LocalGlobe and Pronomos Capital back Itana to pave the way for Africas first digital free zone | TechCrunch
- But while waiting for the completion of its physical charter city, Itana is looking to establish a virtual city in these free zones for businesses in the digital and service industry while still offering the same benefits, according to Edu.
- In the meantime, though, Talent City, now known as Itana, has raised a $2 million pre-seed, money it intends to use to establish a digital free zone.Itana, founded by CEO Luqman Edu, COO Coco Liu and Aboyeji, a founding investor, is primed to be Africa’s first digital free zone.
- The first phase of its development will be completed by 2027.Model digital citiesAccording to Liu, Itana will explore several revenue streams from providing unique digital and physical online jurisdictions for global businesses trying to operate in Africa.
- With it, international businesses, without having a physical presence in a Nigerian free zone, can, upon incorporation and operation in the country, access incentives, including taxation, business visas, banking, capital repatriation and supportive legislation.
- Then, several other revenue streams would be around on-demand services from the Free Zone’s one-stop-shop app, such as banking, visas, tax auditing, recruitment, payroll management, business sector licenses and establishing minimal transaction fees for non-VAT revenue.
- “For instance, Bosun’s emergency as a minister, especially given his penchant for focusing government funding on Nigerian incorporated businesses and the plans for the Nigeria stock exchange to allow companies in the free zone to go public in dollars.
In early 2022, exAndela and Flutterwave cofounder Iyinoluwa Aboyeji, in an interview with TechCrunch, discussed a moonshot project he was working on Talent City, explicitly designed for local and [+6384 chars]