FINANCIAL INSTITUTIONS LAW ( PART 20)

Section III
Representative Offices

Article 46
Requirements for establishment

1. The setting up and functioning in Angola of representative offices of banking financial institutions with registered office abroad requires, independently of commercial registration requirements, a special prior registration at the National Bank of Angola, by means of the presentation of a certificate issued by the supervisory authorities in the country of origin.

2. The representative office must start its activity within three months after the registration at the National Bank of Angola, although this period may be extended, if there are good grounds for doing so, for a further period of three months.

3. In the event that the representative office does not abide by the deadlines set out in the previous number, the right to operate expires, as does the relevant registration.

Article 47
Scope of activity

1. The activities of representative offices is carried out strictly under the remit of the banking financial institutions which they represent, and they are only permitted to promote the interests of such institutions in Angola and provide information regarding the operations they propose to carry out.

2. Representative offices are forbidden of:

a) carrying out operations which fall into the scope of activity of banking financial institutions;
b) acquiring shares or parts of the capital of any company whatsoever;
c) acquiring real estate other than those indispensable to their establishment and functioning.

Article 48
Powers of management

Managers of representative offices should have sufficient powers to deal with, and resolve definitively, in the country, all matters relating to their activity.

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