Latest updates

Securities Law Paves the Way for Angolan Stock Exchange
  • Capital Markets
  • Angola
  • February 07 2006

Since the end of the civil war in 2002, Angola has developed one of the strongest economies in southern Africa, but it remains one of the few countries in the region without its own stock market. In order to boost investment in the country, the government decided to restructure its financial sector and launch an Angolan Stock Exchange.

Energy Projects Subject to Environmental Impact Assessments
  • Energy & Natural Resources
  • Angola
  • January 24 2005

With the approval of Decree 51/04, a number of energy-related projects can no longer be licensed without environmental clearance. During this year, a number of ongoing energy projects may also have to measure their impact on the environment.

New Law Sets Out Guiding Principles on Industrial Activities
  • Company & Commercial
  • Angola
  • January 24 2005

December 6 2004 saw the entry into force of the new Law on Industrial Activities. The legislation sets out the general norms and principles applicable to all industrial activities, as well as the rules for the avoidance of risks to security, public health and the environment inherent to such activities.

Water and Sanitation Sector Development Plan
  • Projects & Procurement
  • Angola
  • September 28 2004

The new Water and Sanitation Sector Development Strategy envisages private sector participation in urban water supply and sanitation. However, this area is typically unattractive to private sector investors, due to the financial, regulatory and political risks involved. Future legislation will thus have to deal in depth with numerous issues in order to attract foreign investment.

First Impressions of New Company Law
  • Company & Commercial
  • Angola
  • September 27 2004

Angola is undergoing major economic development, and with the enactment of the new Company Law foreign investors have gained a number of benefits relating to the flexibility of structuring joint venture companies. The new law appears to have provided a suitable response to several issues which are usually raised during the process of setting up a company.

New Pricing Rules for Public Telecommunications Services
  • Telecoms
  • Angola
  • June 09 2004

Decree 3/2004 has approved new price regulations for public telecommunications services. The decree sets out a pricing policy to be adopted by public sector operators for the provision of telecommunications services, and the prices to be charged between public operators for the interconnection of public telecommunications networks.

Revised Company Law Keeps Pace with Changing Economic Landscape
  • Company & Commercial
  • Angola
  • June 07 2004

The new Company Law which entered into force earlier this year is a milestone in the ongoing reform of the Angolan legal system. It modernizes the legal framework for corporate structures and ensures a high degree of stability and credibility, expected to be an important factor in attracting private investment.

New Local Content Requirements for Oil Companies
  • Energy & Natural Resources
  • Angola
  • February 09 2004

A new Ministry of Petroleum order sets out requirements on the procurement of goods and hiring of services by oil companies operating in Angola. As a result, foreign oil companies wishing to do business in Angola will increasingly opt to structure their businesses through joint ventures with local partners, and the price of goods and services prices may also rise.

New Rules for Distribution Agreements
  • Company & Commercial
  • Angola
  • February 09 2004

A recently enacted law approving the statutory regime applicable to agency and commercial concession agreements fills a regulatory gap which has been keenly felt for several years. Parties that decide to structure their transactions on the basis of its provisions will benefit from increased legal certainty, which is expected to translate into an increase in business.

New Diamond Mining Regulations Favour Domestic Companies
  • Energy & Natural Resources
  • Angola
  • October 20 2003

Tight new regulations on diamond mining will be beneficial to Angola, as they should go a long way towards reducing illegal practices and boosting government revenues. However, it appears that some of the principles established may be over-protective of Angolan companies, thus creating disincentives to foreign investment.

New Regulations on Forms of Business Cooperation
  • Company & Commercial
  • Angola
  • October 20 2003

A new law creates greater legal certainty by setting out the rules applicable to three typical business cooperation agreements between companies: the partnership, the consortium and the corporate group. This should provide new incentives for investors to get involved in the Angolan economy and to favour associations with companies already established in Angola.

Undercapitalization: A New Threat for Foreign Investors
  • Company & Commercial
  • Angola
  • July 21 2003

The Angolan National Assembly has approved a new law which provides for the automatic winding-up of companies which have lost at least half of their share capital. This new provision may prove particularly problematic for companies whose share capital is indexed to a foreign currency.

Enforcement of Foreign Exchange Rules in the Mining Sector
  • Energy & Natural Resources
  • Angola
  • July 21 2003

In February 2003 the National Bank of Angola, the country's foreign exchange authority, issued a new order setting forth the foreign exchange rules applicable to the mining sector. The new regime imposes important restrictions on foreign exchange operations and may have an impact on the acquired rights of existing diamond mining companies.