The most promising items for Czech exports, sectors for investment, privatization and development projects
The Republic of Cape Verde represents a relatively small economy oriented mainly on price and on traditional (mainly Portuguese and Spanish) suppliers. Perspective fields are mainly energy (renewable sources, diesel generators) and waste processing equipment (incinerators, treatment plants). It is also possible to supply the tourism industry, prefabricated houses, food products, building materials, household goods of all kinds, costume jewelry, glass and porcelain, machinery (including refurbished), cars (also used), clothing, tires, etc. Visit Allunitconverters for more information about Cape Verde culture and traditions.
18-21/11/2020 – Cape Verdean International Fair (FIC), Praia, Santiago Island
Cape Verde: Basic conditions for the use of Czech goods on the market
Market entry: distribution and sales channels, use of local representatives, other factors affecting sales
Establishing a closer relationship with a local partner (importer, distributor, representative) is one of the conditions for successful business. In case of interest, we recommend contacting the honorary consulate in Cape Verde.
Import conditions and documents, customs system, export control, domestic market protection
In 2008, the Republic of Cape Verde became the 153rd member country of the WTO. In this context, it has committed to gradually reduce the average customs rate on imported goods to 15% by 2018. The latest available data on average applied tariff rates are available on the WTO web portal.
The responsible authority in the customs area is the High Directorate of Customs within the Ministry of Finance.
Conditions for setting up an office, representative office, joint venture
The basic steps are:
- obtaining confirmation from the Commercial Register that there is no company with the same name;
- notarized company statute (company contract);
- bank account statement or proof of deposit of 10% of the value of the basic capital;
- publication of the company statute in the Public Gazette; tax registration at the Ministry of Finance;
- obtaining a decision document and registration number from the Commercial Register.
Requirements for promotion, marketing, advertising (use of HSP), important fairs and exhibitions in the territory
Standard conditions similar to Europe.
The following international fairs are organized in Cape Verde:
- FIC – Cape Verde International Fair (general, every year);
- Expomar – International Fair of Economic Activities Associated with the Sea;
Details can be found on the Cape Verde International Exhibition Center website .
Issues of intellectual property protection
An overview of Cape Verdean legislation related to the protection of intellectual property is available on the WIPO website, of which Cape Verde has been a member since 1997.
In 2010, the Cape Verde Institute for the Protection of Intellectual Property (Instituto de Propriedade Intelectual de Cabo Verde – IPICV) was established.
Public procurement market
Public contracts are normally announced in the daily press. Some tenders are also published on the website of the Ministry of Finance.
Ways of resolving commercial disputes, risks of the local market and investing in the territory, usual payment terms, payment ethics
In relation to Czech companies, we have not yet recorded a case of a commercial dispute that would have to be resolved by a third party (court). When resolving commercial disputes, it is always desirable to give preference to out-of-court negotiations. In any case, we recommend incorporating into the contract a provision on the basis of which any arbitration proceedings would take place outside of Cape Verde.
Local customs important for business contacts, official and spoken language(s), public holidays, working and sales hours
The language of business negotiations is Portuguese. Clothing is either traditional or European (a suit with a tie is always desirable for meetings). Acquaintances and personal contacts play an important role in business negotiations. When dealing with business (as well as other) matters at the offices, relatively long waiting times must be expected.
- January 1 New Year
- January 13 Democracy Day
- January 20 National Heroes Day
- variable date (Tuesday) Carnival
- variable date (Wednesday) Ash Wednesday
- variable date Good Friday
- May 1 Labor Day
- 19 May Feast of St. city of Praia
- June 1 International Children’s Day
- July 5 Independence Day
- August 15 National Patroness Day
- November 1 All Saints’ Day
- December 25 Christmas
Usual business and sales hours are 9:00 a.m. to 12:00 p.m. and 2:00 p.m. to 6:00 p.m. (8:00 a.m. to 3:00 p.m. from August 1 to September 15).
Bank opening hours are 8:00 a.m. to 3:00 p.m. throughout the year.