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Cape Verde: Council of Ministers Approves Bills Creating an International Business Center and Other Incentive Measures

(July 8, 2010) On June 17, 2010, the Council of Ministers of Cape Verde approved the drafts of three bills granting legislative authorization to the government for the creation of the International Business Center of Cape Verde, creating a regime of concession incentives to investment projects for the internationalization of Cape Verdean companies, and giving authority to the government to legislate on the legal recovery of companies facing bankruptcy. (Press Release, Página Oficial do Governo de Cabo Verde, Governo Aprova Diploma que Cria Centro Internacional de Negócios de Cabo Verde (June 18, 2010),

In regard to the approved bills, the Minister of Tourism, Industry and Energy, Fátima Fialho, was quoted as saying that the International Business Center will also include so-called customs tax-free industrial zones (zonas francas industriais) and that the purpose of the regime of concession incentives is to create an enabling environment for businesses in Cape Verde, to attract more foreign direct investment, and to increase the export base through incentives (fiscal and financial) that will be granted to Cape Verdean companies. With the approval of the legislation on the legal recovery of companies facing bankruptcy, said Fialho, the government aims to enable the recovery of companies that are facing difficulties but are still economically viable. (Id.) The bills must now be approved by the President before they enter into force.