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Angola approves Free Trade Zones Law

Africa

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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 …

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Angola’s exceptional measures in force during sanitary enclosure

Africa

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Entered into force the Presidential Decree 184/20, that foresees exceptional and temporary measures that will be in force when the Sanitary Enclosure is declared in any Angolan Province or Municipality.

Also Read: Angola – Important amendment to the Private Investment law

The main measures are the following:

  • Use of face mask is mandatory in the public road, markets, commercial establishments, places of worship, educational establishments, public transports and, in general, all the enclosed spaces that are open to the public.
  • If the facial mask is not used when mandatory, the person is not permitted to enter in that space/establishment and may be sanctioned with a fine from AKZ 5.000,00 to AKZ 10.000,00.
  • Citizens shall stay in their houses, except in case of necessary and indispensable travel.
  • People with 60 or more years old, with chronical diseases (as renal, cardiovascular, oncologic, diabetes or other diseases), who are pregnant or take care
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Angola – Important amendment to the Private Investment law

Investing

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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, …