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www. pwc. com/ao Value for you UK - Angola Investment Forum www. pwc. com/ao Value for you UK - Angola Investment Forum

Contents 1. Background information 2. Pre investment phase 3. Restricted sectors 4. Investing 5. Contents 1. Background information 2. Pre investment phase 3. Restricted sectors 4. Investing 5. Critical success factors 6. Conclusion UK Angola Investment Forum Pw. C May 2012 2

Background information Some relevant data 1 UK Angola Investment Forum Pw. C May 2012 Background information Some relevant data 1 UK Angola Investment Forum Pw. C May 2012 3

Background information Some relevant data Angola • Area 1, 246, 700 Km 2 • Background information Some relevant data Angola • Area 1, 246, 700 Km 2 • War 1961 - 2002 • Still poor infrastructure and education • Annual expenses on infraestructure: USD 4. 300 Millions • Economy still based on oil sector (63% Angolan Budget revenues) UK Angola Investment Forum Pw. C May 2012 4

Background information Some relevant data UK Angola Investment Forum Pw. C May 2012 5 Background information Some relevant data UK Angola Investment Forum Pw. C May 2012 5

Pre investment phase 2 UK Angola Investment Forum Pw. C May 2012 6 Pre investment phase 2 UK Angola Investment Forum Pw. C May 2012 6

Pre investment phase Knowing the marketplace Scarce information about the market Meet local key-players Pre investment phase Knowing the marketplace Scarce information about the market Meet local key-players • Central bank (BNA) • Investment agency (ANIP) • Relevant Ministry/ies • Commercial banks • Potential clients and partners UK Angola Investment Forum Pw. C May 2012 7

Pre investment phase Acknowledging high cost environment • 4 bedroom house lease USD 10 Pre investment phase Acknowledging high cost environment • 4 bedroom house lease USD 10 to 15, 000 • Office space lease/m 2 from USD 70 /month • Flights to Europe (Econ) USD 1, 300 • Expatriates … …… but • 1 liter of petrol USD 0. 60 • Pw. C fees due to strong Pound UK Angola Investment Forum Pw. C May 2012 8

Pre investment phase Partnering with Angolans? • For regulatory reasons? • For commercial reasons? Pre investment phase Partnering with Angolans? • For regulatory reasons? • For commercial reasons? UK Angola Investment Forum Pw. C May 2012 9

Restricted sectors 3 UK Angola Investment Forum Pw. C May 2012 10 Restricted sectors 3 UK Angola Investment Forum Pw. C May 2012 10

Restricted sectors Fully restricted • War material • Central bank • Property rights over Restricted sectors Fully restricted • War material • Central bank • Property rights over ports and airports • Property over primary telecommunications infrastructure • Postal services UK Angola Investment Forum Pw. C May 2012 11

Restricted sectors (cont) Concessions may be granted • • • Basic sanitation Production, transport Restricted sectors (cont) Concessions may be granted • • • Basic sanitation Production, transport and distribution of electricity Treatment and distribution of water Exploration of ports and airport services Railways Regular domestic air transportation Urban collective transportation Complementary telecommunication and postal services Telecommunication infrastructures Oil & gas and diamonds (in association with private entities) UK Angola Investment Forum Pw. C May 2012 12

Investing 4 UK Angola Investment Forum Pw. C May 2012 13 Investing 4 UK Angola Investment Forum Pw. C May 2012 13

Investing • Profit margins • Commercial regulations • For. Ex regime • Accounting & Investing • Profit margins • Commercial regulations • For. Ex regime • Accounting & statutory audit • Taxes • Immigration and ‘Angolanisation’ • Investment regulations siess Vehicle • The process

Investing Profit Margins • Producers & wholesalers 25% * (Product cost + 20% overheads) Investing Profit Margins • Producers & wholesalers 25% * (Product cost + 20% overheads) • Retailers 25% * (Acquisition to producer + transport + 14% overheads) UK Angola Investment Forum Pw. C May 2012 15

Investing Commercial regulations • Commercial Code & Company Law (Portuguese) • Typical business vehicles Investing Commercial regulations • Commercial Code & Company Law (Portuguese) • Typical business vehicles - SA (joint stock company) USD 20, 000 - Lda (private company) USD 1, 000 - Branch • Rep Office - If no commercial activity in loco) UK Angola Investment Forum Pw. C May 2012 16

Investing For. Ex regime • Angolan For. Ex residents cannot remit funds overseas Exceptions, Investing For. Ex regime • Angolan For. Ex residents cannot remit funds overseas Exceptions, cleared by BNA - To pay for importations - Approved contracts (loans included) - No prior approval for • Up to USD 300, 000/yr/beneficiary • Local disclosed salary for expatriates (approved investments) • Profits/dividends/proceeds of sale and gains Only for approved investments UK Angola Investment Forum Pw. C May 2012 17

Investing Accounting & statutory audit • Angolan Chart of Accounts (PGC) must be complied Investing Accounting & statutory audit • Angolan Chart of Accounts (PGC) must be complied with - Accounts numbering and coding predefined - In Kwanza (AKZ) - In Portuguese - Predefined financial statements • Accounting packages allow accounts conversion • Statutory audit required by law… … but the tax authorities have not been enforcing UK Angola Investment Forum Pw. C May 2012 18

Investing Taxes Profits 35% Stamp duty 1% Dividends 10% Interest 15% Royalties 10% Withholding Investing Taxes Profits 35% Stamp duty 1% Dividends 10% Interest 15% Royalties 10% Withholding tax 5. 25% or 3. 5% PAY up to 17% Soc Security 3% e 8% Exemptions for private investors • • Profits Dividends Import duties and Excise Real estate transfer tax UK Angola Investment Forum Pw. C May 2012 19

Investing Immigration and ‘Angolanisation’ Expatriates Work visa • Employment contract • Visa applied for Investing Immigration and ‘Angolanisation’ Expatriates Work visa • Employment contract • Visa applied for and obtained overseas • Special, facilitated regime for oil & gas service companies • Usually takes 1 to 3 months ‘Angolanisation’ • Quota of maximum of 30% expatriates • Training programs to be strictly followed UK Angola Investment Forum Pw. C May 2012 20

Investing Investment regulations Objectives of the investment law • Grow the economy in all Investing Investment regulations Objectives of the investment law • Grow the economy in all provinces • Increase national productive capacity and efficiency • Promote partnerships with Angolans • Increase employment and capacity of Angolans • Increase exports and reduce imports • Rehabilitate, expand modernise infrastructures UK Angola Investment Forum Pw. C 21

Investing Investment regulations Sectors entitled to incentives • Agriculture and “Animal husbundry” • Transforming Investing Investment regulations Sectors entitled to incentives • Agriculture and “Animal husbundry” • Transforming industry • Fishing industry • Building construction • Health and education • Infrastructures • Turism UK Angola Investment Forum Pw. C 22

Investing The process UK Angola Investment Forum Pw. C 23 Investing The process UK Angola Investment Forum Pw. C 23

Critical Success Factors 5 UK Angola Investment Forum Pw. C May 2012 24 Critical Success Factors 5 UK Angola Investment Forum Pw. C May 2012 24

Critical Success Factors Cultural aspects Preference to Angolan executives If not, should be senior, Critical Success Factors Cultural aspects Preference to Angolan executives If not, should be senior, flexible and able to understand differences and its causes; must inspire confidence • International experience = great value Time and patience Not less than 4 to 6 months to start a business … shortcuts can, and will, be very expensive UK Angola Investment Forum Pw. C May 2012 25

Critical Success Factors Strict compliance • Investment project must be realistic • Programs to Critical Success Factors Strict compliance • Investment project must be realistic • Programs to train Angolans must be carried out • Expatriates do require work visas (some flexibility) • Strict adherence to Angolan GAAP (issue in Oil & Gas) • Taxes should be paid on time (in addition to endangering incentives investment license, fines and interest are very severe) UK Angola Investment Forum Pw. C May 2012 26

Investing Conclusions Investing in Angola takes time and money Short term investment is a Investing Conclusions Investing in Angola takes time and money Short term investment is a myth Local (appropriate) partners may be very valuable or even key Investment incentives may be very attractive Complying with obligations allows • Attractive return on investment • Risks tend to reduce Get appropriate professional advice UK Angola Investment Forum Pw. C May 2012 27

Angola is moving forward… … Do not loose the opportunity … Thank you pedro. Angola is moving forward… … Do not loose the opportunity … Thank you pedro. [email protected] pwc. com This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, [insert legal name of the Pw. C firm], its members, employe