Local incorporation is required for carrying out the activity of a security and derivative settlement institution.
"ARTICLE 3
(Definitions)
For the purposes of this Legal Regime, it is understood by: [...]
15. «Subsidiary» - Legal person in respect of which another legal person, called the Parent Company, is in a controlling relationship, considering that the subsidiary branch of a subsidiary is also a subsidiary of the Parent Company on which both depend; [...]
27. «Non-Banking Financial Institutions» — Companies whose main activity is to carry out one or more of the activities referred to in paragraphs c) to m) of paragraph 1 of article 9 and other activities defined by law; [...]
69. «Branch» - Main establishment in Angola, of a Financial Institution headquartered abroad, or principal establishment abroad, of a Financial Institution headquartered in Angola, lacking legal personality and directly carrying out, in whole or in part, inherent operations to the company's activity; and
[...]
ARTICLE 9
(Activity of Financial Institutions)
1. The Financial Institutions referred to in article 7 of this Legal Framework, duly authorized, under the terms of this Legal Framework and complementary or regulatory legislation, may carry out the following operations:
a) Receipt of deposits or other repayable funds; b) Credit granting operations, including the granting of guarantees and other commitments, as well as leasing and financial assignment; c) Payment services, the provision of payment services and the issuance and management of other means of payment, such as paper checks, paper travellers' checks and letters of credit; d) Operation in the interbank markets; e) Transactions in precious stones and metals;
f) Rental of safes and safekeeping of valuables; g) Provision of commercial information; h) Provision of services and the exercise of investment activity in securities and derivatives, not covered by the remaining subparagraphs of this number, under the terms of the Securities Code; i) Participation in issues and placements of securities and the provision of related services; j) Consulting, safekeeping, administration and management of securities portfolios; k) Consultancy for companies on the structure of share capital, business strategy and related issues, as well as services in the field of mergers and acquisitions of companies; l) Take shares in the share capital of companies; m) Assumption of risks through insurance and reinsurance contracts and insurance mediation; n) Issuance of electronic money; and o) Other similar operations that the law does not prohibit.
[...]
SECTION III - Authorization and Activity in Angola of Non-Banking Financial Institutions with Headquarters Abroad
ARTICLE 114. (Branches)
Except as provided for in a special law, safeguarding the nature and legal characteristics of each institution, articles 78 to 82, all of the present Legal Regime, apply to the establishment, in Angola, of branches of non-banking financial institutions with headquarters abroad. [...])" (Law No. 14/21 of 19 May 2021 – General Regime for Financial Institutions [google translation])
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"SECTION II - Settlement systems
ARTICLE 270. (Special participants)
1. The following are also considered settlement system participants: a) Clearing houses, whose function is to calculate the system participants' net positions; b) Central counterparties, who act as the system participants’ exclusive counterparty for the transfer orders placed by them; c) Settlement agents, who provide participants and the central counterparty, or just the central counterparty, with settlement accounts through which transfer orders issued within the system may be executed and who may extend credit for settlement purposes.
2. The following may act as clearing houses: a) Banks authorized to operate in Angola; b) Regulated market and settlement system management entities; c) Clearing house and central counterparty management entities.
3. The following may act as central counterparties: a) Banks authorized to operate in Angola; b) Settlement system management entities; c) Clearing house and central counterparty management entities.
4. The following may perform the functions of settlement agents: a) Banks authorized to operate in Angola; b) Centralized securities systems.
5. According to the system's rules, a participant may act exclusively as a central counterparty, a settlement agent or a clearing house or it may perform all or part of these functions.
6. The National Bank of Angola may perform the functions referred to in the previous paragraphs.
[...]
ARTICLE 273 (Recognition)
1. Settlement systems, except for those managed by the National Bank of Angola, are recognised through registration with the OSMVM.
2. The National Bank of Angola, by way of regulation, shall designate the securities settlement systems that are managed by it, notifying the OSMVM.
ARTICLE 274. (Registration) 
1. A settlement system may only be registered with the OSMVM if it meets all the following requirements: a) It has at least one participant headquartered in Angola; b) Its management company, if any, has its effective headquarters in Angola; c) It is subject to Angolan law by virtue of an express clause of its incorporation agreement; d) It has adopted rules compatible with this Code and the regulations of the OSMVM and the National Bank of Angola. [...]" (Law nº 22/15 of 31 August 2015 - Securities Code).
Law No. 14/21 of 19 May 2021 – General Regime for Financial Institutions [google translation]
Law nº 22/15 of 31 August 2015 - Securities Code
[<a href="https://www.bna.ao/#/legislacao-e-normas/legislacao-financeira/lei-regime-geral-instituicoes-financeiras">Law</a>]