it’s restricted in its rights to make pre-emptive share offers. Public companies must have at least two directors.

5. Non-Governmental Organization (NGO): A non-profit organization pursuing social, cultural, or humanitarian objectives. This entity prohibits the payment of any dividend to its members but rather intends to apply its profits or other income in promoting its said main objectives.

Company Registration Process

A private limited company, public limited company, and an NGO require registration through the office of the Registrar of Companies in Eswatini in order for such entity to acquire legal capacity.

Formation and incorporation of company memorandums and articles of association shall be done in compliance with The Companies Act No 8 of 2009. Anyone who will formulate the objectives of a company and compile company documents must also be in compliance with the Act.

No person other than a legal practitioner or a registered consultancy may prepare company documents for registration in expectation of a fee, gain, reward direct or indirect to himself or to any other person. However, an individual is not prohibited to lodge with the Registrar of Companies documents of an entity in which they are a shareholder or a director.

Private Limited Company Procedure

Firstly, a unique company name has to be reserved in the company register before registration of the company free of charge. This involves searching from the Registrar of Companies (manual or automated) if the name is available and free for use. This process is done over the counter and available online. If the chosen name is free for registration, an acknowledgment of company name reservation shall be issued over the counter or online. The name shall be reserved for a period of three months after which it will expire and may be reserved by another person or entity.

Once this process has been done, Memorandum and Articles of Association will then be lodged with the office of the Registrar of Companies. The following comprehensive list of documents are lodged for the registration and incorporation of a company:

a) Memorandum of association

The memorandum of the company shall reflect the following:

• The name of the company;

• The objects of the company;

• That the liability of the members is limited.

The memorandum shall be signed and dated by each subscriber in the presence of at least one attesting witness and there shall be written in legible characters, their full name, occupation and full residential or business address.

b) Articles of association

The articles shall be in the form prescribed by section 48 of the Companies Act. The articles shall be signed and dated by each director in the presence of at least one attesting witness and there shall be written in legible characters, their full name, occupation and full residential or business address.

c) Payment receipt of registration fees

Payment receipts for company registration is dependent on the company’s Nominal Capital as follows:

• 100 – 10 000 = E645.00;

• 10 000- 30 000 = E945.00;

• 30 000- 50 000 = E1245.00;

• 50 000 and above = E1845.00.

d) Acknowledgment of company name reservation;

e) Form E/TF 42 (notice of company registered office);

f) Directors Identity Documents;

g) Declaration of compliance;

h) Certificate of collation.

Foreign Companies to be Registered Locally

A foreign company shall within 3 (three) days after establishing a place of business in Eswatini lodge the following documents with the office of the Registrar of Companies in compliance with the Companies Act:

• A certified copy of the memorandum and Certificate of Incorporation of the company in English and if not written in English, a certified translation in English from the country of origin;

• A notice of a registered office in Eswatini;

• A registered postal address to which all mail notices may be served to;

• The name and addresses of the auditor of the company in Eswatini;

• Each director full names, nationality, occupation, relevant qualifications, residential, business, and postal address, proof of compliance with the immigration laws and date of appointment in the company if permanently employed;

• Full names, nationality, occupation, relevant qualifications, residential, business and postal addresses, proof of compliance with immigration laws and date of appointment in the company for the local manager, secretaries and any other member of the executive.

Note: Company registration payment fees for foreign companies are the same as those for local companies.

Company registration takes up to 48 hours. A Form J shall be lodged within 21 days from the date of Incorporation of the company. This is a form for confirmation or alterations for company directors and members of the company which, failure to comply attracts a penalty of E60.00.

Company Renewals

Every company including a foreign company shall not earlier than the 1st of June or later than 31st August of any calendar year make annual returns in the prescribed Form C accompanied by the prescribed fee. The annual return shall be signed by one of the directors or secretaries of the company and a copy shall be lodged with the office of the Registrar of Companies accompanied by a receipt of payment of the prescribed fees.

Payment of fees can either be done at the government revenue or through mobile money (Momo payments).

Public Companies and Associations not for gain shall send to the Registrar of Companies a copy of the companies and associations annual financial statements.

Trade License 

Requirements

• Trading License Application Form;

• Lease agreement or title deed for premises to operate in;

• Company formation documents certified by the registrar of companies (Memorandum and Articles of Association, Form J and Certificate of Incorporation);

• Copy of advert;

• Director’s work permit and certified copy of passport;

• Applicable fees. The costs associated with the application for the trading license will be communicated by EIPA.

Taxation

Residence is not specifically defined, but effectively anyone in employment or business in Eswatini will be regarded as resident for tax purposes. Work permits are required for non-citizens to take up employment in Eswatini, and, as such, expatriates who work under a permit held by their employers or who are self-employed are deemed to be resident for tax purposes.

The rates of Income Tax applicable are as follows:

Individual Tax Rates

Taxable Income		Rates
Exceeds	Does not exceed
E0	E100 000	0 + 20% of the excess of E0
E100 000	E150 000	E20 000 + 25% of the excess of E100 000
E150 000	E200 000	E32 500 + 30% of the excess of E150 000
E200 000		E47 500 + 33% of the excess of E200 000

When applying the above rates, the following should be taken into account:

1. Tax payable by a natural person will be reduced by a tax rebate amount not exceeding E8 200 per tax year;

2. The rates are applicable on the amount exceeding E41 000;

3. The tax rebate does not apply in the case of redundant or retiring individuals.

Tax Rate for Companies

Corporate Income Tax

The effective tax rate for companies (since the 1st July 2013) is 27.5% of taxable income.

Value Added Tax (VAT)

VAT is charged at the standard rate of 15%.

Withholding Tax

Payments to Non-Residents
Interest	10%	Due 14 days after the date of accrual
Dividends for companies in Botswana, Lesotho, Namibia and South Africa	12.5%	30 days after the date on which the dividend is payable
Dividends - for other countries	15%	30 days after the date on which the dividend is payable
Sportsmen and entertainers	15%	Within 15 days from the date of payment
Contractors	15%	Within 15 days from the date of payment
Royalty and management fees	15%	Within 15 days from the date of payment
Repatriated branch profits to neighbouring countries (Botswana, Lesotho, Mozambique, Namibia and South Africa	12.5%	Within 15 days from the date of payment
Repatriated branch profits to other countries	15%	Within 15 days from the date of payment
Payments to persons	15%	Within 15 days from the date of payment

NB: The above stated rates are influenced by Double Tax Agreements applicable.

Payments to Residents
Interest	10%	Within 15 days from the end of the month in which interest was paid
Rental	10%	Within 15 days from the date of payment
Dividends	10%	Within 15 days from the date of payment
Trusts	33%	Within 15 days from the date of payment

 

Immigration Procedures

The Eswatini Investment Promotion Authority (EIPA), through its Investor Facilitation and Aftercare Department, provides investment information and support to local and foreign direct investors who decide to establish business in Eswatini. The department provides amongst others information and assistance on visas, work and residence permits.

Eswatini Visas

The processing time for an Eswatini visa is between one to five business days. The processing time can sometimes be longer since the application form must be sent to the Royal Eswatini Police Service for vetting. After the Police Service, the application is taken to the Chief Immigration Officer for approval.

Duration and fees of Eswatini Visas

The duration of an Eswatini visa is one to three months. However, applicants who want to enter Eswatini for study or work must apply for a Temporary Eswatini Permit instead of an entry visa. The temporary residence permit will allow applicants to stay longer than three months in the country.

Visa Types	Duration	Visa Fee
Single entry	Three months	E80
Multiple entries	Three months	E300
Multiple entries	Six months	E700
Multiple entries	Nine months	E1000
Multiple entries	One year	E1300

Visa Requirements

Ministry of Home Affairs consider improving the standards by requiring clients to provide the following information together with the application forms:

• Passports must contain at least 2 (one) unused pages for entry/departure endorsements (sometimes referred to as visa page);

• Payment of the prescribed fee, if applicable;

• Signed statement and/or documentation confirming purpose and duration of visit;

• Two (2) identity photographs;

• Proof of financial means in the form of:

1. Bank statements;

2. Salary advices;

3. Undertaking(s) by the host(s) in the Kingdom of Eswatini;

4. Medical cover;

5. Support letter from hosts;

6. Or cash available, including credit cards or travellers’ cheque (to cover the living expenses during the sojourn in the Kingdom of Eswatini).

• Applicants traveling by air must be in possession of:

1. A return or onward ticket; or

2. Proof of sufficient funds; or

3. Lodge a cash deposit of equivalent value to such a ticket.

The department of immigration/ foreign mission representative or representative requires the original passport but will accept applications by third parties such as travel agents, immigration practitioners or courier services.

Eswatini Residence Permit

A residence permit is issued to applicants who want to stay longer than three months in Eswatini. Applicants who intend to enter the country for study, work, or investment purposes must apply for an Eswatini temporary residence permit. To apply for an Eswatini temporary residence permit, applicants must submit their residence permit application at the Chief Immigration Office in Eswatini.

Here are all the residence permits the applicant can apply for and their requirements:

a) Businessperson / Directors Permit

Cost Structure (Payable on Approval)

Type	Cost (E)
Application fee	300
5 years	6,000
24 months	2,400
12 months	1,200
6 months	600

Requirements

Application Form (Form 3); Memorandum of Association; Two Passport photos; Covering Letter of Application; Original Police Clearance from Country of origin not older than 6 months;

Lease Agreement; Medical Certificate; Certificate of Incorporation Form J & Form C; Certified Passport Copy

Note: All copies to be certified

b) Employees

Cost Structure (Payable After Approval)

Type	Cost (E)
Application fee	300
24 months	2,400
12 months	1,200
6 months	600

Requirements

Complete Application Form (Form 3); Two Passport Size Photos; Covering Letter of Application from employer; Proof of Advert of post (Full Page); Original Police Clearance from Country of Origin;

Qualification Certificates (Copies); Medical Certificate; Certificate of Incorporation Form J. & Form C; Certified passport copy.

c) Special Pass

Complete Application Form (Form10); Copy of Recent Appeal; Application Letter;

Two photos; Passport Copy.

Note: All copies to be certified.

Useful Contacts

Eswatini Investment Promotion Authority EIPA Office 1st Floor, Building 1 Sibekelo Building Mhlambanyatsi Road Mbabane, Swaziland P.O. Box 4194 Mbabane, H100 2404 0470/2/3/4 info@sipa.org.sz / enquiries@sipa.org.sz Call us: (+268)2404 0470 www.investeswatini.org.sz	Ministry of Commerce Industry and Trade Mhlambanyatsi Road Justice Building 3rd floor P.O Box 451 Mbabane Phone: +268 2404 2372 Fax: +268 2404 4711
	ERS Contact Centre For all your tax related enquiries call or email the ERS Contact Centre on [+268] 2406 4050 [+268] 2406 4000 WhatsApp 7606 3735 info@ers.org.sz
Ministry of Home affairs Home Affairs & Justice Building Mhlambanyatsi Usuthu Link Road P.O. Box 432 Mbabane Swaziland Phone: +268 2404 2941/2404 5880/2 Facsimile:   +268 2404 4303 URL: http//www.gov.sz	Eswatini Revenue Service Headquarters Portion 419 of Farm 50, Along MR103 Ezulwini  [+268] 2406 400