Angolan legislation meant to remove barriers to foreign investment

The Angolan government intends to abolish the rule that at least 35 percent of any company incorporated in Angola must be owned by an Angolan, so allowing foreigners to own companies in their entirety, Lusa reports.

The Portuguese news agency says this is one provision of a bill on private investment, which the Government will soon be submit to the legislature.

The report says the bill also provides for tax breaks for up to 10 years on all investments. At present only investments of US$1 million or over get such tax breaks.

The bill would prevent the state from interfering in the management of private companies or from cancelling their operating licences without a fair hearing.

And the legislation would give foreign investors the right to repatriate their profits, Lusa says.