Local incorporation is required for carrying out venture capital activities.
"CHAPTER I - General Provisions
ARTICLE 1. (Object and form)
1. This Decree regulates the exercise of venture capital investment activity through Undertakings for Collective Venture Capital Investment.
2. Undertakings for Collective Venture Capital Investment are special collective investment undertakings, constituted in one of the following ways:
a) Venture Capital Investment Funds, abbreviated as �FCR�;
b) Venture Capital Investment Companies, abbreviated as �SCR�;
c) Venture Capital Investors, abbreviated as �ICR�.
[...]
CHAPTER II - Undertakings for Collective Venture Capital Investment
SECTION I - Authorization and Registration Process
ARTICLE 4. (Authorization and registration)
1. The start of activity by the FCR, SCR and ICR is subject to prior authorization from the CMC.
[...]
SECTION V - Venture Capital Investment Funds [...]
SUBSECTION II - Management Entities
ARTICLE 13. (Management Entities)
FCRs must be managed by entities legally qualified to manage Collective Investment Undertakings.
[...]
SECTION VI - Venture Capital Investment Companies
ARTICLE 35. (Legal form, representation and share capital)
1. SCRs are investment companies incorporated as a public limited company and regulated by the provisions of the Legal Regime for Collective Investment Undertakings, without prejudice to the provisions of this Diploma.
2. The name or name of the SCR includes, in addition to the expression �Sociedade An�nima� or the abbreviation �SA�, the expression �Sociedade de Investimento em Capital de Risco� or the corresponding abbreviation �SCR�.
3. The names, simple or compound, that use the term �Venture Capital� may only be used by Venture Capital Investment Companies.
4. The provisions of the Commercial Companies Law apply to the capital increase of SCRs.
[...]
SECTION VII - Venture Capital Investors
ARTICLE 37. (Legal form and signature)
1. ICRs are special venture capital investment companies, which must be incorporated according to the type of joint-stock company.
2. Only natural persons can be the sole member of ICR.[...]" (Presidential Legislative Decree no. 4/15 of 16 September - LEGAL REGIME FOR VENTURE CAPITAL INVESTMENT [google translation])
Presidential Legislative Decree no. 4/15 of 16 September - LEGAL REGIME FOR VENTURE CAPITAL INVESTMENT [google translation]
[<a href="https://www.bfa.ao/media/1372/05decreto-legislativo-presidencial-n%C2%BA-4-15-de-16-de-setembro-oic-capital-de-risco.pdf">Decre</a>]