ANGOLA INVESTMENT POLICY

ANGOLA INVESTMENT POLICY

SETTING UP & OPERATING BUSINESS IN ANGOLA

TYPE OF BUSINESS The principal forms of business enterprises in Angola are: · A branch has no legal entity and thus, obligations entered into by the branch are binding on the foreign company (if the company fails to comply with the registration requirements, the directors and the company will be jointly liable). All mandatory regulations (e.g. labour and tax laws) apply to the activities of a branch. · A branch does not offer the protection of limited liability, and the assets of the operating company are therefore subject to any legal claims arising through the Angolan operations. This could cause serious problems in cases of insolvency or payment of fiscal debts. · The foreign investment regulation requirements also apply to the registration of a branch in Angola. · From a legal point of view, a subsidiary has its own legal entity and remains independent of its shareholders. · For the incorporation of an Angolan company, compliance with the Commercial Law and registration requirements is imposed by Angolan foreign investment regulations. · A subsidiary company can be set up in different ways. Angolan Commercial Law provides for different kinds of legal structures, of which the most important are Limited Liability Partnerships (Sociedade por Quotas - LDA) and share companies (Sociedade Anonima - SARL). Both are limited liability company structures and both have to be formed by notarial deed and subsequently registered in the Commercial Registry. · The minimum capital legally required was established some years ago in Kwanza 50.000. With the strong devaluation of the Kwanza this number is not used for foreign investors for whom an approximate amount of USD 3.000 is used as minimum. · One of the solutions to consider is to split specific projects and/or contractor services agreements between the incorporated company and the foreign company operating through the branch. Another company could be formed for the rendering of services, in which foreign personnel would be concentrated. · This would imply that the investing company operates both with a structure established in Angola and with an offshore occasional participation of the mother company, for specific projects or contractual co-operation. Representative Offices Under Angolan Decree 7/90, dated March 24, the Representative Offices can not undertake on its own any commercial activities in Angola. Its activity is limited to the mere representing on behalf and for account of the foreign (represented) entity, without legal capacity to act autonomously or hold any participation on the capital of companies. This implies that all activities carried on in Angola by the foreign represented entity will be considered as carried on by this entity, with all the legal consequences from that. Under that Decree, the Representative Office may be definitively closed, in case of violation of the applicable Angola regulations, as well as if the represented entity not accomplish any contractual obligation entered in Angola. So, if you intend to start up running a business in Angola on the basis of a local structure, it is in fact really necessary to establish a different legal structure. This structure to operate in Angola, can either be to incorporate a company or merely to formally register as a branch. These two different structure allow you to enter into trade activities and imply respecting different formalities and being subject to different authorities. Basically, you will not be under the National Bank of Angola supervision but rather subject to the control of the Foreign Investment Institute. A branch has no legal entity and thus, obligations entered into by the branch are binding on the foreign company (if the company fails to comply with the registration requirements, the directors and the company will be jointly liable). All mandatory regulations (e g labour and taxes law) apply to the activities of a branch. Please note that a branch does not offer the protection of limited liability, and the assets of the operating company are therefore subject to any legal claims arising through the Angolan operations. This could cause serious problems in cases of insolvency or payment of fiscal debts, for instance. Also remember that the foreign investment regulation requirements also apply to the case of registering a branch in Angola. From a legal point of view, a subsidiary has its own legal entity and remains independent of its shareholders. For the incorporation of a company, Angolan Foreign Investment Regulation provide several forms. A subsidiary company can be set up in different ways. Angolan Commercial Law provides different kinds of legal structures, of which the most important and suitable forms are limited liability partnerships (Sociedade por Quotas - Lda) and share companies (Sociedades Anonimas - SARL). Both are limited liability companies and both have to be formed by Notarial Deed and subsequently registered in the Commercial Registry. For starting a trading business, it is advisable to set up a company in Angola, both for political and legal reasons. However, as regards the tax implications of this choice, please note that theoretically the 10%, withholding tax only applies to the distribution of dividends and not to the remittance of profits from a branch to its head office. In face of this, since registered branches and companies are taxed in the same way, from a pure tax view, to register as a branch would provide a more effective tax saving. But this should be checked with the concerned authorities once we have notice cases of taxation on remittances of profits from branches to its offices despite the different provisions in the appropriated Code. TAXATION Taxation - Corporate Income Tax Special regime A new tax law approved in 1997 introduced a special tax regime for contracting and similar services, stating that the taxation by Industrial Tax for contracting services, sub-contracting and rendering of services shall be made by the special regime defined in the law. The new tax establishes a withholding tax on payments made to persons and companies, carrying out, occasionally or permanently, contracting services, sub-contracting services or rendering of services not included in the Employment Income Tax Code, no matter they have or not a head office, a permanent office or a permanent establishment in Angola. The concept of contracting services is considered to be included in the activities which partially or wholly compete to complete civil works or services, which are or may be considered as costs, whether booked or not in Angola, by the acquirer, contractor or recipient of the services. For purposes of the law, the technical assistance contracts, management and others of similar nature are considered as services contracts. The taxable income will be 10% or 15% of the value of the contract, depending on the type of services. In respect of constructing, improvement, reconstructing, repair or maintenance of fixed assets, the taxable income will be 10% of the value of the contract, no matter in what form it is made. The rate applicable to such taxable income will be 40% which is the ordinary Industrial Tax rate, as stated in the Article 71 (1) of the Industrial Tax Code. The tax shall be withheld by the contracting party for each payment made, and paid over to the Tax Office within the following fifteen days, accompanied by a completed official document (DA. The tax shall be paid in a currency which is determined in the respective contract, converted into Kwanza Reajustados, for the purposes of applying Article 76 of the General Tax Code. The assessment and payment of the tax due shall be of the responsibility of the contracting party who will be liable for the whole amount of the tax in case of non payment, without prejudice to the right of recourse against the debtor of the tax, but only in respect of the principal debt. General Regime Companies carrying out industrial and commercial activities in Angola are subject to Industrial Tax (Income Tax) on all profits derived from Angola. Under the appropriated code, all the income obtained abroad by an Angolan company operating overseas will be fully taxable. Foreign entities with a permanent establishment in Angola are subject to an income tax only on profits derived from the permanent establishment. The definition of permanent establishment, introduced in the Codigo Geral Tributario, following the accepted notion of the OECD Draft Double Taxation Relief Convention, also considers as permanent establishment the mere rendering of services, if made by the presence in Angola of hired personnel, for more than 90 days within an year. Industrial tax is divided into three groups, of which, Group A is the more important. Group A includes the share companies, the public companies, companies which capital is higher than Kze 400,000,000.00, the financial and insurance institutions, Angolan companies operating abroad and foreign entities having a permanent establishment in Angola and other taxpayers that had an average turnover over Kzr 800,000,000.00. The ordinary tax rate is 40% and plus a surcharge of 10% tax will additionally apply to income exceeding Kzr 400,000,000.00 (thus on exceeding amounts, a final tax rate of 50% will be applicable). While this surcharge remains in force, to diminish this burden, a company can split the awarded projects between different group companies or, for the case of operating in a mere rendering of services, choose to be taxed on contract by contract basis. In the last case, it will be not exactly a matter of choice due to the fact that the law establishes that the taxation by Industrial Tax for contracting services, sub-contracting services and rendering of services shall be made by a special regime on contract by contract basis. In the other hand, when a taxpayer forms a head office, residence or permanent establishment in Angola, subject to the Industrial Tax rules, by carrying on the activities indicated above, the payments made in contract by contract basis shall be treated as payments on account for the tax year for that year. The Minister of Finance can decide, on a case by case basis, to provide tax exemptions or tax reductions for companies investing in fundamental areas of the Angolan economy. Under the tax reform of 1992, further to granting tax incentives to companies investing in fundamental areas for Angolan development, an exemption from three to five years can be obtained for new industries, as defined by law. Companies are generally subject to tax on the gross amount of dividends received. Dividends received from Angolan companies subject to Industrial Tax are exempt from tax if at the time of the distribution the recipient owns at least 25% of the capital of the paying company and has held the shares for at least two years or since the incorporation of this company. The Capital Income Tax (Imposto sobre a Aplicacao de Capitais) imposed on taxable dividends was raised to 10% under the new legislation of 1992. An exemption, on the same conditions as the exemption from income tax, can be obtained from the Minister of Finance for news industries and investment projects in fundamental areas. The tax year is the calendar year. Under the tax reform, Group A companies have to file form M/1 up to 31st of May and advance payments of tax shall be made in January, February and March of the following year. Final payments will be made at the time of delivering form M/1 and set off against the advance payments made. Companies may carry forward tax losses for three years. No carry back is allowed. The allocation of costs as regards permanent establishments of foreign companies in Angola can only be made as regards costs directly incurred by the Angolan establishment. There are no tax regulations governing groups of companies. But the tax reforms of 1992 introduced provisions allowing the Tax Authorities to adjust the taxable income of any taxpayer, due to the existence of a special relationship. Furthermore, adjustment of the assessable income is also allowed for the case of a foreign operating entity declaring a taxable profit which will be different from the taxable profit which would be obtained by an Angolan entity under the same conditions. Personal Income Tax - Employment All individuals receiving employment income for duties performed in Angola are subject to income tax. Personal Income Tax will be payable by all Angolan residents and non-residents on all the income obtained from an activity in Angola. A definition of residence was established in the appropriated Code, covering the stay for more than 183 days each year or the holding of a personal abode, evidencing the intention of that being a permanent residence by the 31st of December. Taxable income includes all employment income, such as wages, salaries, leave payments, fees, gratuities, bonuses and premiums or allowances paid or granted by reason of employment, in cash or in kind. You should consider that the personal tax law imposes a monthly definitive withholding tax on salaries and other employment income paid by the companies. Non residents are subject to taxation on their income obtained in Angola. Taxation is made through a monthly definitive withholding by the employer according to the following rates: Up to Kzr 30,000,000.00 blank Exempt From Kzr 30,000,001.00 up to Kzr. 90,000,000.00 4% of the excess of Kzr. 30,000,000.00 From Kzr 90,000,001.00 up to Kzr. 150,000,000.00 fixed parcel of Kzr 2,400,000,00+6% of the excess of Kzr. 90,000,000.00 From Kzr 150,000,001.00 up to Kzr 300,000,000.00 fixed parcel of Kzr. 21,000,000.00+15% of the excess of Kzr 300,000,000.00 Double Tax Relief Angola has not concluded tax treaties with any other jurisdiction. No relief is granted for foreign taxes paid by an Angola taxpayer. EXCHANGE CONTROL All the exchange operations are subject to Banco Nacional de Angola supervision. However, the exchange residents (including representation offices, branches of foreign companies, incorporated companies, etc) are allowed to open and to movement hard currency banking accounts in the banks that operate in Angola. The Banco Nacional de Angola will define the conditions and the terms under which the exchange residents can open the hard currency bank accounts mentioned above. The exchange non residents foreign companies can open and movement Kwanza Reajustados (Angolan currency) and hard currency banking accounts in the financial institutions established in Angola. Companies covered by the foreign investment law may open bank accounts in local or foreign currency in banks domiciled in Angola in accordance with current banking and foreign exchange legislation, unless they are covered by some special regime. Ordinarily and generally, the contracts signed by a branch or a subsidiary must be made in Kwanzas Reajustados. However, this obligation does not forbid the parties from entering in a splitting contract in which the head office/mother company is paid directly in other currency according to the services rendered and the branch or subsidiary is paid in Kze. VISA REQUIREMENTS · All foreign workers performing duties in Angola shall obtain visas after justification is made for their stay. If the workers are hired by an Angolan company or allocated to a permanent establishment of a foreign company, they should also obtain work permits. 1. Guiding Principles All foreign nationals wishing to enter in Angola must possess a valid passport. Entry visas are required for non Angolan nationals from countries with which Angola has no reciprocal agreement regulating the rights of entry. The Angolan authorities issue transit visas, short term visas, ordinary visas, work visas and residence visas. Angola has no quote systems for immigration into the country. 2. Temporary permits Transit visas are short term travel visas granted by the concerned angolan consular authorities for a period of 5 days, prorogable for an equal period of time and valid for a single entry. Short term visas are valid for a single entry and granted for a period of 15 days. These visas are conceded by the Angolan National Department of Immigration and Borders, through his border police stations, with the goal to permit the entry in national territory of the foreign citizens that had not could (??) get the visa in the concerned Angolan Consular Authority. The ordinary visa is granted to foreign people by the concerned angolan consular authorities for a period of 30 days. This kind of visa is issued for familiar, cultural, scientific, business and tourist reasons and might be used within 60 days after the date of emission. 3. Work Permits The work visas are conceded by the Angolan consular authorities to permit the entry in Angola of foreign citizens with the objective of realise, temporarily, a professional activity in the interest of the State or the third parties. This type of visa is valid for multiples entries and enable his titular to stay in the country for a period of a year, prorogable for equal periods of time, up to the term of the individual contract of work. The work visa needed to perform a professional activity on the account of the State can only be conceded with the authorisation of the Angolan National Department of Immigration and Borders after hearing the Minister of Labour. The work visa necessary to carry on a professional activity on the account of third parties must be conceded after permission of the Angolan National Department of Immigration and Borders under positive opinion of Minister that supervise and regulate the concerned activity. The issue of the work visa is linked with the payment by the titular of a pledge in an amount equivalent to the cost of the flight ticket to go back to the origin country, which should be deposited in the National Bank in the name of the Angolan National Department of Immigration and Borders. The repatriation pledge will be refunded by the authorities when the titular of the visa decide to leave the country. 4. Residence Permits Non Angolan nationals wishing to take up a residence in Angola must apply for residence permits. Applicants must initially apply for residence visas at the Angolan Consulates in their home countries. Once granted, the visa entitles entry into Angola for a maximum period of stay of 120 days, prorogable for equal periods of time, during which time application may be made and conceded for a residence permit. There are three kinds of residence permit: temporary, permanent type A and permanent type B. Temporary residence permits are valid for one year, with subsequent annual renewals for equal periods of time. Type A permanent permit is conceded to foreign people living in Angola during 5 consecutive years and is valid for 2 years with subsequent renewals for the same period tome. Type B permanent permits are granted to foreign people that have been living during 15 consecutive years in the country and are indefinite residence permits. 5. Steps for obtaining Permit In addition to an application, the following documents, all of which must be translated into Portuguese, must provide to the authorities to obtain the permit: Passport copies Photograph A medical certificate Details of a criminal record Proof of financial means A signed labour contract In granting work permits, consideration is given to the type of work proposed, the availability of workers capable of performing the work , the level of the salary to be paid and the availability of accommodation. The work visa only entitles his titular to perform the job that justified the concession of the visa. Foreign citizens are not permitted to engage in employment until work permits are issued. 6. Self Employment With the exception of sensitive industries and activities like defense, banking activity related with monetary issuing, administration of ports and airports, some areas of telecommunications and air transports, setting up business in Angola, either as a single proprietor or as a company, is now not very restricted. Angolan commercial law does not prohibit foreign residents from being directors of Angolan companies. 7. Family Members The working spouse of a work permit holder does not automatically receive the same type of visa as the expatriate. An independent work permit application must be filed. 8. Tax Considerations Income Tax Foreign nationals working in Angola are treated as Angola citizens for income tax purposes. Declared or not a tax resident, a foreign national is taxed on income achieved in Angola. Tax Treaties Up to now Angola has not concluded any double tax treaties with third countries. Social Security Salaries and additional remuneration, as defined by law, are subject to social security contributions at the rate of 5% for employers and 2% for employees. Foreign workers are also subject to social security taxes. However, once they prove that they are already covered by another country social security regime, they are exempt from that payment. 9. Steps for obtaining drivers permits Foreign nationals may drive legally on their home country drivers' licenses in Angola for 45 days. Angola does not have driver's license reciprocity with any country. To obtain a local Angolan driver's licence, foreign citizens must submit a copy of their home country drivers' licenses, two photographs and an identification car. An applicant must also take a medical examination. 10. Administrative Addresses Ministry of Home Affairs National Department of Immigration and Borders Rua 17 de Setembro Luanda-Angola Tel: 392887/339091 Fax: 392828 Ministry of Public Administration, Employment and Social Security Rua Primeiro Congresso do MPLA Luanda-Angola Tel: 339656

FOREIGN INVESTMENT REGULATION

Please note that if you intend to operate on branch or local company basis, then you will be subject to the existing regulation governing foreign investment which implies a specific approval procedure.

This procedure is not required for contractors that do not formally set up a branch or a local company as well if the amount of the investment to create the branch or the local company is inferior to 250.000 US$

Equally, the procedure does not apply to the registering of a mere Representative Office, under the Banco Nacional de Angola supervision. But this would prevent you from undertaking any commercial activity in Angola through this Office.

This means that, although you are already represented in Angola, it is necessary that you accomplish with the Foreign Investment Regulation, under the Foreign Investment Institute supervision.

The investment project has to be delivered to the Foreign Investment Institute with a study of economic, financial and legal viability of the project.

The right to transfer the results or profits is granted by the Foreign Investment Regulation but subject to the Ministry of Finance approval or authorisation. Furthermore, the deferral of the transfer can be imposed by the Ministry of Finance and the final repatriation of the product of the sale or liquidation of the investment can be made only 6 years after the initial import of capitals.

Under the terms and for purposes of the foreign investment law, the following acts and contracts are considered as foreign investments activities, even if they are not directly linked with capital importing operations:

· setting up and expansion of branches or other forms of corporate representation of foreign companies, creation of new companies that belong exclusively to the investor, and acquiring of all or portion of already existing companies or groups of companies; 
· the holding or acquisition of an interest in the equity of a new or already existing company or group of companies, regardless of the form this may take;

· entering into or alteration of consortium contracts with third parties by quotas or other capital shares;

· total or partial take-over of commercial or industrial establishments, by acquiring assets or through contracts involving transfer of operations;

· total or partial take-over of agricultural companies, through leasing contracts or any other agreement that implies ownership or engaging in operations on the part of the investor;

· operation of property complexes, whether or not for purposes of tourism, and regardless of their legal status;

· realisation of supplementary capital contributions, advances from partners and, in general, loans related to profit-sharing;

· acquiring property in national territory when such acquisition forms part of a foreign investment project;

Foreign investments may be made, singly or cumulatively, in the following ways:

· transfer of funds from foreign countries;

· investment of funds from foreign currency bank accounts set up in Angola by non-residents;

· importing of equipment, accessories and materials;

· incorporation of credits and other resources into Angola by foreign investors, which are eligible for transfer abroad under the terms of foreign exchange regulations;

· incorporation of technology

Foreign investors shall have the following obligations;

· to respect current law and regulations, as well as contractual commitments and to submit to monitoring by competent authorities, providing them with any request information;

· to create funds and reserves and make provisions under the terms of the current legislation;

· to complete a statement of accounts according to the country's established accounting regulations

· to complete a statement of accounts according to the country's established accounting regulations;

· to comply with regulation relating to environmental protection, sanitation and protection and security of workers against occupational diseases and work accidents, and other eventualities covered by social security legislation;

· obtain and currently maintain, insurance covering civil liability for damages to third parties.

Basically to set up a business under the foreign investment regulations the following steps should be done:

get in the Trading Ministry the name certificate 
draft of the by-laws 
draft the joint venture agreement if applicable 
fill up all Foreign Investment Institute (IIE) forms 
get the legal authorisation in the IIE 
requiring and receiving from the Central Bank the necessary licence to materialise the foreign investment transaction

set up the public deed of the corporation or society 
publish the by-laws in the Official Newspaper

tax registration of the company, including the payment of tax due the beginning of the activity

statistical registration in the appropriated governmental body

application of the trade licence and import licence.

REPRESENTATION OFFICE

For the opening of a representative office there are sequential steps that should be done.

The process begins with the addressing of a writing application to the Governor of the Central Bank (BNA), including the recognised signature, together with the following documents: 
by-laws

certificate of commercial register of the Mother Company at the country of origin

resolution or certificate of the concerned department or body of the company about the establishment of the Representation Office

certificate issued by the concerned Angolan Consular agent stating that it is established and is running according to the law of the country where it is established

power of attorney, duly recognised by the notary, assigning enough powers to the manager of the Representation Office.

In the second phase, the Central Bank draws up a letter giving the principle agreement to the opening of the Representation Office and asking for a formal commitment or engagement of the applicant with the payment of the pledge within the period of 180 days.

Once received from the applicant the letter of engagement, where might be indicate also the future address of the Representation Office, the Central Bank will concede the definitive authorisation and will issue the concerned capital import licence.

After having received the concerned capital import licence, the interested entity must import the necessary capital to open the bank account where the pledge of 60.000 US$ is deposited.

The pledge referred above is assigned to guarantee compliance with the obligations issued from acts and contracts either of the Representation Office or of the mother company it represents, reason why the balance of the bank account shall never be inferior to the established pledge.

In order to complete the process of establishing the Representation Office, the interested entity must also submit to the Central Bank, in 180 days period of time, after the reception of the definitive authorisation, the following documents:

copy of the Angolan Official Newspaper publishing the by-laws

certificate of register at the Office of the Commercial Registrar

certificate of fiscal (tax) register

photocopy of the bank account statement

WORK PERMITS AND CONTRACTOR LICENSES
According to the Angolan law, the consular agent will be responsible for the issuing of five kind of consular visas:

transit visa 
short term visa 
ordinary visa 
work visa 
residence visa

All the foreign workers performing duties in Angola shall obtain visas after justification is made of their stay. If the workers are hired by an Angolan company or allocated to a permanent establishment of a foreign company, they should also obtain work permits.

If you do not have a permanent establishment in Angola, please remember that it would be useful to include in contracts to be signed a clause stating that the contracting company should grant assistance in obtaining all the required visas and work permits.

As regards the contractor or sub contractor company itself, no contractor licenses are ordinarily required for rendering of services in Angola.

However, if the contractor intends to act as importer of goods, then it shall register in the Ministry of Trade.

SOCIAL SECURITY
Salaries and additional remuneration, as defined by law, are subject to social security contributions at the rate of 5% for employers and 2% for employees.

Foreign workers are also subject to social security taxes. However, once they prove that they are already covered by another country social security regime, they are exempt from that payment.

IMPORT DUTIES
Custom duties and consumption tax are currently levied on imports to Angola.

The specifically applicable custom duties rates should be checked according to the products to be imported.

Regarding the consumption tax paid on imports, on October 24, 1997, some changes were made. In the tables attached to Decree 75/97 the rates of the Angolan Consumption Tax vary from 5% to 50% depending on the goods. Any other goods not indicated in these tables will be taxed at the rate of 10%.

An exemption from customs duties can be provided by decision of the Minister of Finance, under the foreign investment law.

A specific exemption regime applies to temporary imports.

Although foreign contractors have to comply with all the customs procedures, mainly in order to obtain any applicable exemption, contracting companies do normally accept in its contracts to grant reimbursement for any documented costs of any customs duties or import and export taxes actually paid. This would be applicable in case you were not granted an exemption despite of having acted diligently when requesting an available. ???

Imports made by oil companies operating in Angola are normally exempt from these levies.

OTHER LEVIES

Training levy
When working for oil companies, you may also become subject to Training Levy, which is a specific contribution levied by the Government and due by research and production companies of gas, oil and other oil products, as well as their subcontractors.

Under the regime of those Decrees, all the companies that co-operate with the oil companies in the development of their activities (the oil industry subcontractors), under any kind of contract, for more than one year, have the duty to pay Training Levy, being assessed on a basis of 0.5% on their gross income year.

Training Levy is only payable by those companies that collaborate in a permanent basis with oil companies operating in Angola.

For this purpose, permanence in Angola exists whenever the activities of the collaborating company last for more than one year in Angola, even as a result of renewal of the initial contract.

So, Training levy liability will only occur once such permanence exists.

However, in practice, only some of the oil companies operating in Angola are withholding this levy from their subcontractors.

As the contractors are legally obliged to withhold that levy, it might be confirmed which will be the practice the company eventually contracting you intends to follow in the case.

Finally, when negotiating a contract to be signed, you should insert a clause passing on to the contracting company the responsibility for this levy (as the Decree on Training Levy allows such transference of liability).

FINANCING
The banking system is in process of changing. It is formed by two levels, with the BNA (Central Bank) in the top acting as issuing bank and as administrator and regulator of the banking system. The BNA (Banco Nacional de Angola) is responsible for foreign exchange and formulation and control of financial and monetary policy. It has the powers of supervision and inspection, but the power to authorise the establishment of financial institutions belongs to the Ministry of Finance which decision should be taken after hearing the Central Bank.

Companies established in Angola under the foreign investment law are able to apply only in theory for domestic loans, within the terms of the current legislation, due the fact that the activity of credit is presently subject to quantitative restrictions imposed by Banco Nacional de Angola.

Others alternative financing sources should always be considered. Available funds may be obtained under International Co-operation Agreements.

Loans from foreign sources shall be subject to licensing and authorisation from the Ministry of Finance and the Central Bank. However, the central Bank will set the limit above which loans from foreign sources can only be made with its prior authorisation.

The most suitable and trustful way of obtaining financing is still the direct capital investment, though, as it was already remarked, no repatriation of this investment can be made for six years.

Home Countries