Success tips when doing business in Angola in 2023
- Angolan people are straightforward in their decisions. Therefore, foreign investors are advised to be very patient while waiting for their Angolan business partners to think carefully before making the final decisions;
- Foreign investors are advised to be flexible about timing and should not be surprised if their business meetings are rescheduled or cancelled at the last minute;
- It is important not to rush in a business meeting, especially the first meeting since this is for the Angolans to get to know their business partners and decide whether they want to start business. It is advisable to take your time and start the conversation with matters of general interest;
- Your joint venture partner or Angola shareholder must not merely be a nominee for the sake of meeting the rules of foreign company incorporation. You should choose a partner that actually brings a lot to the table, including local knowledge your business would need in Angola;
- To optimize the success of your new business venture in Angola, Healy Consultants recommends your firm i) complete a feasibility study ii) prepare a detailed business plan iii) communicate with the Angola Chamber of Commerce iv) speak to your local embassy in Angola and v) communicate with Healy Consultants Clients who successfully launched their business in Angola;
- Foreign companies should be aware i) Angola statistics and market data are usually imprecise ii) transactions tend to take longer than expected iii) more frequent and longer market visits are required, at least initially iv) complex business procedures are common;
- An essential factor in starting a business in Angola is to thoroughly research the business sector you are planning to invest in. Healy Consultants recommends our Client prepare a detailed business plan including an extensive market study and evaluation of competitors.