Business and Investment
The National Agency for the Private Investment (ANIP) is the State organ created for removing bureaucratic barriers, and facilitating and stimulating private investment in Angola. The Agency is in charge of executing national policy of fiscal incentives, and is the only channel of contacts for the investors.
With involvement of ANIP the time necessary for analysing the applications has been reduced to 15 days (for investments ranging from USD50,000 to USD5,000,000), and 30 days (for projects with higher values that have to be submitted to the Council of Ministers).
The ANIP also provides technical and legal assistance and organises market studies for national and foreign investors, in order to identify investment opportunities.
The new Law of Private Investment, besides reducing the bureaucracy, also facilitates legal procedures and provides a range of guaranties to eligible investors, such as repatriation of capitals. You may consult the complete text of this Law by downloading the PDF file from website.
Tax exemption
Fifteen years of tax exemption in addition to other fiscal benefits.


Agriculture and cattle breeding, processing industry, fishing and fish products, civil construction, education, road and rail infrastructure, port and airport infrastructure, telecommunications, energy and water supply.

Minimum value of investment:

USD50,000 for domestic capital investments.
USD100,000 for foreign investment.


Tax exemption of up to 15 years for sectors of strategic priority activities
located in Development Zone C, in accordance with the Law nº 17/03
Simplified procedures for approval of investment applications.
Guaranteed repatriation of foreign capital (also applies to domestic
enterprises formed with foreign capital).
Zone C: 15 years of tax exemption for provinces of Huambo, Bié, Moxico,
Kuando Kubango, Cunene, Namibe, Malange and Zaire.
Zone B : 12 years of tax exemption for provinces Kwanza Norte, Kwanza Sul,
Bengo, Uíje, Lundas and interior municipalities of Benguela, Cabinda and Huíla.
Zone A: 8 years of tax exemption for the province of Luanda and municipal
centres of Benguela, Huila and Cabinda provinces, and municipality of Lobito.
How to invest in Angola
In order to proceed with investment the foreign investor must undertake
the following steps:
Present the proposal to the National Agency for Private Investment (ANIP) together with all necessary documentation stating identification and legal status
of the investor and the proposed investment. For investments exceeding USD5,000,000 the proposal must be submitted on the Initial Declaration form
to be obtained from the ANIP.
Present the certificate of the name admissibility, in case of forming a new company.
Present the articles of association of the future company and include a power
of attorney of the representing party, if any.
Present the Certificate of Criminal Record (for individual investors).
Present the list of equipment to be used in the project, if any.
Attach to the application the Minutes of the Board of Directors Meeting for cases
of share transfer of an existing company.


After the approval of investment project the ANIP will issue the Certificate
of Registration of Private Investment, CRIP. One copy of this certificate
will be submitted to the National Bank of Angola (Banco Nacional de Angola),
a licensed banking organisation authorised to undertake foreign exchange operations, for the purpose of licensing the import of the capital.
The BNA will issue a license for the capital import within a maximum period
of 15 days after receiving the application.
In case of any discrepancy the investor will be notified of such fact within five days.

Duty exemption for imports of machinery and equipment
Present the Certificate of Registration of Private Investment with authorisation
of import incentives. The ANIP will submit a copy of the Certificate to the Customs authorities together with the list of equipment to be used for the investment project.
The registration of the import of machinery, equipment, accessories and other materials is to be made based on their CIF (Cost, Insurance, Freight) value
in foreign currency and equivalent amount in national currency, at the exchange
rate on the day of unloading in national port.
The listed price of machinery and equipment is subject to verification by means
of a valid documentation issued by the suitable inspection authority prior
to dispatch of items at their origin.
For used machinery, equipment and accessories the duty exemption is substituted
by a reduction of 50%, and for the new items the duty exemption is 100%.
Other benefits for investments in Angola
Exemption of up to 6 years from customs duties and levies on goods and equipments, including heavy and special vehicles, from the start of the investment operations until complete development. In such cases the investor is only liable to payment of the stamp duty and service fees.
Exemption of 5 years from customs duties for the goods integrated or directly consumed in the production of other goods, including the testing phase, with the exception of those equipments, accessories, spare parts and raw materials produced within the country. For these items the investor will only pay the stamp duty and service fees.
Exemption from industrial tax of up to 15 years for profits generated by the investment, as well as industrial tax levied on the price of the undertakings and work of subcontractors involved in the execution of the investment project.
Expenses with construction and repair of roads, railways, telecommunications, water supply and social infrastructures for workers, their families and local community, as well as expenses with professional training and investments in cultural sector, including purchasing of objects of art from Angolan authors or creators, are considered as costs and may be deducted from the taxable amounts.

Investment protection

The policy of the private investment guarantees allocating of incentives and other facilities, equality of treatment between nationals and foreigners, safety and protection
of investment, as well as respect and integral complying with the international agreements and treaties. The investors enjoy a free choice of investment zone or area, with exception of those areas defined by Law as being reserved by the State.

Protection for companies
In order to enable investor defend their rights, the State of Angola guarantees
to all private investors the access to courts of Angola. They are also guaranteed
the appropriate legal proceedings.
In case when the assets engaged in the private investment became subject to expropriation due to impending and duly justified reasons of a public force major nature, the State guarantees payment of a fair, prompt and effective indemnity
in an amount to be determined according to the legally applicable norms.
The assets of private investors shall not be nationalised.
In case of alterations in political or economic regime resulting in exceptional nationalisation measures, the State guarantees fair and prompt indemnity in monetary terms.
The State guarantees to the companies and enterprises established
for the purpose of private investment total protection and observance
of professional banking and commercial non-disclosure.
The rights granted to the private investors in accordance with the present law
are guaranteed without prejudice to other rights resulting from agreements
and conventions to which the State of Angola is a signatory party.
Areas of exclusive investments of the State of Angola
Manufacturing, distribution and sales of warfare
Central Bank and currency-related issues;
Property of ports and airports;
National Network of basic telecommunication infrastructures.
Sectors with compulsory participation of the State in majority
of the registered capital or privileged shares
Local infrastructures constituting extension of basic telecommunication network
Postal service

Transfer of profits

The investor may transfer abroad, subject to conditions defined by the Law of foreign exchange, dividends and distributed profits after deduction of legal depreciation and taxes, in accordance with the number of shares held in the registered capital of the company or enterprise.
The investor may also transfer the proceeds of liquidation of investments (after taxes), proceeds of indemnity, royalties or other remunerated income from indirect investments associated with definite transfer of technologies. The investor may also transfer any amounts stated in the private investment contracts that are due and payable to him, after deduction of respective taxes. Investments in the area of diamonds, petroleum and financial institutions are subject to specific legislation.


Priority sectors for investment

The following are the priority sectors in Angola:
Agriculture and cattle breeding, processing industry, fishing and fish products, civil construction, health and education, road and rail infrastructure, port and airport infrastructure, telecommunications, energy and water supply. The investor receives certain incentives when investing in these sectors. The incentives are being determined in accordance with the zone of investment, either A, B or C.
The access to incentives is guaranteed for domestic investments with a minimum value of 50,000 dollars, or foreign investments with a minimum value of 100,000 dollars, regardless of the nationality of investor.

Capital application tax

The investors are exempted from the capital application tax for a period of 5 years for investments in the Zone A, 10 years for investments in the Zone B and 15 years for the Zone C. Investors will be exempted from payment of SISA tax applicable to acquisitions of land and real estate when such acquisitions are made as a part of the investment project.

Other investments

For investments between 50,000 and 200,000 dollars, the investor’s customs duties and other related customs charges applicable to imported construction and fitting out equipment, vehicles of up to 3.5 ton and raw materials, will be reduced in half. For used imported equipment the reduction of duties may reach up to 75%.
This category of investments includes investments in priority sectors, or Zone C, investments that secure creation of more than 10 job positions for Angolan nationals, and new developments with positive impact on the region, construction or repair of economic or social infrastructures.
Application of resources to developments in the Zone C, as well as to recovery of destroyed or suspended developments will be exempted from industrial tax for a period of 10 years. Investments in food industry, agriculture, cattle breeding and investments that create 50 or more job positions for Angolan nationals, will be exempted from industrial tax for the same period of time.


Establishment of a company
  Choice of investment vehicle
  Pursuing to the Decree no. 29/92, of the 3rd of July, and the Executive Decree
no. 23/93, of the 29th of October, all foreign investors planning to develop their activities in Angola must register with the Ministry of Finance, and obtain a special number and a fiscal identification card on the date of initiation of activities.
Subject to the dimension and type of activity to be developed in Angola,
if a foreign investor plans to establish a physical presence in the country,
he may opt for registration of a representative office or for establishing
a company, which becomes a legal person under Angolan law.
  Representative office

• The representative office has an exclusive objective of protecting interests
of a foreign company it represents, while accompanying and supporting
the operations of this foreign company in Angola;
• The representative office does not have an autonomous legal capacity
to engage in commercial activities under its own name;
• The representative office may have a maximum of 6 employees.

Taking into consideration various restrictions applicable to the operations of the representative office, this particular structure is not advisable for foreign investors planning to undertake regular economic activities in Angola or for those investments involving significant amounts of capital.

  • Branch is the most common form of representation in Angola for a company established in foreign jurisdiction, as it permits the foreign investor to undertake commercial activities in Angola under the same conditions as applicable to locally registered companies;
• Branch does not possess an independent legal personality. It does however possess judicial personality enabling it to institute and be a part of legal proceedings in Angolan courts under certain circumstances.
  Company established under Angolan law

• The company established under Angolan law possesses full legal personality and has as its objectives exercising commercial activities;
• The foreign investor in Angola may chose any of the following five types of a company permitted by law:
- Public Limited Company
- Company Limited by Shares
- Ordinary Limited Partnership Company
- General Partnership Company
- Limited Partnership Company with Shares

For further information please consult:
- Law no. 1/04, DR no. 13

• For the time being all legally admissible types of companies require several partners. The investor may however present himself as a sole proprietor according
to the commercial legislation.


Financial system

The Law of Financial Institutions has been approved in April 1999 and became a basis instrument for financial sector. This Law governs the process of creation, operations and supervision over credit and financial institutions.
Credit institutions are those companies whose activity consists in accepting deposits or other refundable funds from general public with the purpose of applying those funds through credit. The credit institutions are banks, financial leasing companies and credit cooperatives.
Financial companies are those not included under the category of financial institutions; their operations are governed by the Law no. 1/99, according to the principle of specialisation, and they may only undertake operations permitted by legal and regulatory norms applicable to their respective activities.
Financial companies may undertake the following operations: financial settlement, operations with risk capitals, investment, management of movable and financial assets, brokerage, investment funds management, real estate, insurance, pension funds management and foreign exchange operations.

Credit institutions and financial companies are subject to supervision by the National Bank of Angola (Banco Nacional de Angola), except in cases established by a special Law. The amount of minimum capital for registration of a bank is 4 million US dollars.
At present the following banks operate in Angolan financial system:

• Banco de Fomento de Angola
• Banco de Poupança e Crédito
• Banco do Comércio e Indústria
• Banco Comercial Português
• Banco Comercial Angolano
• Banco Africano de Investimentos
• Banco Totta de Angola
• Banco Espírito Santo Angola
• Banco Sul
• Banco Keve

The following banks operate their representative offices in Angola:

• Citibank
• Equator Bank
• Banque Paribas


Economic factors promoting investment in Angola

  GDP (Gross Domestic Product): Criteria PPP (Purchasing Power Parity)
- USD 18.36 billion (2002 estimates)
  GDP - real growth rate: 9.4% (2002 estimates)
  GDP - per capita growth rate: Criteria PPP - USD 1,700 (2002 estimates)
  GDP - composition by sectors: agriculture: 8 %, industry: 67 %,
services: 25 % (2001 estimates)
  Rate of inflation (consumer prices): 106 % (2002 estimates)
  Economically active population: 5 million (1997 estimates)

Economically active population (by sectors of economic activity):
agriculture: 85%, industry and services: 15 % (1997 estimates)

  Balance of payments: income: USD 928 million, expenses: USD 2.5 billion,
including expenses with interest payments of USD 963 million (1992 estimates)
  Industries: petroleum, diamonds, iron mining, phosphates, feldspate, bauxite, uranium and gold, cement, metallurgy, fishing; industrial food products, brewing, tobacco, sugar, textiles
  Industrial production growth rate: 1%
  Electric energy - production: 1.45 billion kWh (2001)
Electric energy - production: thermoelectrical energy: 36.4 %,
hydroelectrical energy: 63.6 %
Electric energy - consumption: 1.348 billion kWh (2001)
  Petroleum - production: 742,400 barrels /day (2001 estimates)
Petroleum - consumption: 31,000 barrels /day (2001 estimates)
Petroleum - confirmed reserves: 5.691 billion of barrels (37257)
  Natural gas - production: 530 million of cubic metres (2001 estimates)
Natural gas - consumption: 530 million of cubic metres (2001 estimates)
Natural gas - confirmed reserves: 79.57 billion of cubic metres (37257)
  Agricultural products: bananas, sugar cane, coffee, sisal, corn, cotton, mandioca, tobacco, legumes and vegetables, cattle; forestry products, fish products
  Export: USD 8.6 billion in FOB terms (2002 estimates)
  Export-commodities: crude oil, diamonds, petroleum derivative products,
gas, coffee, sisal, timber, cotton and fish products.
  Export by commercial partners: USA 41.2 %, China 13.7 %, France 8 %,
Belgium 6.3 %, Taiwan 6.3 %, Japan 4.9 %, Spain 4.3 % (2002)
  Import: USD 4.1 billion in FOB terms (2002 estimates)
  Import - commodities: electrical machinery and equipment, vehicles and parts, pharmaceutical products, food products, textiles, military products.
  Import by commercial partners: Portugal 20.2 %, USA 13.9 %, South Africa 12.4 %, France 6.7 %, Brazil 5.8 %, Belgium 5.3 %, Holland 4 % (2002)
  Foreign debt: USD 9.9 billion (2002 estimates)
  International economic aid: USD 383.5 million (1999)
  Currency: Kwanza (Kz)
Currency abbreviation: Kz
  Exchange rate: 80 kwanzas to USD1.00 (2004)
  Telephones: fixed lines: 72,000 (1998)
  Telephones - mobile phones: 380,000 (2004)
  International Satellite Stations: 2 Intelsat (Atlantic Ocean)
  Radio (broadcasting): AM 21, FM 6, SW 7 (2000)
  Radio (number of existing receivers): 815,000 (2000)
  Television (broadcasters): 6 (2000)
  Television (number of TV sets): 196,000 (2000)
  Country Internet Domain: .ao
  Internet Service Providers: 1 (2000)
  Internet users: 60,000 (2002)
  Railways: total of 2,761 km
  Roads: total of 51,429 km, paved roads 5,349 km, unpaved roads 46,080 km (1999)
  Waterways: 1,295 km
  Pipelines: gas 214 km; natural gas 14 km; LGP 30 km; petroleum 845 km;
refined petroleum products 56 km (2003)
  Ports: Ambriz, Cabinda, Lobito, Luanda, Malongo, Namibe, Porto Amboim, Soyo
  Merchant marine: total of 8 vessels (1,000 GRT) 30,311 GRT/48.924 DWT
  Vessels by type: freighters 7, petroleum tanker 1 (2002 estimates)
  Airports: 243 (2002)
  Airports with paved runways: 32; with runways of more than 3,047 m: 4;
with runways between 2,438 m and 3,047 m: 8; with runways between 1,524 m
and 2,437 m: 14, with runways between 914 m and 1,523 m: 5; with runways
less than 914 m: 1 (2002)
  Airports with unpaved runways: 211; with runways of more than 3,047 m: 2;
with runways between 2,438 m and 3,047 m: 4; with runways between 1,524 m
and 2,437 m: 30; with runways between 914 m and 1,523 m: 95; with runways
less than 914 m: 80 (2002)

  Fonte: World Factbook (CIA)
Selected areas of interest
Second largest oil producer in the Sub-Saharan Africa.
Confirmed reserves of 3.1 billion barrels.
Estimated undiscovered reserves of 1.9 billion barrels.
Favourable taxation.
Granting of licenses for deep-sea prospecting.
Negotiations in course with offshore blocks.
Opening of an onshore Kwanza basin.

Petroleum and gas

Petroleum is the main component of Angolan economy. This sector represents more than 90% of national exports. The first expeditions in search for petroleum date back to 1906, but the first well had been discovered only in 1955. In 1966 important reserves had been discovered in Cabinda, by Cabinda Gulf Oil Company. It was from that moment that petroleum started to occupy a major position in Angolan economy and, in 1973, petroleum overtook coffee in export domain.
In 1975, on the moment of proclamation of independence, Angola was the third most important African oil producer after Nigeria and Gabon. At present, the country occupies the second position with almost one million of barrels per day with next year prospects of surpassing Nigeria, which currently produces 2.3 million barrels per day. The largest current crude reserves of Angola are located in Cabinda enclave and along the northern coast, between Soyo and Quinzau.
Besides petroleum Angola has important reserves of gas, estimated in 50 million cubic metres. In 1983 the Cabinda Gulf Oil Company was extracting and exporting 3,000 barrels per day of a propane/butane mixture. A factory situated in Cabinda has a daily processing capacity of 8,000 tons of this product. The Sonangol is completing a study of a project for production of methanol, which may result in alliance with Chevron and Braspetro.

After petroleum, diamonds also constitute the main export commodity of Angola. The principal diamond reserves are located in the northeast of the country, a region that produces diamonds of high clarity and excellent quality.
Having been affected by the military conflict, the diamond exploration industry is awaiting a new legislation, which the Government intends to use to regulate the activity in such a way as to enable channelling the profits from exploration of diamonds back to the country.
The diamonds were discovered in 1912, and commercial exploration started five years later. Up until the end of the World War II, diamonds have been the main export commodity of Angola, with coffee taking the second position.
National production of diamonds is characterised by abundance and high quality. In fact, over 70% of discovered diamonds are of high quality and have earned the right for Angola to be listed among the main diamond producing countries.
Other mineral resources

Angolan soil is also rich in other minerals. Since 50’s until 1975 iron has been extracted in Malange, Bié, Huambo and Huíla provinces with levels of production reaching an average of 5.7 million tons per year, between 1970 and 1974. The biggest part of iron has been exported to Japan, Germany and UK, which were paying back to Angola 50 million dollars per year.
Besides iron, Angola has reserves of phosphate estimated in 150 million tons and located in Cabinda and Zaire provinces, currently undergoing exploration.
In the southeast of the country, in Namíbe and Huíla provinces, there are reserves of marble, granite and quartz. Marble is specifically commercialised in the local market, while black granite, a highly valued commodity, is being exported to the USA and Japan.

Source: ANIP
Business and Investment
Boletim Informativo Digital




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