Browsing: doing business in angola

Angola extends visas for foreign workers

Africa

Having into consideration the epidemic COVID-19 worldwide situation, the Angolan executive decision to extend the validity period of the documents of foreign citizens who are currently out of Angola.

To this end, documents such as residency authorizations, refugee cards, investor visas, work visas, and temporary permanence visas the validity period of which has terminated as of 28 February 2021 are considered valid until 31 July 2021.

However, in order to benefit from this extension, the individuals which return to Angola must request the renovation or extension of the documents within 5 days after entering Angolan territory.

Also read: How Foreign Countries Can Trade And Invest In Africa

 

Article by Marco Correia Gadanha

Marco Correia Gadanha
Marco Correia Gadanha is a partner of the Portuguese law office MC&A. He is specialised in legal advice to international transactions. Marco has extensive experience of legal practice in Portugal and in Portuguese-speaking …

Angola sets up new laws pertaining to Financial Institutions

Countries

This diploma has the goal of completing the regulatory programme carried out by the Angolan Executive with the purpose of reforming financial regulations.

In fact, this new Law has the purpose of suiting the current challenges within the scope of financial stability, in particular in what concerns the reinforcement of the legal framework of the regulation and supervision of the institutions participating in the Financial Sector.

Thus, this new regime introduces significant changes to the existing legal framework, namely in what concerns its institutional part, as well as supervision, interventive, contraventions, and sanctions measures.

Also read Finance in Common Summit Spring Meeting: Public development banks call for new financing for Africa’s recovery post-Covid-19

 

Further to the above-mentioned, this new Law establishes:

a) The procedure for incorporation and carrying out of Financial Institutions’ operations;

b) The exercise of the supervisory activity;

c) The procedure for corrective intervention and resolution; and…

Angola approves Free Trade Zones Law

Africa

On October 12th, Law no. 35/20 – the Free Trade Zones Law (“FTZL”) – was passed. The FTZL has established benefits to be conceded to investors by the Angolan Government, aiming at attracting foreign investment in Angola thus creating economic growth.

All types of investment are permitted in the Free Zones, specifically investment in agriculture, industry (that use Angolan raw materials and are focused on exportation) and technology. Specific aspects pertaining the access to Free Zones (such as monetary requirements, number of jobs created, investments in fixed assets) shall be determined in the investment contract.

Access to the Free Zones is permitted to companies, joint ventures, groups of companies or any other form of companies’ representation, whose scope meets the purpose of the Free Zones.

The investments made in Free Zones must take into account environmental protection interests.

Activities to be developed in the Free Zones
In the Free Zones …