Cape Verde is a unitary republic in Western Africa that spans an archipelago of 18 islands. In 1975, the country declared independence. Cape Verde has a specific government program that integrates foreign investment in the state development agenda, making it simple to register a company. Cape Verde has had significant economic growth and has a lot of room for improvement. Furthermore, Cape Verde’s economy is service-oriented, with a thriving tourism industry.
Joint Stock Company (Sociedade em nome coletivo); Limited Liability Partnership (Sociedade por quotas); Limited Liability Company (Sociedade Anónima); Limited Partnership with Shares (Sociedade em Comandita); Cooperative Society (Sociedad Cooperativa). A limited liability company (LLC) must have at least two shareholders and share capital of 2,500,000 escudos, of which 30% must be placed in cash at a local bank and the remainder 75% over the next five years. An LLP must have a minimum share capital of 200,000 escudos, with half of it placed in cash at a local bank and the remainder paid out over the next three years.
A personal visit is required to form a company in Cape Verde. Although a corporation can be registered online in Cape Verde, obtaining its tax identification number (TIN) is still not possible.
Cape Verde company registration procedure
The registration of a company in Cape Verde takes more than a week and involves several steps:
Confirming the name availability
Applicants can do so at the Department of Commercial Registry (Casa do Cidado). In addition, applicants must submit a company name or select from a list of pre-approved names.
Depositing money in a bank account
Applicants must create a new bank account with their preferred commercial bank. Furthermore, according to Cape Verde’s Commercial Code, an initial capital deposit in a bank is required as proof of deposit for company incorporation.
Business registration
The Commercial Registry Department is where Cape Verde companies are registered. An internal online registration system is used for the procedure. The entire cost of the process is CVE 10,000 (registration fee) + CVE 1,000 (chamber of commerce charge). The IRS will subsequently issue a tax identification number, which can be obtained automatically.
Submitting an inspection request and obtaining a municipal license
To get your business up and running, you’ll need two sorts of licenses. The first is a municipal license, and the second is an activity license. Furthermore, all businesses operating in Praia’s capital city must get a municipal license. Within the first 15 days of company activities, companies must request an examination. After all of the relevant paperwork is submitted to the one-stop shop, the municipal license will be issued. The license by activity is for businesses that require special licensing before they can operate. For example, if a company wants to export fish caught locally, it will need the appropriate fishing and export licenses. All permits are available from the Praia Chamber of Commerce.
Notification of the Labour Inspectorate
Companies must file a notification of starting operations to the Labor Inspectorate (Inspecço-Geral do Trabalho) before beginning business operations. The name of the company, the nature of the commercial activity, the office address, a list of the names and addresses of each manager and director, and the number of employees must all be included in the notification.
