The Republic of Cape Verde gained independence from Portugal in 1975 – making it a relatively new country. Affected by relatively high unemployment, the population of c. 600,000 works in: light industry/food production, utilities, construction, fisheries, agriculture, services (telecoms and transport), tourism and infrastructure (airports, port management and shipyards).
Foreign investors have rights of fair and equal treatment, opening of and transfers from foreign bank accounts, recruitment of foreigners, and non-discrimination. However, foreign investments (outside the Free Zone) are subject to prior approval by document submission, and the process could even involve an environmental impact study. Responses to applications must be issued within 30 days and, if successful, a time limit is given for investments to be realised.
Bilateral agreements are in place with Angola, Austria, China, Cuba, Germany, the Netherlands, Portugal and Switzerland. An agreement with Italy requires ratification.
There are 5 different commercial entity types available in Cape Verde, all with their own requirements, and the tax system can be difficult to navigate, which probably contributes to the ranking of 137/190 for Ease of Doing Business.
AUXADI can become your ideal investment partner in Cape Verde. We offer a One Stop Shop value added Outsourcing services in the areas of Accounting and Reporting, Tax Compliance, Payroll Management and Representation services, among others.