In the Programme of Action to 2018, government declared its intention to achieve a huge expansion of foreign and direct domestic large-scale investment. Finance Minister Martin Dlamini told Parliament and the nation in his 2014/15 Budget Speech that the creation of an investment climate that is conducive to doing business in the country was being prioritised through the implementation of the Investor Roadmap.
The latter, which was launched in 2012 and falls under the auspices of the Swaziland Investment Promotion Authority (SIPA), is a key strategic pursuit in ensuring that the kingdom is the preferred choice for investment both regionally and globally. As a consequence of implementing the Investor Roadmap (IRM), Swaziland’s ranking in the Global Competitiveness Index has improved by 10 places, from 134 in 2012 to 124 in 2014.
Minister Dlamini said that government is committed to continuing the implementation of the Six Priority Targets identified in the IRM -
- Investor Protection
- Starting a Business
- Enforcing Contracts
- Trading Across Borders
- Ease of Power Connectivity
- Registering Property
- and to this end he allocated E750 000 towards establishing a Coordinating Unit to ensure that government, the private sector and the Swazi nation collaborate in order to realise the aspirations of the IRM priority objectives.
As part of the IRM implementation, government will continue to implement some of the recommendations contained in the Time Release Study which was undertaken with support from the World Bank for the Ngwenya, Lavumisa and Lomahasha border posts. So far the Swaziland Revenue Authority (SRA) has extended the border opening hours at Ngwenya up to midnight to give traders more flexibility when transporting their goods. The SRA, in partnership with the Common Market for Eastern and Southern Africa, has also embarked on upgrading the Automated System of Customs Data, which will provide an improved customs administration platform, including the direct payment of VAT refunds at the border.
Government also recognises the need to create synergies between trade investment promotion and trade facilitation, the Finance Minister said, and to that end the Ministry of Commerce has transferred its trade promotion function and the management of Mavuso Trade Centre to SIPA: this is seen as a means to strengthen the local export base through the creation of additional marketing opportunities and capacity building programmes for SMMEs, as well as contribute to increased trade promotion ventures such as trade expos and fairs, and to create synergy between trade promotion and trade facilitation. Minister Dlamini allocated E12.5-million to SIPA for 2014/15 for the implementation of this programme.
Furthermore, government through SIPA and the Small Enterprise Development Company will continue to prioritise the SMME-linkage programme which is a vertical linkage programme between large and small companies for purposes of outsourcing, transferring skills, technology and developing business partnerships. The overall objective is to achieve business expansion for effective and profitable participation in the global value chain. This will also include the expansion of the Matsapha industrial estate. E42-million was allocated for these activities.
The Swaziland Investment Promotion Authority (SIPA) www.sipa.org.sz was established in 1998 to promote and facilitate foreign and local investment in Swaziland. Its main objective is to create the wealth necessary to enhance the social and economic development of the kingdom and its people. Since it was launched, SIPA has facilitated numerous foreign and local investments, including the incorporation and licensing of businesses, the facilitation of temporary and permanent work permits for crucial human resources, the provision of factory and office space and assistance in sourcing venture capital and operating finance.
SIPA is renowned for advising on available and potential business investment opportunities in Swaziland and for providing analysis of the cost of doing business in each sector. The organization’s other role is to assist and encourage expansion and diversification through the provision of investment and sector profiles. Through collaboration with other key stakeholders, SIPA has formed rewarding relationships with chambers of commerce, investment promotion and other development-related agencies within and outside Swaziland, including non-government and development-finance institutions.
In order to fulfil its mandate, SIPA operates through four professional departments:
- Investment Promotion: This department is the first point of call for foreign direct investment, while ensuring a smooth link between domestic and foreign direct investments.
Investor Facilitation and Aftercare: All foreign and domestic investments go through this department for their institutionalisation and smooth operations into the economy. Foreign investors have enjoyed the unit’s services for the breakthroughs in liaising with government departments on bottlenecks to businesses. This has culminated in long-term investments in Swaziland.
- Research and Policy Analysis: This department was set up to provide information that influences policy and formulates strategy for SIPA and government to grow investments in Swaziland in a diversified manner. It monitors and interprets macro- and micro-economics, including the social and political environments, in order to keep SIPA relevant to investors in the country. It also conducts sector-targeted research and analysis for informed investment promotion, and analyses global practice in terms of investment-environment so as to inform the country’s direction in reforming.
- Trade Promotion: The main function of the Trade Department is to promote growth of Swaziland’s exports by functioning as a catalyst to motivate existing and potential exporters. The Department identifies new export products and services as well as related international market opportunities, developing existing, emerging and potential global markets. To this end it distributes information on market opportunities among local producers by undertaking promotion and publicity campaigns in foreign markets. The Department also evaluates global markets and designs strategies for their exploration.
Swaziland International Trade Fair (SITF)
Among other activities, SIPA hosts the SITF which takes place each August or September at the Mavuso Trade and Exhibition Centre in Manzini, with support from government and the patronage of His Majesty the King. The objective is to provide a strategic platform for all sizes of business, including importers and exporters, to showcase their products and services to key buyers and potential trading partners within and outside Swaziland. SITF is open to the private and public sectors, with focus on increased private sector participation as the main driver of economic development. The centre accommodates over 350 exhibitors from local and foreign companies and governments. Many of the 35 000 visitors are decision-makers in their organizations and as they often buy on the spot, exhibitors enjoy improved cash flow as well as follow-up business. The SITF programme comprises seminars where organizations and individuals may make presentations on trade, finance, investment, tourism and ICT. It also provides entertainment, including music festivals, fashion shows, children’s games, car shows, cultural events and sports.
This review period’s edition of the SITF - themed ‘Development Unusual: Integrating Businesses into Vision 2022’ - recorded a 22 percent year-on-year increase to 187 in the number of exhibitors. The theme prompted many exhibitors to build their own, customised stands to enable them to interpret it according to their respective industry. Special ‘hubs’ were accorded to private sector players ranging from the construction industry, agri-business, science and technology to commerce, training and careers, fashion and beauty, all of which had been identified to play a significant role in defining the business community’s role in achieving the national vision. For the first time in SITF history, an outdoors marquee was erected for handicraft producers to showcase their unique and renowned creations, free of charge. A SIPA spokesperson said that the handicraft sector in its nature was seen as critical in that it has increasingly contributed to economic growth and has brought into the mainstream of economic activity groups such as women in rural communities.
The official opening of SITF 2014 was attended by His Majesty King Mswati III and Her Majesty the Queen Mother, together with their special guest, HM King Zwelithini of the Zulu nation. Swaziland’s Prime Minister, Sibusiso Dlamini, presided over the closing ceremony and bestowed awards on those exhibitors deemed to have best reflected the event’s theme and the national brand, ‘Swaziland: Africa’s New Promise’. He praised the high standards of presentations, seminars and workshops, and said he hoped that the exhibition stands of government and public sector entities had sent out a clear signal of Swaziland’s determination to accelerate business-related issues and to delivering a high standard of public services. Encouraging the private sector to make continuous use of Mavuso Trade and Exhibition Centre, he said the infrastructure was one of the finest that government had constructed.
The PM declared that the promise within the branding of the country was to the local populace and the world, where being open to business was a must, offering quality infrastructure and a skilled workforce. After saying he trusted that the promise was being reciprocated by the private sector in terms of commitment, productivity, competitiveness and compliance in respect of taxes and duties, the Premier noted that productivity in work and competitiveness in the domestic and foreign markets demanded adherence to international best practices in terms of quality and consistency. He concluded by declaring that the recently created and staffed Investor Roadmap Unit has attached the equivalent of a turbocharger to the programme so as to rapidly improve Swaziland’s business environment.
FOREIGN DIRECT INVESTMENT
According to the Central Bank of Swaziland (CBS) in its Annual Report April 2013 – March 2014, preliminary data indicated that the kingdom entered 2014 with total stock of Foreign Direct Investment (FDI) standing at E8 075.1-million: this demonstrated a year-on-year increase of three percent from a revised stock of E7 841.4-million at end-2012. The CBS said that the driver of this movement in the stock of FDI was a 6.7 percent increase in stocks of reinvested earnings combined with an 8.7 percent rise in the stock of other short-term capital.
The equity component of FDI fell from E472.2-million recorded in 2012 to E455.8-million in 2013, reflecting a 3.5 percent decline, mainly on account of the merger of certain establishments within the insurance industry that resulted in other entities being wholly owned locally. The CBS said that the stiff competition for FDI regionally and globally has also put a strain on the country’s ability to attract fresh investments, resulting in minimal growth in FDI inflows during recent years.
The reinvested earnings component of FDI increased from E3 936.8-million during 2012 to register a stock of E4 183-million in 2013. Data indicated that more dividends were declared and paid to foreign shareholders during the review period. Nevertheless, a portion of profits in some companies was retained and reinvested for expansion, as reflected by the 6.3 percent rise in stock. This, the CBS said, continues to provide evidence that existing foreign investors have confidence in Swaziland’s economy.
Analysis by Sector
Manufacturing dominated during the period in review, accounting for 61.8 percent of total FDI stock at E4 991.9-million. Although the sector’s contribution was somewhat subdued in comparison to its 62.5 percent share in 2012, the total stock was up by 1.8 percent from E4 901.9-million in 2012. Most private sector players, especially in the manufacturing sector, increased their FDI stock through concessionary funding from parent companies against formal banking sector finance.
The Agriculture sector’s FDI stocks have been relatively consistent during the past two years following the slow recovery of the forestry industry which has been challenged by major disruptions due to forest fires in previous years. Huge losses are still being provided for as the forestry sector engages in recovery strategies that tend to require significant spending on forest estates. Efforts to resuscitate the forestry industry have resulted in an increase in external financing being channelled towards the agriculture sector, which consequently has become the second-largest component in analysis by sector of FDI stock, accounting for 14.3 percent in 2013, though lower than its share of 15.2 percent in 2012. The sector’s total stock was however down by 2.7 percent to E1 158.2-million in 2013 from E1 190.8-million the previous year.
- For the kingdom’s long-established agriculture-based exporters in particular, a pivotal development during this review period was the signing on 15 July 2014 of a new Economic Partnership Agreement (EPA) between the European Union (EU) and all six member states of the Southern African Development Community (SADC) EPA Group – Swaziland, Botswana, Lesotho, Mozambique, Namibia and South Africa. Negotiations had been in process for over a decade, and while the Swaziland government had during that time initialled an Interim EPA with the EU, the latter insisted upon a trade pact with the SADC EPA Group as a whole, and eventually issued an end-September 2014 deadline. Swaziland’s duty- and quota-free exports to the EU would thereafter have lost their preferential status and attracted prohibitive, financially debilitating import duties. The EPA’s benefits were evinced soon after its ratification when the Swaziland Sugar Association (SSA) shipped to Spain, duty-free, the biggest single consignment in its 47-year history and signed an agreement that will see an even larger volume shipped to Finland, albeit over the next two years. SSA sales to the EU earn the kingdom upwards of E1 500-million annually. Not only has the EPA allayed the concerns of Swaziland’s traditional sugar-, beef- and citrus-buying clients in the EU, but it also provides much needed certainty going forward, whereby both the customer-base and the spectrum of exported products can be broadened.
- In late September 2014 the Royal Swaziland Sugar Corporation (RSSC) disclosed an upcoming investment of about E1 500-million in the expansion of one of its two mills, that at Mhlume. RSSC MD, Nick Jackson, stated in the Corporation’s latest Annual Integrated Report that the development would increase the mill’s capacity to crush cane from 350 to 550 tonnes cane per hour, allow the RSSC Group to ensure that all cane was crushed during the season and facilitate further expansion in terms of cane growing for both the Corporation’s estates and affiliated smallholder outgrowers.
- Late April 2014 saw a spokesperson for the investors in what will be Swaziland’s fourth sugar mill announce that the almost E3 000-million Nsoko-Msele Integrated Sugar Mill Project, as it is known, will soon be under way. Technical plans for the feeder canal were said to nearing completion and the mill itself will soon start taking shape: the project concept and pre-feasibility study were carried out in 2011 and 2012, respectively, and the consortium spokesperson said that the focus had now shifted to physically establishing the mill which is scheduled to be operational in 2017. It is to be built on 120 ha at Nsoko, adjacent to the line operated by Swaziland Railway.
- In July 2014 the local timber producer, Montigny Investments, with the Swaziland Public Service Pensions Fund and the Swaziland National Provident Fund taking equity stakes therein, purchased SAPPI Usuthu Forest Products Company for E1 000-million: Montigny announced that substantial additional investments will be made into growing the plantations by an additional 15 000 ha. The purchase price included SAPPI’s redundant pulp mill which Montigny has begun converting into what is intended to become the largest integrated timber milling and processing site in Southern Africa. While that initiative is foreseen to cost an additional E500-million or thereabouts, Montigny envisages investing a yet further E500-million in setting up an onsite electricity-generating plant utilising available fibre-flow from the mills and forest residues.
The Services sector’s FDI stocks increased by 17.9 percent to stand at E794.9-million during 2013, mainly supported by an increase in the stock of short-term capital, with its contribution to the total FDI stock remaining significant at 9.8 percent in 2013 from 8.6 percent in 2012. FDI stock towards the investment sub-sector remained almost flat at E242-million during 2013 from E241.6-million in 2012, with its share of total stock stagnating at 3 percent during the review period. The stock of FDI into the financial sub-sector declined from E713.5-million in 2012 to E705.1-million in 2013: this indicated a 1.2 percent fall which was mainly a result of a 1.2 percent decline in reinvested earnings into the domestic economy by the non-resident investors.
The Mining sector, although remaining the smallest contributor, showed a year-on-year increase of more than 50 percent in the stock of FDI. This improvement was attributed to increases in FDI in the form of long-term loans and reinvested earnings. The industry players have increased in number since 2011, resulting in the share of the sector growing from 1.5 percent in 2012 to 2.3 percent in 2013, equivalent to E183.1-million in stock. The CBS highlighted in its Annual Report that the mining sector in particular had significant room for expansion, as the kingdom is well endowed with vast deposits of minerals that are under-exploited.
INVESTING IN SWAZILAND
Strategically situated between South Africa and Mozambique, Swaziland offers a safe, functional, free-market economy with some of the best infrastructure in Africa. In addition, its natural beauty and preserved culture coupled with a contemporary lifestyle make living and working in the country an enjoyable experience. Swaziland has a low cost-base with natural, developed human and agricultural resources, and is well positioned to export under existing preferential trade agreements into the EU and several African trading blocs including COMESA, SADC and SACU. The excellent trade relationship between Swaziland and South Africa is enhanced by the Common Monetary Area which pegs the Swazi Lilangeni with the South African Rand.
- Towards the end of October 2014, a spokesperson for negotiators involved in the establishment of a Free Trade Area (FTA) incorporating the Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA) and the East African Community (EAC) said that the initiative was expected to be launched in mid-December. Popularly referred to as the ‘Grand Free Trade Area’, the tripartite FTA would encompass a total of 26 member and/or partner states from the SADC, COMESA and EAC blocs, with a combined population of 625 million potential consumers and a joint Gross Domestic Product (GDP) of US$ 1.2-trillion, thereby accounting for half of the membership of the African Union and 58 percent of the continent’s GDP, respectively. The tripartite FTA would thus be the largest economic bloc in Africa, and seen by its proponents as serving as the launching pad for the establishment of a Continental FTA in 2017.
- COMESA Secretary General and Chairperson of the COMESA-EAC-SADC FTA Task Force, Sindiso Ngwenya, said that the tripartite FTA would unlock significant opportunities for business and investment within its arena and act as a magnet for attracting FDI. He said that the business community in particular would benefit from an improved and harmonised trade regime which reduced the cost of doing business as a result of the elimination of overlapping trade regimes due to multiple memberships. Ngwenya noted that the decision to launch the tripartite FTA took into account the fact that the majority of its member/partner states have made ambitious tariff offers and were agreed on Rules of Origin to be applied in the interim while further work continues on establishing product-specific Rules of Origin. He said that the tripartite Committee of Ministers meeting in Bujumbura, Burundi, had agreed that the tripartite Summit of Heads of State and Government to be held in Egypt in mid-December 2014 would launch the FTA.
- He described the launching of the FTA as the first phase of implementing a developmental regional integration strategy that placed high priority on infrastructure development, industrialisation and free movement of business persons. He said that in order for the FTA to realise inclusive and equitable growth, the Ministerial meeting had agreed on the need for expeditious formulation and implementation of a regional industrial programme. The Chairperson of that meeting, Zimbabwe’s Deputy Minister of Commerce and Industry, Chiratidzo Iris Mabuwa, hailed the agreement to launch the ‘Grand FTA’ as a milestone in regional and continental integration. She said that Africa has now joined the league of emerging economies and the FTA will play a pivotal and catalytic role in the transformation of the continent. She added that while significant progress had been achieved in negotiations on trade in goods, tripartite leaders now needed to expedite negotiations on trade-related areas including trade in services, as well as issues such as intellectual property and a competition policy to ensure equity within the wider region.
As regards the potential impact on Swaziland, Principal Secretary in the Ministry of Commerce, Industry and Trade, Jinno Nkambule, said that he foresaw the scope of trade increasing, and that with this opening up would come the necessity for Swaziland to produce goods specifically for trade.
- Over the years, the Manufacturing and Processing sectors have been the major contributors to economic growth due to government’s consistent and various incentives to sustain the sector’s contribution to GDP. Agriculture is the second leading sector, while Tourism has been nurtured to advance as a sector whose potential is just being unleashed. In an endeavour to broaden and sustain the Manufacturing sector, Swaziland has shifted its focus to high-value investments, mainly to attract efficiency-seeking medium-sized technical companies. Such investments are in a better position to sustain the economy and to absorb the available human resources, as well as improve exporting. Swaziland has a comparative advantage in food processing and agri-business, business process outsourcing and call-centres, timber processing and value addition to sugar, among other sectors.
- For the benefit of exporters and importers, the country’s new and direct gateway to and from the world – King Mswati III International Airport – began operating on 30 September 2014 after being commissioned by His Majesty on 7 March during a gala occasion attended by local dignitaries, foreign ambassadors, the International Civil Aviation Organization and many hundreds of Swazi citizens. The top-flight facility is operated by the Swaziland Civil Aviation Authority and has the potential to propel the kingdom into a new era by seamlessly integrating the country into the global air-transportation network.
With a literacy rate of 88 percent, Swaziland’s labour force is skilled and trainable and production costs compare favourably with other notably low-cost destinations internationally. Collectively, the benefits of setting up businesses in Swaziland have inspired many multinational corporations to establish operations in the country. These success stories illustrate the variety of opportunities available to potential investors. Swaziland has deliberately positioned itself to be able to compete in the investment arena through a number of factors, including:
- Safe, secure, stable and profitable business environment
- Wide spectrum of investment opportunities
- Abundant raw materials
- Abundantly available skilled workforce
- Excellent road, rail, air, electricity, telecoms and water infrastructures
- Strategic links to international sea and air ports
- Stable and developed financial sector
- Wide regional and international market access
Key among investment opportunities include but are not limited to:
- Agriculture and Agro-processing (value addition)
- Tourism and Recreation
- ICT and related services (software and hardware)
- Financial Services
- Healthcare Products and Services (pharmaceuticals and nutritional supplements, mainly for export)
- Light Engineering and Electronics Assembly
- Research and Development (including quality-testing and certification facilities)
Summary of Investment Incentives
- Development Approval Order: Corporate tax reduction at the maximum rate of 10 percent for 10 years.
- Income Tax Order: Exemption for withholding tax on dividends for 10 years. Applicable to an approved new investment or expansion of an existing company provided the expansion is on a stand-alone basis and is distinct from the existing company. Applicable to an investment in manufacturing or mining.
- Machinery Initial Allowance: 50 percent of the total cost of machinery or plant brought by the taxpayer for the first time to be used in manufacturing. Does not include motor vehicles intended and adapted for use on roads.
- Tax Rebates: Certain machinery and equipment are subject to rebates as per the Southern Africa Common External Tariff Framework.
- Infrastructural Initial Allowance: 50 percent of the cost incurred on infrastructural machinery, plant or facilities, including transmission equipment, lines and pipes brought by the taxpayer for the first time to be used in the provision of infrastructural services (including provision of electricity, water, sewer, rail facilities and telecommunication).
- Building Allowance: Initial allowance of 50 percent of the actual cost of a building, other than a hotel and improvements (for the year of assessment during which the building is first used) if such building is wholly/mainly used for the purpose of housing machinery or plant. Annual allowance of four percent on cost remaining after the initial allowance.
- Immovable Property Allowance: Initial allowance of 20 percent (during the first year the expenditure is incurred) for the erection of any dwelling to be occupied solely by taxpayer’s employees other than managerial or supervisory staff. The allowance shall not exceed E12 000. Annual allowance of 10 percent over the eight succeeding years. The allowance shall not exceed E6 000 for the succeeding eight years. The expenditure does not include the cost of the land on which the dwelling is erected. The taxpayer must be engaged in manufacturing, other than one whose sole trade is in immovable property.
- Hotel Allowance: Initial allowance of 50 percent of the capital expenditure in connection with the erection of or beneficial improvement to a hotel (during the year of assessment for the first use of the hotel, or beneficial improvements to an existing one). Annual allowance of four percent for the succeeding years, with total allowance not to exceed the total expenditure.
- Export Promotion Incentives: 133 percent of approved export promotion expenditure incurred by an approved company in the handicraft and cottage sector. 150 percent of approved export promotion expenditure incurred by an approved trading house.
- Export Credit Guarantee Scheme: Applicable to local small- and medium-size companies and administered by the Central Bank of Swaziland. Aimed at promoting the country’s export trade. Objective is to facilitate Swaziland exporters to obtain loans from commercial banks at concessionary rates of interest and without undue collateral that exporters cannot afford when applying for loans. Facilitates exporters’ applications for loans by providing commercial banks with guarantee bonds and cover risk for those exporters whose collateral security would otherwise have been deemed inadequate for obtaining financial assistance.
- Small-Scale Enterprise Loan Guarantee Scheme: Administered by the Central Bank of Swaziland by extending guarantees for eligible projects undertaken by small-scale businesses. Aim is to encourage local development finance institutions as well as commercial banks to increase lending to small-scale enterprises in Swaziland by reducing the financial risk to be taken by these institutions. The Guarantee is designed to cover shortage or lack of other acceptable collateral for credit to Small-Scale Enterprises. The amount of guarantee extended does not exceed 75 percent of the amount of the credit and such guarantee remains in force until the credit is entirely repaid, unless the Financial Institution and the Central Bank agree otherwise. The maximum credit per loan application does not exceed E150 000 and the lending rate should not exceed three percent above the prime lending rate. The repayment period, including a grace period, should not exceed 10 years. Guarantee fees are one percent per annum of the outstanding guarantee, and the fee is borne by the borrower.
- Incentives for Mining operations: Immediate deduction from the income derived from mining operations for shaft sinking (including expenditures on sumps, pump chambers, stations and/or bins, accessory to a shaft); building (including offices, storage houses and other related buildings located where the mining operations are taking place); works or equipment (including any renewals or replacements of equipment); development, general administration and management (including any interest payable on loans utilised for mining purposes) prior to the commencement of production or during any period of non-production but excluding the cost of acquiring mineral rights. The amount of capital expenditure determined in respect of any year assessment in relation to any one mine shall not exceed the taxable income.
- Special R&D and Training Deductions: Special deductions not to exceed five percent of taxpayer’s taxable income for a) Expenditure incurred for the purpose of scientific research, if such expenditure is not of a capital nature; b) Contributions to any association, institute, college or university to be used in scientific research relating to the taxpayer’s own business; c) Contributions, grants or donations to any of the taxpayer’s employees to assist such employee in further training in their particular professional field at the University of Swaziland or any other approved university or institution for the purpose of securing a recognised qualification; d) Contributions to an approved bursary scheme; e) Contributions, grants or donations not exceeding E50 000 made to a professional body, established by law, for educational or training purposes and which the Commissioner is satisfied were paid during the year of assessment.
- Incentives for Pastoral, Agricultural, Plantation or other farming operations: Deductions of the expenditures, not exceeding 30 percent of the gross income derived by the taxpayer from farming operations, incurred by the taxpayer in respect of a) dipping tanks; b) dams, water-furrows, irrigation schemes, wells; c) fences; d) eradication of noxious plants; e) the prevention of soil erosion; f) the erection of buildings used in connection with farming operations other than those used for domestic purposes of persons who are not employees of the taxpayer (not to exceed E60 000); g) the planting of trees, shrubs or perennial plants for the production of fruits, nuts, hops, sugar, cotton, maize, vegetable oils or fibres, or any other similar agricultural produce, and the establishment of any area used for planting of such trees, shrubs or plants; h) the building of roads and bridges used in connection with farming operations; i) the carrying of electric power from the main transmission lines to the farm apparatus, other than apparatus used for domestic purposes in any house not covered by item (f).
- Zero Capital Gains Tax: No capital gains tax
- Subsidised factory space: Factory space rental below market rate
- Extended Work Permits: Granting of work permits of up to five years for Company Directors
- Repatriation of Profits: Profits made in Swaziland can be fully repatriated, subject to some Withholding Tax.