Cape Verde Business - Investor protection
Cape Verde`s ranking on security of investment
Here are reports from the UK Foreign Office and the World Bank on the safety and security of investing in Cape Verde for either a personal property or a business .
The UK Foreign Office warns
"Many British nationals have experienced serious problems when buying property in Cape Verde. Before buying property anywhere on the islands, you should seek independent qualified legal advice."
World Bank Ranking of Cape Verde in various business tasks.
"Obtaining electricity supply takes 7 procedures and an average elapsed time of 88 days. "
"Average recovery proportion from an insolvent business. 0% Ranked 189th out of 189 countries surveyed. "
"For investor protection Cape Verde ranks as 153 out of 189. "
"On the basis of a score between 1 and 10 Cape Verde scores 1 for investor disclosure, 5 for degree of director liability in the case of company failure and 6 on the ease with which shareholders can instigate legal action. "
A view put forward by a team of local experts
see My Destination
"If you are interested in opening a business in Cape Verde, you will have to fulfil some bureaucratic requirements and cover certain basic costs. Opening a business in Cape Verde used to take an average of 24 to 40 days. Recently the authorities claim to have come up with a faster solution."
One American`s personal experience of Cape Verde bureacracysee Invest in CV blogspot
"Legal processes involve running from one location to another across the city, waiting in interminably long lines, having to make photocopies of various items rather than the agency making its own copies or scanning whatever originals you provide, paper and more paper everywhere, stamp duties that are only valid with a literal physical stamp and various manoeuvres which the average person would consider to be overwhelming red tape."
"A bureaucrat is the sole point of sign-off on a certain process or is the only person who can provide certain information, but leaves the office on government matters, for a coffee break or a vacation ... while the entire world awaits their return. Their schedule becomes your schedule. Another example is where you must go to various physical locations across the city or country - yes, even from one island to another - to complete a procedure and heaven forbid, the sole individual between you and the end result you seek has not left on vacation."