Chapter III - Foreign Investment Procedures

Section 5 - Common Provisions to the Procedural Regimes

Article 38 - Correction of the Proposals
Article 39 - Complaint Against the Rejection Decisions
Article 40 - Remittance to the Central Bank
Article 41 - Consitution and Modification of Companies
Article 42 - Commercial Registration
Article 43 - Other Registration
Article 44 - Central Bank Information
Article 45 - Competitive Bids and Direct Agreements

ARTICLE 38
(Correction of the Proposals)

In the event that the submitted proposals are either deficient or insufficient in form, the competent body shall notify the applicant, fixing a time limit for the proposal to be corrected or revised.

ARTICLE 39
(Complaint against the Rejection Decisions)

Complaints against rejection decisions that have been made under the terms of Articles 23, 28, 33 and 35, shall be made to the hierarchically higher authority concerned, and shall be filed within a period of 30 days.

ARTICLE 40
(Remittance to the Central Bank)

1. After approval of the foreign investment project under the terms set forth in the previous sections. the competent agency shall remit the documents comprising the plan to the National Bank of Angola, within a period of eight days, for purposes of licen sing the capital transactions.

2. In the event that the prior declaration regime is used, the applicant shall be required to solicit a permit directly from the National Bank of Angola by submitting the statement referred to in N∞ 2 of Article 24 of this Law.

ARTICLE 41
(Constitution and Modification of Companies)

1 In the event that the planned investment implies creating or modifying the status of companies, such acts must be granted by public deed.

2. No deeds relating to activities involving foreign investment operations covered by this Law, or outside its term of effectiveness, may be registered, under penalty of cancellation of the activities in question, without the granting of a license issued by the National Bank of Angola and without the express written approval of the competent body of the Instrument to be granted.

ARTICLE 42
(Commercial Registration)

1. The constitution of companies, end the modification of the Status of existing companies, under the protection of this Law, shall be subject to commercial registration, according to the terms of current legislation.

2. Branches and other forms of representation of foreign companies shall also be subject to commercial registration, which, however, shall be conditional upon the receipt of a license issued by the National Bank of Angola and upon the express written appr oval by the competent body of the instruments to be registered.

ARTICLE 43
(Other Registration)

Upon settlement of capital transactions, and if applicable, upon award of deeds and corresponding commercial registrations, the investment must be registered with the competent body and the National Institute of Statistics, within a period of one hundred and twenty days.

ARTICLE 44
(Central Bank Information)

On a quarterly basis, the National Bank of Angola shall remit information to the competent body on foreign exchange transactions carried out within the framework of the foreign investment.

ARTICLE 45
(Competitive Bids and Direct Agreements)

In cases in which the foreign investment projects are preceded by a competitive bid, public or restricted, or by direct agreement, the procedures established under this Law shall be applied with adaptations as necessary or appropriate.

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