Up until 2019, foreign shareholding in companies undertaking regular passenger transportation was limited to 50%.
"CHAPTER I 
Article 1 (Object)
This Diploma establishes the Rules for the Exercise of Regular Public Passenger Transport Activity.
Article 2 (Scope of Application)
The Diploma applies to legal entities, which operate the activity of regular road transport of passengers, carried out using heavy motor vehicles, built or adapted for the transport of people, commonly known as buses.
Article 3 (Definitions 
For the purposes of the provisions of this Diploma, the following definitions apply:
a)- «Regular Public Transport Services Collective Passengers», passenger transport service of economic interest, carried out according to previously defined routes, stops, times and prices in which the overall capacity of the vehicle is made available to the entire public, without distinction ;
b)- «Occasional Public Passenger Transport Service», carried out without regularity, according to routes that can be established on a case-by-case basis, whether the overall capacity of the vehicle is made available to a single customer, or whether it is made available to a plurality of customers;
[...]
Article 7 (Activity Licensing)
1. The activity of road transport of passengers for hire, national or international, using heavy passenger vehicles, can only be carried out by public and private companies, licensed by the entities described in paragraph g) of article 3 of this Diploma.
2. Authorization to carry out the activity of road transport of passengers for hire, is carried out by obtaining a license, issued for a period not exceeding 5 (five) years, and the interested party must submit the instructional documents provided for in Annex III, which is an integral part of this Diploma.
3. In order to ensure a good distribution of traffic and market balance, the National Institute of Road Transport is responsible for determining the contingent supply for interprovincial and international routes, based on the study of the network dimension.
4. The determination of the contingent provided for in the previous number, for urban, interurban and intermunicipal careers, is the responsibility of the Provincial Government or the Local Authority." (Presidential Decree No. 355/19 of December 9 [google translation])
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"CHAPTER I - General Provisions
ARTICLE 1. (Scope)
The present diploma applies to the regular road transport of passengers, carried out by means of heavy vehicles, built or adapted for the transport of people, commonly known as buses.
[...]
CHAPTER II - Access to Activity
ARTICLE 6. (Activity licensing)
1. The activity of road transport of passengers on behalf of others, national or international, by means of heavy passenger vehicles, can only be carried out by legal persons, licensed by the National Directorate of Road Transport.[...]
3. In the licensing of companies for regular careers, foreign entities may only hold up to 50% of the share capital of the companies to be licensed.[...]" (Presidential Decree No. 154/10 of 26 July: TRANSPORT REGULATION REGULAR PASSENGER HIGHWAYS [google translation])
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"CHAPTER I - General Provisions
ARTICLE 1. (Scope)
The present diploma applies to occasional road transport of passengers, carried out by means of light or heavy vehicles, built or adapted for the transport of people.
ARTICLE 2. (Occasional road transport of passengers)
1. Occasional road transport of passengers is those carried out on a non-regular basis, according to itineraries that can be established on a case-by-case basis, whether the overall capacity of the vehicle is made available to a single customer or is made available to a plurality of customers .
2. For the purposes of the provisions of this law, occasional road transport of passengers is also known as rental transport.
[...]
CHAPTER II - Access to Activity
ARTICLE 4. (Activity licensing)
1. The activity of passenger rental transport, in light vehicles and in heavy road passenger vehicles, on behalf of others, can only be carried out by natural or legal persons, licensed by the National Directorate of Road Transport.
5. In the licensing of legal persons, foreign entities may only hold up to 50% of the share capital.[...]" (Presidential Decree No. 128/10 of 6 July: REGULATION ON OCCASIONAL PASSENGER ROAD TRANSPORT [google translation])
Presidential Decree No. 154/10 of 26 July: TRANSPORT REGULATION REGULAR PASSENGER HIGHWAYS
Presidential Decree No. 128/10 of 6 July: REGULATION ON OCCASIONAL PASSENGER ROAD TRANSPORT
Presidential Decree No. 355/19 of December 9
[<a href="https://www.dtser.pn.gov.ao/ddtser/comunicao_e_imagem/documentos/2020/Regulamento%20De%20Transporte%20rodovi%C3%A1rio%20Regulares%20De%20Passageiros.pdf">Reg</a>],[<a href="https://www.dtser.pn.gov.ao/ddtser/comunicao_e_imagem/documentos/2020/Regulamento%20de%20Transportes%20%20Rodovi%C3%A1rio%20Ocasionais%20de%20Passageiros.pdf">Reg</a>],[<a href="https://lex.ao/docs/presidente-da-republica/2019/decreto-presidencial-n-o-355-19-de-09-de-dezembro/">Reg</a>]