Register Company in Cape Verde – Things You Need to Know
Made up of ten volcanic islands, Cape Verde is attractive in its own right. As an island, it boasts beauty on land and underwater. Hence, tourism about Cape Verde endlessly highlights everything that you can do on an island or several of these islands. There are more than charming scenery for the eye. Cape Verde offers much more, especially for those looking to register a company in Cape Verde.
Bright Future Ahead
For starters, Cape Verde promotes its economy as a market economy, which means its economic policies are market-oriented. A large part of its economy contributor is from the servicing sector. Light manufacturing and exports follow this. Cape Verde’s location is an advantage in its own right. Being halfway between North America and South Africa as well as South America and Central Europe, it serves as a vital commercial centre for sea and air routes. Businesses desiring to set up shop in Cape Verde can look forward to marketing their services or products to the EU, USA, Canada as well as ECOWAS.
Cape Verde has also recently turned to renewable energy as their power source. Thanks to their newly set up wind farm, Cape Verde is heading towards entirely using renewable energy. There are plenty of business opportunities in Cape Verde; from building industry to agriculture to services and of course tourism.
In Favour of Investors
Cape Verde welcomes foreign investors and provides many incentives for investors interested in setting up a business in Cape Verde. These include zero tax on dividends and profits for five years. Duty-free enterprises will benefit from the unique tax system. Companies involved in exports will get a reduced corporate tax for the first five years of business operations as well as the freedom to export manufactured goods. There are also incentives meant for specific sectors in Cape Verde. For instance, tourism-oriented ventures enjoy total tax exemption for the first five years in business and reduced tax for the following years.
Hiring local employees in Cape Verde is easy as it has a ready supply of labour that is easily trained. Foreign investors also have the freedom to hire expatriate workers. Everything else, the government of Cape Verde handles with fair and just.
The Company Registration Process in Cape Verde
Due to rapid economic growth, Cape Verde has taken to minimise the time taken to register a company. As such you can start business operation in 24 hours. The House of Citizen offers this service, available at Cape Verde’s main towns. Let’s begin to register a company in Cape Verde.
First and foremost, an investor or a potential business person would need to decide the type of company.
The following are several types of companies available for registration in Cape Verde: Co-Partnership, Shareholder Society, Anonymous Society (Limited Company), Limited Society or Joint Stock Company and Co-operative Society.
- Say an investor wants to register an Anonymous Society (Limited Company). The following are the requirements to register a company in Cape Verde.
- Search for company name and reserve the chosen name. This search is best done at the Commercial Registry Department (Casa do Cidadao). They will approve or reject the company name selected. If they approve the name, the registration is complete on the spot via internal online registration.
- The company incorporation will be published in the Casa do Cidadao website as well as local press as a legal requirement for validity.
- The capital for the company must be in Cape Verde currency. Investors must show proof of money deposited in the bank must within two working days.
- The cost to register a company in Cape Verde is ECV 10,000.00
- After paying the registration fee, you will receive a complete set of documentation namely: Constituent Certificate or Business Registration, Dissemination of Contracts and By-Laws, Income Tax Framework and Start of Activity Declaration, Labour Framework & Social Framework
There you go, you can now commence your business activity in Cape Verde. If you still have questions or queries about registering a company in Cape Verde, you may contact us for any assistance or services.