Country overview:

IOA has provided research consulting services extensively in Angola on a wide range of topics across economic, political and social affairs. Our researchers have gained insights into this tropical country’s natural resources, which could have enriched its citizens but that have been squandered by over 20 years of civil war, followed by decades of corrupt governance. Economic diversity was not pursued in the single-minded exploitation of oil reserves to enrich a small elite. However, those days are now past, and infrastructure building combined with improved social services are beginning to address the needs of the impoverished majority. Free Zones welcome and concentrate all types of investment into manufacturing areas.

IOA analysis has found that oil (representing 95% of exports) and gas (50% of GDP) will continue to drive the economy as new off-shore reserves are discovered. Efforts at economic diversification will draw investors to agriculture, fishing and tourism.

Key opportunities in Angola:

Angola remains one of Africa’s top oil-producing nations
Free Zones seek investors in agricultural value-added products and industry that uses Angolan raw materials as inputs
IOA research has documented how policy and investments seek to return the agricultural sector to the days when Angola was a major food exporter

Key concerns/risks in Angola:

Poverty remains deeply entrenched in Angola: as of early 2025, around 31% of the population were living in extreme poverty
Angola is still largely politically divided, and unity must be obtained for the nation’s mineral wealth and other resources to effectively enrich the entirety of the Angolan population
The tourism sector has never recovered from decades of civil war, and a tourism infrastructure upgrade is required along with an international marketing campaign

Tips on doing business in Angola:

Starting a business:

Foreigners who would like to start a business in Angola require a business visa, with flexible options including e-visas and tourist visas if used for short-term business activities. The strict distinction between “Type C” or “Type D” visas by sector is less rigid, with visa policies easing to attract investment
At least five shareholders and three directors are required for company incorporation. Setup times are typically 18-20 weeks

Doing business:

Taxation is split into a general or simplified regime based on whether companies earn over or under US$ 250k annually
Foreign investments are divided into three regimes based on their projected impact on the local economy: pre-declaration which covers investments in non-priority sectors, the special regime for projects in target sectors and industrial zones and the contractual regime for projects considered to have a significant structural impact on the local economy. A host of incentives apply to the latter two categories, including customs waivers and tax exemptions
Local distribution channels are still nascent, and most retail occurs through resale instead of through formal channels, meaning that foreign investors are limited to a small number of potential partners
(Read more at: https://www.lloydsbanktrade.com/en/market-potential/angola/incorporation)

Culture and society:

The capital, Luanda is known for its high crime rates and business owners operating in this area should take steps to safeguard themselves and their assets from such threats
English is not well known outside the hydrocarbon industry, and business functions, including product marketing, will need to be done in Portuguese
Business etiquette within Angola is generally formal, much more so than is customary in some other African markets, including South Africa