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WT/TPR/S/322/Rev.1 • Cabo Verde
- 23 requirement, stipulating that the direct costs of processing in (one or more) AGOA beneficiary
countries should constitute at least 35% of the appraised value of the eligible product. 33
2.4 Investment Regime
2.33. The Government of Cabo Verde has given priority to the streamlining of business
registration procedures and the facilitation of investments. The concept of "Business in one day"
was introduced in 2003.34 However, online registration procedures were not available until 2010.
Today, businesses can be registered within 24 hours through the Citizen's Houses (Casa do
Cidadão) provided the necessary documentation is in order.35 Investors can choose between
incorporation as a limited liability company (sociedade por quotas), an individually-owned limited
liability company (sociedade unipessoal por quotas), a joint-stock company (sociedade anónima –
SA), or an individually-owned joint-stock company (sociedade unipessoal anónima).
The registration fee amounts to CVEsc 10,000, or CVEsc 11,000 if the business is to be registered
with the Chamber of Commerce.36 Since 2013, the minimum capital required to establish any type
of company is a symbolic CVEsc 1.37
2.34. The Government of Cabo Verde established PROMEX (Centre for Tourism, Investment and
Export Promotion) in 1990 in an attempt to attract foreign investment in exporting enterprises.
The agency was replaced by CVI in 2004.38 The role of CVI is to facilitate investment by guiding
and assisting potential investors in preparing investment applications to the authorities.
The institutional framework was further adjusted in 2009 with the creation of ADEI charged with
tending to the needs of microbusinesses and small- and medium-sized enterprises.
2.35. Recognizing the need for improvement and streamlining, work on a one stop shop for
investors has been continuing. The organization of a single window (Balcão Único) for investment
is detailed in a document issued jointly by CVI and ADEI in July 2014.39 The electronic platform of
the single window was launched on 14 November 2014. Henceforth, the investment process is
defined in four phases; (i) application and qualification, (ii) identification of land, (iii) opinions and
decisions, and (iv) automated records. In the first phase, investors meet with the front office (CVI)
to determine the nature and general feasibility of the investment project. The three subsequent
phases are organized as back office functions, performed either by CVI or by ADEI (when an
investment amounts to less than CVEsc 100 million). The back office agency shall assist the
investor in identifying land suitable for the investment project and acting as an intermediary with
other public entities on land issues.40 Foreigners are allowed to own land in Cabo Verde,
and privately-owned land can be traded. However, the land required for an investment project
33
Bridges Africa (2015), "US Senate votes AGOA re-authorisation for next 10 years; South Africa
subject to review", 15 May 2015. Viewed at: http://www.ictsd.org/bridges-news/bridges-africa/news/ussenate-votes-agoa-re-authorisation-for-next-10-years-south.
34
Law No. 8/2003 of 13 March 2003.
35
Citizen's Houses have been established on the islands of Santiago, São Vicente and Sal, and mobile
units exist on three islands (including Santiago North and South). In addition, Citizen's House counters exist in
several locations including at Enapor in Praia and the Chambers of Commerce of Sotavento and Barlavento.
Required documentation includes copies of passports or identity cards and the presentation of the "Unique
Taxpayer Reference Number" (UTRN or NIF (in Portuguese)). If the registered business involves the
participation of an existing legal entity, a valid certificate of its Commercial/Business registration and the
minutes of the General Assembly ratifying the establishment of that business will also be required.
36
Chamber of Commerce registration prompts the automatic creation of a domain on the internet,
i.e. the immediate provision of customized email services and the possibility to create a webpage.
37
Ordinance No. 28/99 of 14 June 1999, which had established much more substantial capital
requirements, was abolished through Ordinance No. 17/2013 of 14 March 2013. The change was made to
facilitate business start-ups, particularly by young entrepreneurs and people with limited financial resources.
38
CVI also absorbed the Instituto de Apoio ao Desenvolvimento Industrial (IADE), established more
than ten years earlier.
39
CI/ADEI (2014).
40
For tourism projects, a certain number of integrated touristic development zones (ZDTIs) have been
created. CVI is the agency responsible for the identification of suitable land in all ZDTIs except on the islands of
Boa Vista and Maio, where the responsible agency is the SDTIBM (Sociedade de Desenvolvimento Turístico das
Ilhas de Boa Vista e Maio). The General Directorate of Heritage evaluates the suitability of State land outside
the ZDTIs, ENAPOR if the land is within 80 metres of the waterfront surrounding the islands, and the Municipal
Chamber of Deputies is in charge of the use of municipal land.