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ANGOLAN NATIONAL PRIVATE INVESTMENT AGENCY - ANIP

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ANGOLAN NATIONAL PRIVATE INVESTMENT AGENCY - ANIP

    NATIONAL PRIVATE INVESTMENT AGENCY - ANIP

    THE ONE STOP GOVERNMENT ENTITY FOR

    FOREIGN INVESTMENT ISSUES

    HOW TO INVEST IN ANGOLA

Organized by: Maria Luisa Abrantes

    Angola Trade Representative ANIP/USA

    1925 K Street, N.W, Suite 225, Washington D.C. United States of America

    Phone: 1(202) 331 - 7604 Fax: 1(202) 331 - 7605 E-mail: milinvest@starpower.net

    Website: www.anip-angola-us.org

    Date: March 2006

    Produced by: Zongue Production

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    HOW TO INVEST IN ANGOLA - NATIONAL PRIVATE INVESTMENT AGENCY ANIP

    WHO WE ARE

    ENGº CARLOS FERNANDES

    President of the ANIP

One of the prime tasks of the NATIONAL PRIVATE INVESTMENT

    AGENCY ( ANIP - Agência Nacional de Investimento Privado ) is the active promotion and selective targeting of foreign investment that might facilitate the reconstruction and economic and social development of Angola.

     The accomplishment of these tasks involves the existence of internal and external conditions, which allow the dissemination of information about the legal conditions for foreign investment, available business opportunities, the range of investment operations, and general economic intelligence. In brief: a whole set of useful information to help one to decide about investing in Angola.

     In the past, marketing activities promoting foreign investment did not reach a satisfactory level for the Angola authorities. But in the present situation, with peace, it becomes urgent to change Angola's image to attract international attention for foreign investment, which is essential for the reconstruction and development of the country.

    By Carlos Fernandes

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    HOW TO INVEST IN ANGOLA - NATIONAL PRIVATE INVESTMENT AGENCY ANIP

    ANIP MISSION AND MAIN ACTIVITIES

     Promote the Government’s policy of foreign investment, agreements for

    technology imports, and to perform any activities that are assigned of them by

    the Government in this matter;

Coordinate, guide and supervise foreign investment in Angola;

     Support the execution of contracts or agreements of technology imports;

     Promote the participation of the country in International Organizations at

    meetings about foreign investment and technology transfer issues;

     Undertake, either in Angola or abroad, promotional actions to attract foreign

    investments that are most beneficial to the country’s economy;

     Analyze foreign investment proposals and/or technology import agreements,

    and to grant the necessary legal authorizations;

     Intervene in evaluating, negotiating and following up phase of foreign

    investment agreements;

     Advise and guide investors in the installation phase, particularly when in

    contact with other local entities;

     Keep a register of national companies with foreign capital, foreign investment

    operations, and of other capital operations of foreigners in national companies.

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    HOW TO INVEST IN ANGOLA - NATIONAL PRIVATE INVESTMENT AGENCY ANIP

I . ANGOLA

GENERAL DATA:

    GEOGRAPHICAL DATA LOCATION: Western Coast of Southern Africa

     2AREA: 1,246,700 m; 1,650 km maritime frontier; 4,837 km land frontier

    FRONTIER: by land 4.837 km; Congo, Zaire, Zambia and Namibia; by sea 1.650 km Atlantic Ocean

CLIMATE: Tropical

    AVERAGE TEMPERATURE OF THE AIR: 30ºC (max), 17ºC (min)

INHABITANTS: 13 500 000 inhabitants

CAPITAL: Luanda (more than 4 000 000 inhabitants)

ADMINISTRATIVE DIVISION: 18 Provinces

    MAIN CITIES: Luanda, Benguela, Lobito, Lubango, Namibe and Cabinda

MAIN HARBOURS: Luanda, Lobito and Namibe

MAIN AIRPORT: the 4 de Fevereiro in Luanda

MAIN RIVERS: Kwanza, Cunene and Cubango

HIGHEST POINT: Moco Hill (2.620m) in Huambo

    MAIN BEACHES: Ilha do Cabo, Palmeirinhas and Mussulo (Luanda); Baía Azul, Caota and Caotinha (Benguela); Restinga (Lobito); Miragens, Azul (Namibe)

LANGUAGE: Portuguese - official; Plus various local dialects: The main are Umbundu,

    Kimbundu, Kikongo, Fiote, Chokwé, etc

    MAIN RELIGIONS: Catholic and Protestant

CURRENCY: Kwanza (Kz)

PRESIDENT: José Eduardo dos Santos

GOVERNMENT: Democracy led by MPLA

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    HOW TO INVEST IN ANGOLA - NATIONAL PRIVATE INVESTMENT AGENCY ANIP

    II. GENERAL OBJECTIVES OF THE ECONOMIC

    POLICY:

     Achieve and consolidate political stability;

Maintain and consolidate the current macro-economic stability;

     Improve productive and social infrastructures;

     Revive the production of national goods and services;

Reform the administration of the State in the whole national territory;

     Improve the social services (Education and Health);

    OBJECTIVES OF THE MACRO-ECONOMIC POLICY

    FOR 2006:

    Premises of the Economic Policy:

     Oil production: 597,1 million barrels per year

Oil price: (USD/bbl) 45,0

    Goals of the situation:

General rate of growth of GDP: 27,9%

Non-petroleum GVA growth rate: 11,9%

Petroleum GVA growth rate: 37,2%

Annual inflation rate: 10%

    Fiscal (Percentage of GDP):

Revenue: 41,8%

Expenditure: 48,3%

Public deficit: 6%

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    HOW TO INVEST IN ANGOLA - NATIONAL PRIVATE INVESTMENT AGENCY ANIP

    III. HOW TO INVEST

    To invest in Angola, under the Law 11/03 Basic Law for private

    investment, investors must:

     Submit a proposal to the Agência Nacional para o Investimento Privado

    (National Agency for Private Investment - ANIP), together with the

    documentation necessary to identify and characterize the investor's legal

    standing and the planned investment. For investments of up to USD 5

    million, such proposals can be submitted by filling out a “Declaração

    Prévia” (“Prior Declaration”) form available at ANIP.

     Submit a Certificate of Admissibility for firms planning to set up a

    company in Angola;

     Submit a social commitment for the future company, and, when

    appropriate, attach a power of attorney when acting through a legal

    representative;

     Submit a Criminal Record Certificate (for individual investors); Submit a list of the equipment and facilities to be incorporated into the

    project, when appropriate;

     Attach By-Laws and Corporate Minutes to the process if the investor

    plans to become a partner in an existing company.

     Access to tax incentives is guaranteed for investments of at least 50,000

    dollars domiciled in Angola, and at least 100,000 dollars domiciled in other

    countries, regardless of the investor's nationality.

    * Once the investment has been approved, ANIP will issue a Certificate of Registration

    for Private Investment (CRIP), a copy of which will be sent to the National Bank of

    Angola (BNA) for the effects of authorizing the entry of foreign capital through a loan

    institution authorized to operate in the exchange business.

    Angola's policy on private investments includes guaranteed incentives and other

    facilities, equal treatment for foreigners and Angolan nationals, and safeguards and

    protection of investments, as well as respect for and full compliance with international

    accords and treaties. Investors are free to choose which zone or area to invest in, except

    for those areas reserved for the State by law.

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    HOW TO INVEST IN ANGOLA - NATIONAL PRIVATE INVESTMENT AGENCY ANIP

    IV. PROTECTION FOR BUSINESSES

    1. The Government of Angola guarantees that all private investors have access to Angolan courts of law to defend their rights, and they are also guaranteed the right to due legal process.

    2. In the case of expropriation of assets that are the object of private investment, due to force major and with full legal justification, the Government guarantees that payment of fair compensation will be made promptly and effectively, the amount of which will be determined in accordance with the applicable rules and regulations.

    3. The assets of private investors cannot be nationalized. 4. If there is any change in the nation's political or economic regime that results in exceptional nationalization measures, the Government guarantees that investors will receive fair and prompt monetary compensation.

    5. The government guarantees that corporations and business entities established for the purposes of making private investments will enjoy full protection and respect for their professional, banking and business privacy and confidentiality.

    6. The rights granted to private investors under the terms of this law are guaranteed without prejudice to any other rights resulting from accords and conventions to which the Government of Angola is a full party.

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    HOW TO INVEST IN ANGOLA - NATIONAL PRIVATE INVESTMENT AGENCY ANIP

    V. INVESTMENT AREAS RESERVED EXCLUSIVELY

    BY THE ANGOLAN GOVERNMENT:

     Production, distribution and sale of materials of war; Central Bank and matters related to the national currency; Ownership of seaports and airports;

     Basic infrastructure for the national telecommunications network.

    VI. SECTORS IN WHICH THE GOVERNMENT MUST

    BE A MAJORITY OR SENIOR PARTNER:

     Local infrastructure, when part of the basic telecommunications system; Postal Service.

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    HOW TO INVEST IN ANGOLA - NATIONAL PRIVATE INVESTMENT AGENCY ANIP

    VII. MOST IMPORTANT BENEFITS, IN THE BASIC LAW

    thFOR PRIVATE INVESTMENT LAW 11/03 OF 13 JULY 2003

    TAX ON CAPITAL INVESTMENTS

    Investors may be exempted from taxes on capital investments for a 5-year period if they invest in zone A, 10 years for zone B, and 15 years for zone C. When acquiring land and real estate for the purposes of their projects, investors are also exempted from tax on the transfer real-estate (SISA).

OTHER INVESTMENTS

    Customs taxes and other duties can be reduced by half for equipment imported for construction, spare parts, vehicles weighting up to 3.5 metric tons and raw materials for investments ranging from 50,000 to 250,000 dollars. The tax reduction can be up to 75 percent for imports of used equipment.

    This class of investments includes priority sectors or zone C, projects that guarantee more than 10 job positions for Angolan nationals and new enterprises that will positively impact the region, including construction and or rehabilitation of economic or social infrastructure facilities. When made in zone C, investments in new ventures as well as the rehabilitation of destroyed or stalled ventures will be exempted from the industrial tax for 10 years. This 10-year tax exemption will also be granted to investments in the food industry, farming, livestock husbandry and investments that create 50 or more job positions for Angolan nationals.

TRANSFER OF PROFITS

    Under the terms and conditions established by the Currency Exchange Law, investors can transfer distributed dividends and profits abroad after deducting legal amortizations and taxes due on them, in accordance with their respective shares in the equity of the corporation or business entity. They can also transfer the results of the liquidation of their investments (after paying any taxes owed), the results of compensations, royalties or other revenue obtained from indirect investments associated with technology transfer. Investors may also transfer any amounts owed them as stipulated in private investment agreements, following the deduction of any taxes due on them.

    Investments in diamonds, petroleum and Financial Institutions are covered by specific legislation.

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    HOW TO INVEST IN ANGOLA - NATIONAL PRIVATE INVESTMENT AGENCY ANIP

    (*)VIII. TAX INCENTIVES

    IMPRTS OF TAX-EXEMPT MACHINERY AND EQUIPMENT:

     A Certificate of Registration for Private Investment (CRIP) must be

    submitted, together with the authorization for customs tax incentives, a

    copy of which is sent to the Customs Authority by ANIP, in conjunction

    with a list of the equipment to be incorporated into the project.

     The entry of machinery, equipment, accessories and other materials is

    documented on the basis of its CIF (cost, insurance and freight) value in

    foreign currency, and its equivalent value in Angolan currency, at the

    exchange rate of the date of arrival in Angola.

     Proof of the prices declared for machinery and equipment must be

    provided in the form of authorized documentation approved by the pre-

    shipment inspection agency.

     There is a 50% reduction for used machinery, equipment and accessories,

    instead of a customs tax exemption. There is a 100% exemption for new

    and unused goods.

    OTHER ADVANTAGES OF INVESTING IN ANGOLA:

     Exemption for up to six years from payment of customs tariffs and other

    taxes on goods and equipment, including heavy and technological vehicles,

    from the date of arrival until the beginning of operations for investments.

    Investors are only required to pay the tax stamp and service charges.

     Five-year exemptions from payments of customs tariffs for merchandise

    incorporated into or directly consumed in the act of producing other

    products, including during the test stage. This does not include equipment,

    accessories, surplus parts and raw materials produced in Angola. For these

    goods, investors are only required to pay the tax stamp and service charges;

    _____________________________________________________ TH (*) LAW 17/03 OF 25 OF JULY LAW ON INCENTIVE TAXES AND CUSTOMS

    HOW TO INVEST IN ANGOLA - NATIONAL PRIVATE INVESTMENT AGENCY ANIP

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