With reference to Order 15/2019, of 23 December 2019, on foreign investment made by non-foreign exchange residents, BNA, on 6 November 2020, clarified the following:

• Foreign non-resident foreign exchange investors wishing to invest in Angola must open a bank account with a local commercial bank, to which they can transfer funds in foreign currency from abroad, the main account being denominated in Kwanzas with one or more sub-accounts in foreign currency.
• Payments to foreign-exchange residents can only be made in national currency, while the foreign investor must sell foreign currency to the commercial bank, with the exception of the foreign currency required to purchase Angolan State bonds issued in foreign currency.
• The proceeds from the sale of any investments, as well as the resulting income, will be credited to the investor's account in national currency, with the exception of those related to government bonds denominated in foreign currency. The investor is entitled to purchase foreign currency for the transfer abroad of any income associated with the investment made.
• Foreign investors can convert the proceeds from the sale of investments into foreign currency immediately after they are collected, or keep them in national currency for reinvestment or for the purchase of foreign currency at a later date. These funds can also be immediately transferred abroad or can be kept in accounts denominated in foreign currency for later transfer.
• Foreign investors may invest, without the need for any exchange control approval or licensing, in:

a. Companies incorporated in Angola (existing or newly incorporated), whether or not they are listed on the stock exchange;

b. Shares listed on the stock exchange, with the exception of investment in public debt, which requires prior exchange control approval;

c. Public debt investments require prior approval from the BNA.

• The funds used for the investment can be transferred from abroad or they can be funds that are already deposited in non-resident foreign exchange accounts domiciled in Angola, provided that they are the result of previous transfers from abroad, the divestment/maturity of investments in the country, or income obtained from such investments.
•  Investing in a business entity that is not listed on the stock exchange can also be done through:

a. Imports of machinery, equipment, accessories and other tangible fixed assets;

b. Incorporation of technologies and know-how, provided that they represent an added value to the investment and are susceptible to financial evaluation;

c. Shareholders’ loans;

d. Conversion into capital, of amounts due to foreign investors resulting from the supply of machinery, equipment and goods, provided that the repayment of the amounts due has been qualified for transfer abroad under the terms of exchange control regulations.

•  Investments made under the terms of paragraphs (a) and (b) of the previous point must always be complemented with the transfer of funds from abroad to defray the costs of incorporation and other related costs.
• After presenting the appropriate supporting documentation to the commercial bank, foreign investors can freely transfer abroad:

a. Dividends, interest and other income resulting from their investments;

b. Repayments of shareholders’ loans;

c. Revenue from the sale of shares quoted on the stock exchange;

d. The proceeds of the sale, when the entity is not listed on the stock exchange and the buyer is also a non- foreign exchange resident entity and the amount to be transferred abroad by the seller is equal to the amount to be transferred abroad by the buyer, in foreign currency.

• Any transfer of capital abroad that requires the purchase of foreign currency, when the entity is not listed on the stock exchange, must have prior exchange control approval when related to: the sale of all or part of an investment; the dissolution of the entity that is the subject of the investment; any other action that reduces the capital of the entity that is the subject of the investment.
• Income related to a foreign investment project can only be transferred after the completed execution of the project, duly attested by the competent authorities and after payment of taxes due and the constitution of reserves.
• Shareholders’ loans are limited to an amount equal to or less than 30% of the value of the investment made in the incorporated entity, while the loan can only be repaid three years after the date on which it was recorded in the company's accounting records.
• Investors must ensure that their investments are properly documented, so that supporting documentation can be provided to commercial banks, for the transfer of their income or sales proceeds abroad. The necessary documentation is listed in Annex I to this information.

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