Insights
Regulation on Private Investment Law NOVEMBER 2018

Presidential Decree No. 250/18 of October 30, which entered into force on the same day and revoked Presidential Decree No. 182/15 of September 30 and Presidential Decree 164/17 of July 12, approved the Regulation of Private Investment Law (Law no. 10/18 of June 26).

Documents to instruct the application for registration of private investment:
• Letter to request the registration of the Private Investment Project and the respective issuance of CRIP;
• Application form to register the Investment Projects;
• Copies of the by-laws and the Commercial Register Certificate in the case of a legal person;
• Resolution with the decision to register the Investment Project;
• Document proving the existence of funds or other forms of realization of the declared Private Investment Project;
• Training plan and gradual replacement of the foreign labor force by the national;
• Power of attorney, if the tenderer is represented.

Procedure:
The company through which the Private Investment Project is implemented must be previously established;
• Entry of the application for registration of the Private Investment Project – Application is considered only delivered when AIPEX notifies the tenderer or its attorney, through an official receipt, that all the documents identified above have been presented;
• Upon receipt of the application for registration, AIPEX has a deadline of 5 working days to communicate the decision of the request. At this time, or it defers and issues and delivers the CRIP or denies.

Reasons for rejection may be as follows:
- of legal order;
- if there are reasonable grounds to believe that the investor does not have the human, financial or technical means to fulfill his obligations, such as insufficient proof of the ability to carry out the Investment Project, or evidence that the investment is being used to cover up illegal practices;
-if the investor is included in the lists of sanctions of the international organizations to which Angola belongs, or if there is information on the same of the security and internal bodies of which he is escaped of justice in Angola or abroad.
There may be a complaint or appeal from this rejection decision.

Investment Regimes:
AIPEX, in registering the Private Investment Project, is responsible for verifying that the object of the main activity of the Project declared falls within the economic classification of the priority sectors of activity that result in access to the Special Regime.

Tax benefits:
They are automatic grant.
The commercial companies through which the investment projects are presented who has benefits and facilities under the terms of the Private Investment Law must present a tax declaration referring to the respective investment separated from the other economic activities that they develop.
For private investment projects within priority areas of activity under the Special Regime which are developed in more than one of the Development Zones, tax benefits are allocated considering the Development Zone which has the highest proportion of total investment declared, considered, for this purpose.

Access to internal credit:
External investors and mixed commercial companies that are developing the first Investment Project which has benefits and facilities granted under the Private Investment Law are not eligible for internal credit.

Reinvestment benefits:
Following the effective implementation of an Investment Project that has been registered by AIPEX, upon expiration of the term of the benefits and facilities granted, in case of reinvestment of profits, the investor may reapply for the registration of the Private Investment Project for the purpose of access to the benefits and facilities of the Private Investment Law. The attribution of benefits to the Investment Projects carried out in the reinvestment modality only happens once.

Inspection:
AIPEX monitors and supervises the implementation of investment projects. Investors should submit documentation of the Project workforce, including:
• documents on the company's salary policy;
• up-to-date insurance;
• proof of payment of social security;
• proof of compliance with the training program for the national workforce;
• proof of compliance with the expatriate workforce replacement program by the national in accordance with the Project schedule.
During the implementation phase of the Project, the Investment Vehicle Company prepares and presents, quarterly, the monitoring report of the implementation phase of Investment Projects by filling out a specific form that is obtained at the AIPEX service counters or in the electronic means available for this purpose. This report must be sent within 15 working days after the end of the quarter to which it refers.
In the exploration phase of the investment, the investor must provide information requested by AIPEX that will make regular visits to registered enterprises.

Corporate Changes:
Communication of corporate changes must be made to AIPEX within 15 days of the change.

Failure to comply, corrective measures, cancellation of project registration:
The Regulation determines the procedure that AIPEX follows when it detects any non-compliance regarding the implementation of the Project approved by AIPEX and the consequences that may result from such non-compliance.

Support Services:
AIPEX makes available to Private Investment Projects registered in the Special Regime some services to support the implementation of the project.

Fees:
- Application: Kz 40,000.00 (USD 130,00)
- Issue of CRIP: Kz 300,000.00 (USD 970,00)
- Issue of a duplicate of CRIP: Kz 550,000.00 (USD 1.775,00)
- Change of CRIP: Kz 550,000.00 (USD 1.775,00)
- Issuance of statements: Kz 320,000.00 (USD 1.035,00)
- Reinvestment: Kz 1,000,000.00 (USD 3.225,00)
- Support Services: values established by AIPEX 

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