© Erik Cleves Kristensen
Fiscal reliefs can be granted for a maximum period of 10 years, depending on the nature and amount of the investment, the targeted sector, the location of the project, its social impact, the number of jobs created, the volume intended for exports and the national gross value added. The attribution of fiscal incentives for investment operations divides the country into two development zones, as follows:
Zone A – the province of Luanda and the cities of Benguela, Lobito and Lubango. Zone B – the provinces of Cabinda, Zaire, Uíge, Lunda-Norte, Lunda Sul, Malanje, Bié, Huambo, Moxico, Cuando-Cubango, Cunene and Namibe and the remaining municipalities of the provinces of Benguela and Huíla.
The division also includes Special Economic Zones and Development Hubs, and the introduction of the concept of Free Zones is also on the agenda.
Under the terms of the new legislation, which is complemented by the Public-Private Partnership Act( Law 2 / 11 of January 2011), foreign investment in the fields listed below must be made under a partnership with a national citizen, an Angolan private company or a publicly owned enterprise in which they hold at least 35 % of the share capital and
actively participate in the management, which must be reflected in the shareholder agreement:
• Electricity and Water
• Transports and Logistics
• Telecommunications and TI
• Construction and Public Works
• Tourism and Hospitality
• Media
In short, in addition to the reasons stated above, there are other factors to consider when deciding whether or not to invest in Angola: its geographical location gives the country a strategic position, allowing it to serve as an access platform for the regional market of Southern Africa and land-locked countries. Moreover, Angola has no recorded occurrences of severe natural disasters such as floods, volcanic eruptions, cyclones or earthquakes that could endanger the physical environment, resources and facilities. Angola offers a stable and favourable business environment, a young and active population, a rising middle-class and a growing market, fuelled by major public investments for the construction and updating of economic and social infrastructures. That is why we believe this is the right time to invest in the emerging, vibrant and promising Angolan market. •
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