How to Register a Sole Proprietorship in Eswatini (Swaziland)
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Located between the Republic of South Africa and Mozambique, this country is formerly known as Swaziland. This state has just over a million inhabitants. The capital is Mbabane, while the legislative center is located in Lobamba. About 60% of the population is engaged in agriculture, contributing as much as 25% to the total GDP. Corn, cotton, tobacco, and pineapple are mostly produced. The forecasts for Estawtini's GDP are that from 2021 until 2025, it will be in constant growth. In 2021, an increase of 1.4% is expected.
If you want to pursue a business opportunity in Eswatini, this article will give you more details about the registration process.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Registration process in Eswatini
To register your business in Eswatini, you need to follow the following steps.
- Book your business name (reservation costs are SZL 20)
- After booking your business name, complete the Memorandums and Articles of Association. It is best to consult a lawyer during this step. If you want to hire a lawyer, it will cost you between SZL 1,500 and SZL 3,000.
- After that, to register, you need to submit the following documentation to the Company Register. The documents that need to be submitted are Memorandum Articles of Association (3 copies), copy ID, notarized receipt of the business name's successful reservation, government revenue receipts for the payment of the business's reservation name, and the registration fees. The cost of this step is SZL 360.
- Obtain a Tax Identification Number.
Taxpayer registration in Eswatini
VAT in Eswatini is 15%. For businesses that exceed an annual turnover of SZL 500,000, registration is required. To register as a taxpayer, you need to fill in the form and submit it with your application to the Revenue Authority. The approval process takes about 30 days, after which you receive information on whether your application has been accepted. Once your application is approved, you will get your Tax Identification Number (TIN), and you are officially in the tax system.
If you're not looking to become an independent contractor, but hire one - learn how you can do it compliantly in Swaziland.