Cotton Bay / News / The meeting with PROMITUR

The meeting with PROMITUR

Everyone keeps working very hard here: on march the 20th PROMITUR has organized another Forum, on the same line as the first one (“using the worldwide Crisis to improve business in Cape Verde”) which has been the conclusion of the first one in November.

We have presented the Government (the Prime Minister and other Ministers were there) studies and projects to improve the business climate in Cape Verde. Using companies as PriceWaterHouse Cooper and the best local lawyers we have given different inputs that could help Cape Verde to get a better place in the “Doing Business 2009” (we are now at place nº 143). The four more important points of this meeting have been:

deduction of 20% IUR on foreign invoices;
VAT reduction from 15 to 6%, as for hotels. VAT is now for Real Estate a pure cost;
improving system and costs of Notary and Registry;
improving the rules of the Convenção de Estabelecimento (= Protocol of Establishment – it’s a Protocol which gives important projects some fiscal benefits).

Promitur has as well proposed the Government a fund of 100million € to help companies realize their project: together with 2 of the most important banks in Cape Verde we will be able to realize it!

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