Cape Verde – Republic of Cape Verde – a state in Western Africa.
Population 520,502
Capital – Praia
Below is detailed information on what steps to take to register a business and obtain a Forex broker license in Cape Verde. The information includes the procedures, timing and cost of starting a business and obtaining a license for a commercial enterprise.
Agency: Commercial Trade Department (Casa Do cidadão)
Investors provide a proposed company name and activities. The research is carried out by the Department of Trade Registry (Casa Do cidadão), which approves or rejects the names. The registry is computerized, so the verification process is very fast.
Process – 1 day
Agency: Commercial Trade Department (Casa Do cidadão)
After the authorized person goes to the Commercial Department of Trade (Casa Do cidadão), the company is registered through the internal online registration form. The company incorporation notice is published on the Casa do Cidadão website. A company tax number is assigned automatically and free of charge.
Process – 1 day
Registration fees – about 200 USD
Agency: Commercial Bank of Cape Verde
In practice, Casa Do cidadão requires founders to make a deposit within two days of registration.
For companies that are not registered using the “Empresa no Dia” fast registration method, the minimum amount of the authorized capital is deposited with the bank prior to registration.
Process – 1 day
Agency: Municipality
There are two types of licenses in Cape Verde: a municipal license and an operating license. A municipal license is compulsory for all businesses operating in Praia. An inspection is usually carried out before the granting of a municipal license.
However, since the adoption of the Decreto-Lei on 30/2009, the inspection of the municipality can be carried out “posteriori” and the enterprise can start operating before receiving the municipal license.
The license can be checked online through the following web portal:
https://lojacmp.com/?secao=processo
Obtaining a license – 8 days
Official duty – about 400 USD
An activity license, as its name implies, is obtained for the activity that the company is going to carry out. This license is optional for all companies. For example, if a commercial company does not carry out activities for the export-import of goods, it does not need to obtain such a license.
If a company applies for two licenses at once, then the inspection of the Municipality is carried out simultaneously by two inspectors.
Agency: Social Protection Agency (Instituto Nacional de Previdência)
Term – 1 day
Agency: Insurance company
The founders must insure workers against accidents with any insurance company.
Term – 1 day
Agency: Labor Inspection Agency
This procedure is mandatory if the company hires employees under an employment contract.
Term – 1 day
Agency: National Press Agency (Imprensa Nacional)
These books can be purchased from Imprensa Nacional. All pages must be signed by an authorized person.
The last three points are carried out simultaneously with obtaining a license.
– The Foreign Currency Regulation (“Forex”) rules apply to all transactions between Forex residents and non-residents Forex, regardless of their nature (personal or business transactions).
– Foreign exchange transfers between a resident and non-resident company are subject to a Forex license, which varies depending on the types of transactions.
– Forex transactions must be carried out through local banks or financial institutions duly authorized to carry out such transactions.
– Persons who are residents (more than one year) in Cape Verde
– Companies headquartered in Cape Verde
– Branches, agencies or any other form of representation in Cape Verde for companies headquartered abroad
– Persons permanently residing abroad
– Companies with head offices abroad without a form of corporate representation.
– Opening offshore bank accounts for residents – Preliminary approval
– Payment for goods, current transactions and invisible elements of trading operations – Free
– Capital transactions – Pre-approval
– Other operations – Pre-approval
The Cape Verdean jurisdiction has only recently begun to enjoy popularity for many licensed activities, including forex activities.
Companies engaged in the provision of forex, payment systems, cryptocurrencies, financial services and gambling services can benefit from obtaining a license to set up a business in a given jurisdiction.
Ready-made companies with licenses are available. Make a request.
Please contact us to learn more about licensing options, receive an individual offer based on your requirements and a detailed calculation for obtaining a license for your future or existing business
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