Local incorporation is required for carrying out fund management and asset management activities.
"ARTICLE 2. (Activity of the SGP)
1. Asset Management Companies (SGP) have the purpose of exercising the activity of management of assets belonging to third parties.
2. SGPs may also provide investment advisory services.
ARTICLE 3. (Form and constitution)
1. SGPs are incorporated in the form of public limited companies.
2. The name of the SGP must contain the expression «Sociedade Gestora de Patrimonios» or abbreviated «SGP». [...]" (Presidential Legislative Decree No. 2/17 of August 9 - LEGAL REGIME OF ASSET MANAGEMENT COMPANIES [google translation])
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"CHAPTER I - Characteristics and Purposes
ARTICLE 1. (Object and scope)
1. This diploma provides for the general rules governing collective investment bodies, hereinafter referred to as OIC.
2. Under special legislation, undertakings for collective investment of risk capital for asset securitization and pension funds are governed.
[...]
ARTICLE 3. (Custom and non-custom ICO)
CIUs take the form of autonomous assets without legal personality, being called investment funds, or the corporate form, being called investment companies.
ARTICLE 4. (Characterization and patrimonial autonomy)
1. Investment funds constitute an autonomous asset held in a special regime of communion by the participants under the terms regulated in the present diploma. [...]
4. Investment companies take the form of a public limited company and their patrimonial autonomy is determined by the rules that are especially applicable to such companies.
[...]
CHAPTER IV - Activity of CIUs and Entities Related to CIUs [...]
SECTION II - Management and Management Entity
ARTICLE 39.(ICO Management)
1. The management of CIUs may only be exercised by CIU management entities.
2. CIU management entities are financial institutions authorized to do so by law for this purpose, including collective investment undertaking management companies regulated in this Decree.
3. Without prejudice to the provisions of the previous number, the exercise of ICO management activity is subject to registration with the CMC.
4. Investment companies may manage their own management or entrust it to the managing body of the CIU.
[...]
SECTION III - Management Companies [...]
ARTICLE 53. (Corporate purpose)
1. CIU management companies are engaged in the professional management of one or more CIUs, as well as the marketing of investment units and the provision of investment advisory services.
2. A CIU management company may, with the authorization of the CMC, simultaneously manage a CIU in securities and a real-estate CIU. [...]
4. CIU management companies in securities may also market, in Angola, units of participation in CIU securities managed by others, domiciled or not in the national territory, in accordance with the applicable foreign exchange legislation.
[...]
ARTICLE 54. (Form and denomination)
1. CIU management companies are incorporated in the form of public limited companies, the share capital being held in registered shares.
2. The provisions of the previous number do not apply to companies incorporated in a different form on the date of entry into force of this law.[...]" (Presidential Legislative Decree No. 7/13 of October 11, 2013 - LEGAL REGIME OF COLLECTIVE INVESTMENT BODIES [google translation])
Presidential Legislative Decree No. 2/17 of August 9 - LEGAL REGIME OF ASSET MANAGEMENT COMPANIES [google translation]
Presidential Legislative Decree No. 7/13 of October 11, 2013 - LEGAL REGIME OF COLLECTIVE INVESTMENT BODIES [google translation]
[<a href="https://gazettes.africa/archive/ao/2017/ao-government-gazette-series-i-dated-2017-08-09-no-135.pdf">Decree</a>],[<a href="https://www.bfa.ao/media/1369/02decreto-legislativo-presidencial-n7-13_11outubro-regime-juridico-dos-oic.pdf">Decree</a>]