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Browsing: law
The New Tanzania Investment Act 2022 has now become law replacing the Tanzania Investment Act Cap 38 RE 2015 and its amendments. While there was an expectation for major changes, the reality is that the new Act is more or less the same as the previous minus a few differences outlined below:
1. The Act is in the Kiswahili language and there is no translation of the same in English.
2. Removal of the automatic immigration quota of 5 work and residence permits for expatriates workers. While previously an investor registered at the TIC would be allowed up to 5 immigration permits and this was typically used for investors’ strategic employees, this incentive is removed which means there is no guarantee for the investor to obtain immigration permits for its strategic employees who will be treated like every other applicant.
3. Local Investors ie Tanzania nationals or companies
Bearing in mind the Law number 10/2018, of June 26 (Private Investment Law), which adjusted the legal and institutional framework to perform private investments in Angola, the Angolan Government approved the Private Investment’s Legal Proceedings Regulation in order to allow the capture and execution of investments with faster and easier procedures.
The above mentioned regulation establishes the procedures for the legal registration of proposals of private investment projects, the attribution of benefits and advantages, monitoring, supervision, as well as penalties and extinction of rights granted under the Private Investment Law.
The Private Investment projects begin with the delivery of all the relevant documents besides the competent body of AIPEX (Agency for Private Investment and Promotion of Exports of Angola).
Also Read: Angola set to attract more FDI into oil and gas sector
After receiving the private investment project, AIPEX has 5 working days to communicate the decision.
It is, …
A brief conversation with Duarte Marques da Cruz, Partner at the law firm MC&A Advogados about some of the legal aspects that companies operating in Mozambique should be aware during the COVID-19 crisis.…