A virtual city similar to Delaware in the United States, E-Estonia in Europe, or Dubai in Asia is what Itana, a company started by three Nigerian businessmen, wants to create. Without having to have a physical presence in the area, this virtual city would allow foreign corporations to set up shop and conduct business within a Nigerian Free Zone.
With $2 million raised in a pre-seed investment round, the organization formerly known as Talent City has achieved its goal.
Leading international venture investors, including the following, led this investment:
LocalGlobe
Amplo
Pronomos Capital and the Future of Africa
Itana, created by Nigerian businesspeople Luqman Edu (CEO), Iyinoluwa Aboyeji (Founding Investor), and Coco Liu (COO), aspires to create an online jurisdiction, or virtual city, that is comparable to:
United States state of Delaware, Dubai in Asia, or E-Estonia in Europe
Without the need for a physical presence in the region, this virtual city would allow foreign corporations to establish themselves and carry out business within a Nigerian Free Zone.
Itana claims that the Itana Free Zone is being established with a specific focus on catering to both local and international startups, as well as technology and service firms wanting to grow their footprint throughout Africa. It attempts to offer a solution for these enterprises, enabling them to expand their operations on the continent without having to deal with the difficulties caused by erratic legislation, inadequate infrastructure, and other business-related issues.
The virtual city provides a comprehensive online platform for gaining access to commercial and governmental services. Businesses will have the chance to take advantage of globally competitive business rules and incentives, especially as digital free-zone firms. This platform intends to simplify and facilitate a number of commercial processes and government interactions.
The virtual free zone provides rewards in the following categories:
Taxation
Visas for business
Banking
Bringing back of capital
business-friendly legislation
access to the regional and global business community
With access to the biggest markets in Africa, Itana aspires to create a setting where businesses can operate internationally in Nigeria from anywhere on the globe.
The news of this investment round makes us very happy. It reinforces the ambition we share with our partners and investors to make it simple to operate in the digital economy of Africa, which Luqman Edu, CEO of Itana, says justifies our efforts.
The African market is still largely untapped, and Itana will offer the perfect business climate that will be completely online, allowing international and Pan-African digital and service companies to use Nigeria as an anchorage to operate easily throughout the continent.
To be included on the waitlist for an Itana Digital Free Zone business license, technology and service firms interested in establishing their operations virtually in Nigeria can register at www.itana.africa. With the help of this license, firms will be able to start and run their operations remotely, simplifying the process of doing both.
