Christopher Aleo aims to transform the small African kingdom into a global economic center, offering unique incentives for businesses.
London, United Kingdom, 6th Nov 2024 – iSwiss Bank, through its subsidiary FZ CAPITAL JSC, is proud to announce that it has obtained the first Free 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 0%.
A Groundbreaking Development Project
The establishment of a zero-tax Free Economic Zone will open Eswatini’s market to a wide range of global investors, with projections to register between 600,000 and 1 million new companies by 2025. 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 Free Zone will provide direct access to multi-currency bank accounts, simplifying and streamlining international economic transactions.
The Vision of Christopher Aleo, CEO of iSwiss Bank and Interim President of the Eswatini Free Zone Authority
Christopher Aleo, CEO of iSwiss Bank and the driving force behind this Free Zone initiative, 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 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’ve made it possible to open a business in under three minutes, complete with a multi-currency bank account and global payment services. Thanks 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.”
A Global Financial Platform for New Businesses
The Free Economic Zone project goes beyond offering tax incentives; it aims to create a modern and interconnected economic platform. New companies will 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. SEPA, ACH, and SWIFT connections provided by iSwiss Bank will enable money transfers worldwide with the same speed as local transactions, making Eswatini one of the most financially interconnected states in Africa.
Incentives for Industrial Development and Job Growth
The Eswatini Free Zone is also committed to boosting the industrial sector. 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.
A Historic Meeting with Eswatini Government Officials
It was a great honor for Christopher Aleo and the entire iSwiss team dedicated to African development to meet personally with key government figures in the Kingdom of Eswatini: Prime Minister H.E. Russell Dlamini, Finance Minister H.E. Neal Rijkenberg, and Commerce Minister H.E. Manqoba Khumalo, along with the entire government team. “We immediately recognized that we could help bring this beautiful nation to ever greater heights, supporting its economic and social growth,” Aleo commented.
Looking Ahead: Innovation and Accessibility for Investors and Businesses
This agreement between iSwiss Bank and the government of Eswatini is 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 is 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 is 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, is transforming this African nation into a significant international market, providing an unprecedented opportunity for investors, entrepreneurs, and citizens alike.
Media Contact
Organization: iSwiss Bank SA
Contact Person: D.ssa Monica Diamanti
Website: https://iswiss.ch/
Email: Send Email
City: London
Country: United Kingdom
Release Id: 06112419502
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