The benefits which Botswana seeks from the development of an active International Financial Services Centre are:
The creation of sustainable employment opportunities for suitably qualified citizens.
The enhancement of the skills base of the Botswana workforce.
The diversification of the revenue base of the country.
The fostering of the introduction and increased use of modern financial services technology.
The enhancement of Botswana's already excellent reputation in the international financial community.
Through the International Financial Services Centre, Botswana is seeking to concentrate on the following core activities:
banking and financing operations transacted in foreign currency;
the broking and trading of securities denominated in foreign currency;
investment advice;
management and custodial functions in relation to collective investment schemes;
insurance and related activities (captive insurance and administration thereof);
registrar and transfer agency services;
exploitation of intellectual property;
development and supply of computer software for use in the services described above;
cross border leasing;
capital raising.
The legislation establishes an IFSC Certification Committee which makes recommendations to the Minister of Finance and Development Planning for the issuance of a tax certificate valid until 2020.
In considering an application for a certificate, the Committee will have regard to:
the number of Botswana citizens who will be employed in relation to the approved operation and the capacities in which they will be employed;
facilities proposed for the training and imparting of skills to citizens;
provisions made for the eventual replacement of non-resident employees by Botswana citizens;
provision made for the participation by Botswana citizens in the management of the business.
Botswana Offshore Services