Investment Outlook Following more than a decade of strong economic growth, the sharp fall in oil prices has resulted in Angola adopting restrictive measures since 2015, in particular regarding public expenses and monetary policy. Angola’s strong reliance on oil has signaled the necessity to diversify the economy and to focus more intensively on sectors such as agriculture, fisheries, livestock and industry. In this context, in 2015, Angola approved a new legal framework for private investment, with the aim of attracting and mobilising human, financial, material, economic and technological resources into the country. The aim of the new law is attracting foreign investment, given its importance for the economic development of Angola. The new law has attracted several international banks and financial institutions to Angola which has strengthened the banking system. The drop in oil prices has led to weakening the Kwanza which has resulted in a foreign exchange crisis in Angola. The Angola government and central bank are pursuing monetary policies to alleviate the situation but it remains a major concern for investments. Forms of Corporate Structure To invest in Angola, foreign private investors must carry out their activities through a corporate structure. This can vary depending on the complexity and dimension of the project to be implemented. The Angolan Company Law establishes five types of corporations in Angola, including: • Partnerships; • Private Limited Companies; • Public Limited Companies; • Limited Partnership Companies; and • Public Partnership Companies. In 2015, a new Simplification Law that streamlines the procedure for setting up companies was approved. However, the full implementation of this law is still dependent on the approval and publication of additional regulations.
Amongst other measures, the Simplification Law eliminates the requirements for public deeds regarding the vast majority of business acts, such as for setting up a company, amending articles of association or increasing share capital, as well as for mergers, divisions or dissolutions of companies. In all these situations, the Simplification Law only requires a private document to be issued according to an official model still to be approved, with recognised signatures of the subscribers. Currently, the entire process for setting up companies in Angola can be carried out at a single entity, the Guiché Único da Empresa , a one-stop-shop public service that aims to facilitate the setting up of companies in the country. Incorporation Procedure 1 Item Estimated Time Estimated Cost 1 Certificate of admissibility of the company’s name 2 weeks AOA 16,500.00 2 Registration of the new 1 day N/A
company within the Tax Administration and Social Security
3 Deposit of the legally required initial share capital
1 day
N/A (administrative fees to be
charged by commercial banks)
4 Execution of the notary deed to incorporate the company
1 week
To be assessed on a case by case basis
(approval of the articles of association of the new company)
5 Registration of the company at the Commercial Registry office
3 weeks
AOA 10,000.00 – AOA 40,000.00 (depending on the company type)
6 Publication in the official gazette (Diário da República)
Up to 45 days
AOA 1,000.00
7 Obtaining environmental,
To be assessed on a case by case basis
To be assessed on a case by case basis
industrial, import and export or other necessary licences to the company from the Ministry of Commerce (Ministério do Comércio) (if applicable)
1 Cost and timeframe are based may vary depending on the specifics of each incorporation and may not be relevant for highly regulated sectors.
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