The new Private Investment Law (PIL) provides for the approval of a regulation, which will establish the procedures that the foreign investor must observe, at the level of communication and registration in AIPEX, after the conclusion of the investment act under the prior declaration regime.

This regulation has not yet been approved. However, the Guiché Único Da Empresa (GUE) has just issued a statement to allow the immediate application of the new Law 10/18 of June 26, on the incorporation of companies. This statement establishes the following:

• Only a copy of the passport with a valid visa and a personal tax identification number (NIF) must be required for a non-resident foreign citizen who wish to incorporate a company;
• A non-resident foreign citizen may request his personal tax payer number (NIF) in the GUE services;
• The requirement of a work visa for the position of manager or director is maintained until otherwise advised.

Therefore, foreigners will, with immediate effect, be able to incorporate companies under Angolan law, as well as to carry out other corporate acts.

In addition to the future approval of the Regulation that is lacking (which will determine the form of subsequent communication of these acts to AIPEX) and without prejudice to additional clarifications that the GUE should provide, this entry of foreigners into Angolan companies will only be limited (requiring prior approval of a special investment process) in certain strategic sectors.