The National Assembly of Angola today approved, in principle, the startup bill, which provides the country with its own legal framework to recognize this sector, establish incentives, and organize the technology governance ecosystem.
In presenting the bill, which was approved unanimously with 181 votes in favor, Angola’s Minister of Industry and Commerce, Rui Miguêns, said that in addition to a dedicated legal framework, there would now be a “startup” seal for ideas and projects in the early stages, providing for tax and financial incentives and financing mechanisms appropriate for this type of activity.
The legislation will also allow for the organization, definition of oversight, certification, and supervision of obligations and transparency in the process of establishing and operating startups.
“In general, this legal framework will ensure that certification, promotion, and support—including tax and financial incentives, supervision, and provisions of our legal code—are tailored to an activity that is recent and new in our country,” the minister emphasized.
Rui Miguêns highlighted the emergence in Angola of new economic actors, particularly innovative companies whose business model is based on technology, with rapid scalability and the potential to become a hub for national growth.
According to the minister, this trend we are seeing in Angola mirrors what has been happening around the world, “where entrepreneurs seek to keep pace with and respond to the demands of domestic and international markets, developing activities that are increasingly technology-driven.”
“This proposal aims to address the legal vacuum surrounding this activity, which is a distinct and emerging business reality in our country, and to create legal certainty for innovative companies,” added Rui Miguêns.
The proposed law defines companies with a turnover of less than the kwanza equivalent of $3.5 million (€2.9 million) as “startups.”
“If a company qualifies as a ‘startup,’ it becomes eligible for tax incentives and access to public resources; we need to have the necessary tools to ensure that this qualification is not abused,” explained the minister.
“We are regulating an activity that is already taking place. Many young people in our country, with a wide variety of educational backgrounds and skill sets, have already been starting businesses. We have some examples of successful ‘startups,’ some of which are led by people without college degrees,” he added.
Source: Angola 24 Horas
