Foreign shareholding in travel agencies and tour operators is limited to 49%.
"Article 4
Exercise of activity
2. Travel and tourism agencies must be operated by citizens or companies majority-owned by nationals.[...]" (Decree 53/2015 of 31st January approving the regulation of travel and tourism agencies and tourist information professionals.[google translate])
Decree 53/2015 of 31st January approving the regulation of travel and tourism agencies and tourist information professionals.[google translate]
[<a href="http://www.impacto.co.mz/wp-content/themes/Arpora2_1_0/pdf/AIA/RegulamentoAvaliacaodeImpactoAmbiental.pdf">Decree</a>]