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Investments in securities by foreign exchange non-residents

Notice no. 1/2007 was published in the Official Gazette of Angola on 3 February 2017, which, in view of the need to define the procedures for applying the funds coming from outside Angola, sets forth the procedures for investments, transfer of funds, interests, dividends and other income by non-resident foreign exchange entities related to securities transactions admitted to trading on the Angola Debt and Securities Exchange Market (Bolsa da Dívida e de Valores de Angola - BODIVA) and other regulated markets supervised by management companies registered with the Capital Markets Commission (Comissão do Mercado de Capitais - CMC).

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Banking Ombudsman Service

It was decided to create a Banking Ombudsman Service in the delegation of the National Bank of Angola (BNA) in Huambo province, in order to address the various complaints of consumer rights violations and mismanagement of commercial Banks.

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Investing in the Future

At the end of another year in which the world economy is taking small steps towards a resumption of global economic growth, Angola looks to 2017 in the hope that it will be possible to emerge from the crisis.

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Angola: Rediscovering the Past

When the Portuguese navigators arrived on the Angolan coast, they found one of the most powerful kingdoms in Sub-Saharan Africa, the Kongo, an empire that had been around for nearly seven centuries and which had an advanced political and social organization centered on the "Lûmbu", an Electoral College that elected the King or Emperor and presented a scheme of separation of powers similar to the one of the modern democratic regimes.

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Simplified incorporation of companies

Last August came into force the Presidential Decree No. 153/16, which established the regime and the special procedures to incorporate companies, immediately or online.

However, these procedures are dependent of the verification of the following assumptions:

  • The Article of association should be in line with the model approved by the Ministerial Department responsible for the Justice Sector;
  • Choose firms from the Firm Bag reserved for the State;
  •  Submission of Certificate of Admissibility of Corporate name issued by the Central Register of Social Denominations.

Satisfy the conditions mentioned above, you can choose between the immediate incorporation of the company or the online incorporation.

To this end, we indicate the general characteristics of each model of incorporation, so you can decide, according to their purpose, which model fits the company's best interest.

 

IMMEDIATE INCORPORATION

 

 

Processing Period

 

 

On the same day.

 

Beggining of the procedure

 

Interested parties should formulate its application at the Commercial Registry, stating their firm option.

 

Required documents

 

Applicants must submit proof of his identity, ability and powers of representation for the act.

 

Refusal

Whenever check for omissions, defects or deficiencies affecting the formation and manifestation of the will of those involved in the act or in the documents.

 

 

 

Documents provided  to company

 

 

  • Business registration certificate;
  • Where appropriate, on-line availability of the registration certificates which may be incurred in granting the access code;
  • A copy of the Article of association with notarised signatures;
  • The Tax Identification Number.

 

 

Subsequent procedures

  • Legal Publications;
  • The data must be sent to the competent tax office for completing of the taxpayer registration;
  • The data must be sent to the to the National Institute of Statistics and the National Institute of Social Security for official entry effect of the society in the Social Security office.

 

ONLINE INCORPORATION

 

 

Processing Period

 

Two days starting from the verification of any of the following events:

a) Conclusion of the articles of association;

b) Reception of all the necessary documents for the incorporation of the company;

c) Supply of any defect in the application.

Beggining of the procedure

Applicants must make the application at the online site.

 

 

 

Online Application

Those interested in setting up the company shall make an application by practicing the following acts:

  • Choose the Article of association in line with the model approved by the holder of the Ministerial Department responsible for the Justice Sector;
  • Choose firms from the Firm Bag reserved for the State;
  • Payment of the charges that may be due;

 

NOTE: Once you start the procedure, the request must be submitted by the parties within 24 (twenty four) hours.

 

Validation of the application

 

 

The application for incorporation of a company shall be considered validly submitted after the issuance of an electronic proof.

 

 

 

Subsequent procedures

  • Registration of the Article of Association;
  • Grating of the access code to the Commercial Register Certificate;
  • Legal Publications;
  • The data must be sent to the competent tax office for completing of the taxpayer registration;
  • The data must be sent to the to the National Institute of Statistics and the National Institute of Social Security for official entry effect of the society in the Social Security office.

In view of the above, we can tell you that both of the procedures are very fast, so both serve the purpose of setting up a company in the shortest possible time, and for that matter the choice of entering the use of a procedure against the other, will vary only on the availability (immediate incorporation) or unavailability (online incorporation) to travel to a Commercial Registry.