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Cape Verde

Legal form:

CV, LLC, PLC

Delivery:

3 weeks

Price: $

2500

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Requirements:

Document checklist:

Local legal address (Handled by B2B Hub) 

1.Passport
2.Proof of Residence 

Registrar

Organization name

Abbreviation

Country

Cape Verde

Email

Phone

Listing
Open website
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About

Cape Verde

Capital
Official languages
Population 
Currency

ISO 4217

Praia

Portuguese and Cape Verdean Creole

555,987 (as of July 2020)

Cape Verdean Escudo

CVE

FAQ

Here are some frequently asked questions (FAQ) regarding company formation in Cape Verde:


Q: What are the types of companies that can be formed in Cape Verde?

A: The types of companies that can be formed in Cape Verde are: 


- Sociedade por Quotas (Lda.): A private limited liability company

- Sociedade Anónima (SA): A public limited liability company


Q: What is the minimum number of shareholders required to form a private limited liability company in Cape Verde?

A: At least two shareholders are required to form a private limited liability company in Cape Verde.


Q: What is the minimum share capital required to form a private limited liability company in Cape Verde?

A: The minimum share capital required to form a private limited liability company in Cape Verde is CVE 100,000.


Q: What is the minimum number of shareholders required to form a public limited liability company in Cape Verde?

A: At least five shareholders are required to form a public limited liability company in Cape Verde.


Q: What is the minimum share capital required to form a public limited liability company in Cape Verde?

A: The minimum share capital required to form a public limited liability company in Cape Verde is CVE 2,500,000.


Q: What is the process for registering a company in Cape Verde?

A: The process for registering a company in Cape Verde involves the following steps:


1. Obtain a provisional business license from the Ministry of Industry, Commerce and Energy.

2. Reserve the company name with the National Institute of Industrial Property (INPI).

3. Notarize the company’s articles of association at a notary public.

4. Register the company with the INPI.

5. Register the company with the tax authorities.

6. Register the company with the social security authorities.

7. Obtain a final business license from the Ministry of Industry, Commerce and Energy.


Q: How long does it take to register a company in Cape Verde?

A: It takes approximately 30 days to register a company in Cape Verde.


Q: What are the tax obligations for companies in Cape Verde?

A: Companies in Cape Verde are subject to corporate income tax, social security contributions, and value-added tax (VAT). The corporate income tax rate is 25%, and the VAT rate is 15%. The social security contribution rate varies depending on the employee’s salary.


Q: Can foreigners own a company in Cape Verde?

A: Yes, foreigners can own a company in Cape Verde. However, foreign investors must comply with the country's foreign investment regulations.

Economy

Cape Verde is an island nation located off the coast of West Africa. It has a population of approximately 545,000 people and a GDP of $2.3 billion. The economy of Cape Verde is largely based on tourism, fishing, and remittances from its diaspora. The country has seen steady economic growth in recent years, with a GDP growth rate of 4.2% in 2019. The unemployment rate in Cape Verde is relatively low, at 8.2%, and the inflation rate is also low, at 1.7%. The country has a relatively high Human Development Index (HDI) of 0.717, which is higher than the average for Sub-Saharan Africa. The government of Cape Verde has implemented a number of reforms to improve the economy, including the introduction of a new tax system and the privatization of state-owned enterprises. These reforms have helped to create a more stable and prosperous economy.

Taxation

Cape Verde is an island country located off the coast of West Africa with a tax system regulated by the General Tax Code. The tax system is divided into two main categories: personal income tax and corporate income tax.


Personal income tax is levied on all individuals who earn income in Cape Verde, whether they are residents or non-residents. The tax rate is progressive, ranging from 10% to 35%, depending on the income level. The first CVE 350,000 of annual income is exempt from taxation, and there are various deductions and credits available to reduce the tax liability.


Corporate income tax is levied on all businesses operating in Cape Verde. The standard corporate tax rate is 25% on the net taxable income. However, there are various tax incentives available for certain industries and activities, such as those related to job creation and investment in certain regions of the country.


In addition to federal taxes, there are also other taxes levied on businesses operating in Cape Verde, such as the value-added tax (VAT), which is currently 15%, and various excise taxes on certain products.


The tax year in Cape Verde runs from January 1st to December 31st. The deadline for filing personal income tax returns and paying any outstanding tax is usually April 30th of the following year, while the deadline for filing corporate tax returns and paying any outstanding tax is generally May 31st of the following year.


Payments can be made online or in person at designated banks. Penalties for late payment or non-payment of taxes can range from fines to imprisonment, depending on the severity of the offense. Additionally, interest may be charged on any outstanding tax liability.


Overall, taxation in Cape Verde is relatively straightforward, with a moderate tax burden compared to other countries in the region. It is important for taxpayers to consult with local tax advisors or government authorities to ensure compliance with the relevant tax regulations.

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