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UK – Angola Investment Forum

UK – Angola Investment Forum. Pieter van Welzen. London 24 May 2012. Investing in Angola: legal aspects. Overview. Perspective: foreign investor Background and trends Legal framework for investing. Background and trends. Foreign investment = regulated activity:

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UK – Angola Investment Forum

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  1. UK – Angola Investment Forum Pieter van Welzen London 24 May 2012 Investing in Angola: legal aspects

  2. Overview • Perspective: foreign investor • Background and trends • Legal framework for investing UK – Angola Investment Forum

  3. Background and trends • Foreign investment = regulated activity: • State plays important role in economic activity • Legal framework and infrastructure influenced by: • Portuguese colonial period • Civil war/ ideology • Oil boom UK – Angola Investment Forum

  4. Background and trends • Result: • Still laws from colonial period • Ad-hoc regulation and arrangements • Regulations often outdated in terms of contents and enforceability • Angolan legal doctrine and analysis to be developed • Process to modernise legal framework and infrastructure and make it more up to date • More emphasis on enforcement UK – Angola Investment Forum

  5. Background and trends • Sectors: • Oil and gas (exploration/ production) • Mining (exploration/ production) • Financial services • Other sectors • Integration of oil/gas and mining sector into local economy • More stable and modern legal environment UK – Angola Investment Forum

  6. Legal Framework for investing • Private Investment Law • Foreign exchange regulations • Taxes • Local content requirements • Sector specific rules: e.g. oil/gas, mining, financial services • International legal framework UK – Angola Investment Forum

  7. Legal Framework for investing • Private investment law • applies to all investments in Angola and any establishment in Angola (excluding oil and gas exploration, mining and financial institutions) • minimum amount to be invested: USD 1 million • form of foreign investment: • transfer of funds from abroad • application of moneys held by non-residents in foreign currency accounts in Angola • reinvestments • import of machinery, equipment, etc. • technology and know-how UK – Angola Investment Forum

  8. Legal Framework for investing • application process with ANIP • detailed proposal to be submitted to ANIP • assessment of proposal by ANIP • negotiation of investment conditions (commission with representatives from tax authorities, custom authorities and BNA); • approval • result: investment contract with ANIP (published) UK – Angola Investment Forum

  9. Legal Framework for investing • investor has guarantees and can obtain incentives • guarantees: • repatriation of capital and dividends (subject to BNA rules/availability forex) • protection of rights • incentives: • tax benefits • custom benefits • tax exemptions and reduction (duration and size dependent on location of investment) UK – Angola Investment Forum

  10. Legal Framework for investing • Foreign exchange regulations • Scope • General rules • Specific rules for oil and gas sector • General: forex transactions require authorisation of BNA • Certain transactions: • Local bank monitor compliance UK – Angola Investment Forum

  11. Legal Framework for investing • Taxes • Modernisation of fiscal system • Industrial tax (rate being reduced from 35% to 30%): also applies to companies without a presence in Angola • Transfer pricing rules • Stamp duty • Capital application tax (10-15%) UK – Angola Investment Forum

  12. Legal Framework for investing • International legal framework • Angola is not a party to NY Convention on arbitration (but local arbitration under international rules is possible) • Bilateral investment treaties: only treaty with Cape Verde has been ratified) • No double taxation treaties (but discussions with The Netherlands and Portugal) UK – Angola Investment Forum

  13. Legal Framework for investing • World Bank Doing Business rankings • Protecting Investors: • Angola has a higher ranking than France, Spain and The Netherlands. UK – Angola Investment Forum

  14. Clifford Chance Contact • Pieter van Welzen Clifford Chance LLP Droogbak 1a 1013 GE Amsterdam The Netherlands Direct dial:    + 31 (0)20 7119154 Mobile :        + 31 (0)65 0285809 pieter.vanwelzen@cliffordchance.com • With thanks to FBL Advogados

  15. UK – Angola Investment Forum

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