1. The Private Investment Law 2018
(Law n° 10/18, of June 26, 2018)
This mandate is applicable to all private investment projects in Angola, regardless of the amount, with exception for investment projects that will be implemented by public domain entities in which the State holds all or majority of the capital, or projects related to activity sectors regulated by special laws.
According to the above mentioned Law, there are two Private Investment Regimes: the Regime of Prior Declaration, which consists simply submission of the private investment proposal to the relevant authority for registration and benefit attribution (the societies must be constituted prior to the investment project submission), and the Special Regime, applicable to investment projects to be launched in priority activity sectors and in developing zones, established in this Law.
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Note: Law 10/21 of 22 April – Amendment to the Private Investment Law (Law 10/18 of 26 June):
The changes aim to improve conditions for investors, facilitating the attraction of private investment to Angola. The law introduces, among other mechanisms, the contractual regime that makes it possible to push forward negotiation on incentives and facilities, between the Angolan Government and the project promoters, as well as regulations for the use of domestic and foreign loans.
2. The Competition Law
The present Law is applicable to all economic activities, conducted permanently or occasionally, in Angola and to all the public and private companies, enterprise groupings, cooperatives, business associations and any legal entity with or without legal personality.
We would like to emphasize that the Competition Law provides the incorporation of the Competition Regulatory Authority, which will be governed by the principles of public interest to promote and defend competition.
3. The General Labor Law
(Law n° 7/15, of June 15, 2015, rectified by Rectification n° 15/15)
This law is applicable to all workers that conduct remunerated activity for other people, in the scope of organization and under its authority and management, including public companies, in Angola.
In addition, the General Labor Law is applicable to foreign workers who are non-residents. In this regard, we reiterate that companies can only hire non-resident foreign workers to fill up 30% of the workforce, leaving the remaining 70% to be constituted by national workers or foreign workers residing in the country.
In addition, it reinforces that, for each year of service, besides the basic salary and other compulsory benefits, all workers have the right to a minimum of 50% of the basic salary as vacation subsidy, and a minimum of 50% of the basic salary as Christmas subsidy.
Sources:
- Consulate General of Angola in Porto
- American Chamber of Commerce in Angola (AmCham Angola) and Private Investment and Export Promotion Agency of Angola – The Angolan Investment Guide
- Private Investment and Export Promotion Agency of Angola (AIPEX)
Procedures to make investments and establish companies
1. How to Invest in Angola
The process begins with the application for registration of the Investment Proposal, which can be done through SETIP, or through direct contact with AIPEX services, and must present the following documents for this purpose:
- Letter requesting registration of the private investment proposal;
- Investment Project Declaration Form and its attachments duly completed (available at the AIPEX service counters, and the e-portal aipex.gov.ao);
- Copies of the applicants’ identification (identity card or passport), in the case of individual persons;
- Copy of the Commercial Registration Certificate, in the case of a legal entity;
- The deliberative minutes of the decision to register the investment project;
- Document proving the existence of funds or other forms to launch the declared private investment project (bank statement, if made in monetary means, and the original document prepared by a evaluating company that the assets are duly certified in case the investment is made in machinery and equipment);
- Training plan, and gradual replacement of foreign workers by national workforce;
- Power of attorney, if the applicant is represented.
2. To register a Company
Notwithstanding the rules of national or foreign private investment that may be applicable and any eventual requirements that specific activity sectors may require, companies must be registered with the Commercial Registry Office, the Tax Office, the National Institute of Social Security, and the National Institute of Statistics, among others.
Currently, it is possible to carry out many of the minutes inherent to the incorporation of a firm or company in the One Stop Counter for Companies, including, for example, the application for admissibility of the name to be adopted, the public deed, the commercial register, as well as the publication of the Articles of the company in the National Official Gazette.
Source: American Chamber of Commerce in Angola (AmCham Angola) and Private Investment and Export Promotion Agency of Angola – The Angolan Investment Guide
