Understand the Jurisdictions Setup Requirement Before Proceed Your Company Incorporate in Cape Verde
Cape Verde has a long history of engaging in trade even back when it was under the rule of Portugal. Nowadays, it is known as a junction point for international trade by air and sea due to its strategic location. As an archipelago, it remains accessible since each of the inhabited islands has its own airport. These elements support Cape Verde citizens and residents financially because the country itself lacks sufficient natural resources. As an investor, you may be interested in the country’s tourism industry and wine-making industry aside from other top businesses. These are why some investors pursue company incorporate in Cape Verde.
Which Industry Will Host Your Company Incorporate in Cape Verde?
You can set up a company incorporate in Cape Verde if you want to invest in the following industries as well:
- Infrastructure development of shipyards, airports, airlines and port management
- Service industries
- Agriculture (for harvesting fruit, flowers, wine and coffee)
- Energy and water utilities
- Light industries including food, salt, and fishery products
Cape Verde Government Supports Company Incorporate in Cape Verde
The government welcomes foreign investors to come and do business in Cape Verde. You should initially address a request to be recognized as a foreign investor to the Minister of Finance and Planning. The request must also pass through the Cabo Verde Investimentos (or CVI) before you can company incorporate in Cape Verde.
Once your company passes scrutiny, you can then claim the certificate to allow you to do business there. Take note that the certificate expires after a certain time meaning you need to complete requirements before that.
Company Incorporate in Cape Verde: Types of Commercial Entities
- Cooperative (Sociedade Cooperativa)
- Limited partnership or limited partnership with shares (also known as sociedade em comandita simples or sociedade em comandita por acções)
- Public limited company (sociedade anónima)
- Private limited company (sociedade por quotas)
- Commercial partnership (Sociedade em nome collective)
Majority of the investors who enter Cape Verde choose either the public limited company or the private limited company structure.
Process for Registering Company Incorporate in Cape Verde
To do the company incorporate in Cape Verde, contact the “conservador” or commercial register to reserve a name. You will sign the incorporation contract along with the specific articles of association and submit these to the commercial register. Don’t forget to deposit the payment for the company capital with a legitimate bank in Cape Verde. You may then ask the commercial register to register your company.
You need to publish the documents in the Official Journal of Cape Verde (or the Boletim Oficial de Cabo Verde). The tax authorities (Direcção Geral de Contribução e Impostos, or DGCI) will then release your company’s tax number. The Directorate of Commerce (Direcção Geral de Comércio) is the agency that will declare the incorporation of your company.
Some investors need to legally cooperate with the Central Bank of Cape Verde before doing business. There are some government agencies which have to inspect your business before you can start work. You have to initiate the request for inspection before the government representatives can do the inspection properly.
If you do want to set up a company in Cape Verde, you may contact 3E Accounting for further assistance and services. We offer a variety of services aside from company incorporation, such as accounting, auditing and taxation services, among many others. Do contact us online now.