Foreign investors in retail and wholesale activities, including foreign-owned legal persons established in Angola, are only allowed to invest/operate medium and/or large commercial establishments.
"Article 4 (Definitions)
For the purposes of this law and unless otherwise expressly indicated in the text itself, the words and expressions used therein have the following meaning, provided that the definitions in the singular apply equally in the plural and vice versa:
1. Commercial activity — activity carried out professionally by legal entities, national or foreign, that have civil, commercial and financial capacity to carry out commercial acts, with the objective of obtaining profit.
2. Acts of commerce — all acts of commerce are considered to be those that are specially regulated in this law and other complementary legislation and, in addition to them, all contracts and obligations of traders that are not exclusively civil in nature, if the opposite of the act itself not result.
[...]
SECTION IV - Classification of Commercial Activities
Article 11 (Commercial Activities)
The following commercial activities are considered:
a) Wholesale trade; b) Retail trade; d) General trade;
e) Precarious trade; f) Fair trade; g) Itinerant trade; h) Representative trade; i) Provision of commercial services; j) Import; k) Export.
[...]
CHAPTER II - Conditions for the Exercise of Commercial Activity
SECTION I - Licensing of Commercial Activity
Article 15 (Access to internal commercial activity)
1. Under the terms of the present law, any natural or legal person, national or foreign, who is civilly capable, has financial and commercial capacity and owns a commercial establishment as owner or lessee, may exercise commercial activity, except for the exceptions provided for in present law.
2. In addition to fulfilling the requirements set out in the previous number, foreign natural or legal persons with legal residence and residence in the country must observe the following:
a) Own a medium and/or large commercial establishment; b) Prioritize national labor in its services.[...]" (Law No. 1/07, of 14 May - Law of Commercial Activities [google translation])
Law No. 1/07, of 14 May - Law of Commercial Activities [google translation]
[<a href="http://www.vertic.org/media/National%20Legislation/Angola/AO_Lei_das_Actividades_Comerciais.pdf">Law</a>]