LEX Africa's 'Guide to Doing Business'

Angolan company.
A representation office:
may not conclude contracts in its own name but can rent
facilities and establish a single office
may hire a maximum of 6 workers (or 8, in exceptional
circumstances)
must deposit a fee of USD 60 000, which will be returned
once the representation office closes.
This procedure requires the approval of the Angolan National
Bank.
A branch, a new company, the acquisition of shares in an existing
company and the execution of a consortium/association
agreement each require:
a minimum investment amount of USD 1 million
an approval by ANIP (for investment projects up to USD 10
million) or by the President of the Republic (for investment
projects over USD 10 million). Such approval is usually
granted within 4 months after submission of the application.
Incorporation of an Angolan company
In order to incorporate a company, it is necessary to execute a
public deed of incorporation, to publish the articles of
association in the official gazette and to arrange its commercial,
tax and statistic registration. The Guiche Único de Empresa is the
public entity which deals with all matters regarding the
incorporation of a company.
If the company has a non-resident foreign shareholder, the prior
approval of ANIP is required.
Exchange Control
Foreign exchange regulations distinguish between goods,
current accounts and capital transactions, and apply to all
payments and transfers made between residents and nonresident
entities.
Taxation
Resident companies are taxed on their worldwide income at a
rate of 35%.
The branch of a non-resident company is taxed only on its
Angolan revenues at 35%.
Companies conducting agricultural or similar activities are taxed
at 20% of their income.
Tax with regard to certain technical and construction services is
paid through withholding 5.25% and 3.5%, respectively.
A special tax regime applies to companies in the petroleum and
mining sectors.
Dividends paid by an Angolan resident company are subject to a
tax rate of 10% and interest paid by a resident company is subject
to a rate of 15%. Royalties paid by an Angolan resident company
are taxed at a rate of 10%. In some cases, the rate can be reduced
to 5%.
Personal income tax is paid by individuals regardless of their
residence or nationality on their Angolan income on a sliding
scale with a maximum rate of 17%.
Angola has not concluded any double taxation agreements with
other countries.
In 2010, a program for the revision of the tax system (known as
PERT) was initiated and has led to changes to stamp duties,
consumption tax and real estate taxes.
Import/Export
In 2006, Angola approved a Customs Code and, in 2008, a
Customs Tariff of Import and Export Duties. The import of most
goods into Angola is generally permitted without restriction.
Certain products such as explosives, weapons, roulette tables,
playing cards and ammunition require prior authorisation.
Customs duties range between 2% to 30% of the cost, insurance
and freight (CIF) price of the imported product and depend on
whether it is an essential, useful or luxury item.
Exemptions may be granted to investors by the Ministry of
Finance and by the Customs General Directorate if the imported
materials and equipment are used for private investment
projects approved by ANIP or the President of the Republic.
Legal System
Angola has a codified legal system which guarantees equal
treatment of Angolan and foreign individuals and companies.
The Angolan judicial system comprises the Supreme Court and
Municipal Courts established through Angolan provinces. The
Constitutional Court has been established in 2008, and has been
active. After recognition by the Supreme Court, foreign
judgments and arbitral awards may be enforced in Angola.
Angola has an Arbitration Law, which is strongly influenced by
the United Nations Commission on International Trade Law
(UNCITRAL) model law. In 2011 two institutionalized arbitration
centers in Angola were approved. Angola is not yet a party to the
New York Convention on the recognition of foreign arbitral
awards. An Agreement of Legal and Judicial Cooperation has
been concluded with Portugal.
Intellectual Property
As a member of the World Intellectual Property Organization
(WIPO), Angola is committed to the protection of intellectual
property and has adopted the Paris Convention for the
Protection of Intellectual Property. In order to promote more
extensive protection, the Intellectual Property Law is currently
under review.
The Angolan Industrial Property Institute promotes the
registration of patents, trademarks, names, badges, industrial
designs, utility models, rewards and provenance indications.
Financial Services/ Insurance
The Financial Institutions Law regulates banking and nonbanking
activities (including insurance activities). The Angolan
National Bank supervises banking institutions. Other financial
institutions are supervised by the Capital Markets Commission
or the Insurance Supervision Institute.
A stock exchange is expected to open in 2016.
Angola has a significant number of insurance
companies and banks.
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