Angola - Rules and procedures for execution of capital operations

In brief

It was published the Notice no. 14/22, of 5 July, of the National Bank of Angola, which establishes the rules and procedures to be complied in the execution of capital operations by legal entities in contracts and other legal acts that establish or transfer rights or obligations between foreign exchange residents and non-residents, including credit operations.

Among the main amendments, we highlight the following:

1. Licensing of the capital operations by the National Bank of Angola is no longer required; 

2. Capital operations are exclusively settled through bank transfer in favor of the foreign exchange non-resident beneficiary referred in the contract or instrument in which the operation is based;

3. Commercial banks must carry out a thorough assessment of capital operations, taking into account, among others, the nature and extent of the activity and consistency with the purpose and amount of the operation, history of foreign exchange operations carried out and their consistency with the operation to be carried out;

4. Profits, dividends and the divestment amounts arising from investments made abroad by foreign exchange residents must be repatriated by credit to a bank account domiciled in Angola within 60 days from the date of payment thereof.

    

The Notice entered into force on the date of its publication.

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