Proposed law sets US$1 million as minimum amount for investment in Angola

15 April 2011

Luanda, Angola, 15 April – Angola’s new Basic Law on Private Investment will set US$1 million as the minimum amount for investment in the country according to an announcement in Luanda reported by Angolan news agency Angop.

“A million dollars is the minimum amount set by the proposed law so that Angola can benefit from quality investments that promote economic development,” said Sérgio Santos in a statement as part of the meeting of the parliamentary group of the Popular Movement for the Liberation of Angola (MPLA) to discuss the issue.

The parliamentary group’s spokesman said that, “the amount was set taking into account international benchmarks,” and noted that, “Angola needs investments that have significance for its development and not so much that small kind of investment that can be peripheral.”

Reducing bureaucracy in the process of setting up companies, access to financing and organisation of companies are other aspects covered by the new law. (macauhub)