The costs of setting up companies in Angola are set to fall substantially following approval, by the country’s parliament last week of a law focusing on the issue, the Angolan press reported.
The aim of the new law is to improve the competitiveness of Angolan companies and reduce the cost of establishing them.
The costs will fall from a minimum of around US$2,400 to a fixed amount of US$100, according to the legislation approved on Thursday, whilst under the current scheme the cost varied depending on starting capital.
Setting up a company with starting capital of US$3,000 previously cost US$4,224, a figure which will now fall to US$100.
“The cost of setting up a private limited company wil also fall from approximately US$5,400 to a fixed amount of US$400,” according to the document.
Angola’s Secretary of State for the Economy, Laura Alcântara Monteiro, said in Parliament that the law was intended to “drive creation of new companies,” and “safely” improve “the business climate.”
This new law also sets out the basis for reducing the cost of all company administrative requirements. (macauhub/AO)