Chapter III - Foreign Investment Procedures

Section 3 - Prior Approval Regime

Article 25 - Framework
Article 26 - Submitting the Proposal
Article 27 - Evaluation of the Proposal
Article 28 - Rejection of the Proposal
Article 29 - Approval of the Proposal

ARTICLE 25
(Framework)

Investments valued at the equivalent of between five million and fifty million U.S. dollars shall be subject to the prior approval regime.

ARTICLE 26
(Submitting the Proposal)

Foreign investment proposals shall be submitted to the competent body, accompanied by the documentation required for the legal, economic, financial and technical identification and characterization of the investor and the planned investment.

ARTICLE 27
(Evaluation of the Proposal)

1. Upon receipt of the proposal, the competent body shall have a period of ninety days in which to evaluate it and give its opinion.

2. During that peiod, the competent body shall analyse and evaluate the proposal, being counselled by the opinion of the evaluation committee to which the Council of Ministers Resolution N' 2/90 of January 6th refers.

ARTICLE 28
(Rejection of the proposal)

1. The rejection of a proposal is within the competence of:

a) the Minister of Planning and Economic Coordination for investments valued at the equivalent of between five and fifteen million U.S. dollars;

b) the Prime Minister for investments valued at between fifteen and fifty million U.S. dollars.

2. The rejection of the proposal, which shall be formally communicated to the applicant by the competent agency, may only be based on:

a) reasons of a legal nature;

b) undersirability of the planned investment in the light of the investment strategy defined by the competent sovereign bodies of the objectives established in the economic and social plans.

ARTICLE 29
(Approval of the proposal)

1. In the absence of express rejection of the proposal upon expiry of the period referred to in N1 of Article 27, it shall be remitted for decision:

a) to the Prime Minister in the case of investments valued at the equivalent of up to fifteen million U.S. dollars;

b) to the Council of Ministers in the case of investments valued at more than the equivalent of fifteen million U.S. dollars.

2. Approval shall take the form of an executive decree in the case of part a) above and a decree in the case of part b) above, to be published in the Dirio da Repblica.

Bacl Angola's Foreign Investment Law

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