Investor's Guide To Eswatini

4 LICENSING AND PERMITS VbbbолED APPROVED Registration and Incorporation The Companies Act No.8 of 2009 provides the legislative framework for the constitution, incorporation, registration, management, administration and winding up of companies and other associations in Eswatini. The Act allows for the incorporation of various forms of companies which include: Private Company-is a company that can be formed by one or more people with restrictions on the transfer of shares or debentures. The Companies Act requires that articles from private companies should have a clause prohibiting offers to the public for the subscription of any of the shares or debentures. Public Company-is a limited liability company that can be formed by two or more people, can freely offer shares or debentures and can be listed in the stock exchange. Local Company-is defined as a company in which Swati citizens hold more than one half of its issued share capital, has citizens forming the majority of its shareholders who have control over the placement of the Board of Directors, or has citizens forming the majority of its Board of Directors. - Company Limited by Guarantee / Association Not for Gain is a company that has the main object of promoting religion, arts, sciences, education, charity, recreation, or any other cultural or social activity or communal or group interests, including all game sanctuaries and other similar institutions concerned with the protection of wildlife or flora in Eswatini; it intends to apply its profits or other income in promoting its said main objects and prohibits the payment of any dividend to its members. Foreign Company is a company incorporated under the laws of the foreign country but carries on business in Eswatini. The Act requires the company to register its memorandum of association within 21 days after it establishes a place of business in Eswatini. The Companies Act of 2009 allows for exclusive foreign ownership of a company. Once a company is registered in Eswatini, it is issued with a registration/incorporation certificate. Licensing In order to trade in Eswatini, a company needs to acquire a trading license, register for taxes, and have a physical address as well as acquire work permits in case of any foreign national and directors intending to work in the country. The Swaziland (Eswatini) Investment Promotion Authority (SIPA) facilitates the processing of these documents for a company that intends to set up shop in the country. Information on the procedure and documents required for these processes can be accessed in detail on the Eswatini Government website at www.gov.sz. There are various sectors that require special licenses/ permits which are issued by regulatory bodies in those sectors including banking, liquor, energy, education, hospitals, mining, mobile telecommunications, fuel, aviation and transport, and non-bank financial institutions amongst others. Work Permits and Visas Foreign Nationals wishing to obtain an Eswatini visa submit their applications to the Ministry of Home Affairs for processing. Alternatively, current practices allow a resident/juridical person to write a request for a visa on arrival to the Ministry of Home Affairs, Immigration Department, from which a travel letter for a visa on arrival is issued. Passports for visas on arrival are only endorsed by the immigration department, and not at the port of entry. A visa is required by all visitors to Eswatini, excluding persons whose passports are from SADC Countries, some COMESA countries, EU member states, the U.S., Canada, Australia, Taiwan and some other countries. A list of exempted and non-exempted countries is available on the government website www. gov.sz. Investor's Guide To Eswatini 19

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