Cape Verde government creates fund to support internationalisation of country’s companies

13 December 2010

Praia, Cape Verde, 13 Dec – The government of Cape Verde has set up a fund of 100 million Cape Verdean escudos to support the internationalisation of the country’s companies, the chairman of Cabo Verde Investimentos, Carlos Rocha said in Praia.

According to cape Verdean weekly newspaper, Carlos Rocha said that the fund aimed to “expand our export base, as well as encouraging Cape Verdean companies to take the risk.”

Therefore, he said, the Decree-Law that set up the fund excluded investment projects in the areas of tourism, banking, insurance, real estate and construction that are the subject of mechanisms set out in specific legislation or that, due to their nature, are not strategic in terms of internationalisation.

The biggest incentives are aimed at investment projects by companies with headquarters on the peripheral islands – Brava, Sao Nicolau, Fogo and Santo Antao – and the interior of Santiago, and funding will depend on the location and percentage of turnover generated there.

The government also set up the Cape Verde International Business Centre (CIN), which provides tax benefits to companies and entities that set up themselves up there as well as to those that take a stake in the companies that are set up at the Centre.

“The entities set up at CIN are also exempt from customs charges applicable to the import of some goods, such as construction materials, machinery, apparatus, instruments and utensils, accessories and separate parts for buildings and equipment, when they are required for the companies to operate,” Rocha said. (macauhub)