Many come,
many go, but those with perseverance succeed.
The word is
out. The Islands of Cape Verde are a fertile ground for investors. Both
individuals and corporations looking for the potential that exists with
the special balance of enough development to get things done, but not so
much development that there is nothing left to do, are leaving their native
countries and settling on the Islands. However, if you want to see your
dream come true, you'll have to do more than just show up. Here are some
steps that may help you along the way.
1.Research
the Islands. Even though you may hear from word of mouth that the Islands
are a good place to invest, treat this as you would any other investment.
2.Visit
the Islands to decide if there is opportunity for your idea. The Government
emphasizes fisheries, mining, agriculture, industry, services, international
trade, and tourism as the most lucrative ground.
But the same
potential does not exist on every Island. You may also see opportunities
while you are there that you had not thought of before. Do tourist speak
of biking, but there are no bikes?
-
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which shares a common theme: International relocation, living ? investing
overseas, overseas jobs, embassies, maps, international real estate, asset
protection, articles about how to live ? invest overseas, Caribbean properties
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portal, our house swap portal, articles on overseas employment, international
vacation rentals, international vacation packages, travel resources,
every embassy in the world, maps of the world, our three very popular eZines
. . . and, as they are fond to say, a great deal more.
Is there equipment
on all of the Islands popular for waterpsorts that allow tourists to participate?
Such an enterprise exist on one Island, but not another. This may be a
relatively short trip, but if you plan to visit more than one Island, you
will probably need at least three weeks.
3.Make
a return trip, planning this time to stay for an extended period of time.
If, after your
initial visit,
you decide that a market does exist for your idea, go back and spend at
least three or four months there. Get to know the people, the social customs
and the business environment. This will be time well spent and may be crucial
to the success of your project. The country may have a European feel, but
it is not Europe. Even Cape Verdeans living abroad and returning to the
Islands for investment purposes must adjust to the business practices.
The Islands
are small, and in many ways are like any small town. While Islanders welcome
investors, they also want to know that you are working to improve the quality
of life of the people, not simply taking advantage of them. Spending time
on the Island in which you want to invest will allow you to meet key local
people who can guide you through your efforts.
Are there
competing efforts underway? Have there been other attempts to do the same
thing? What were the barriers to their success? You'll only find this information
on the Islands. You'll also have the opportunity to talk to other foreign
investors. Many of them will gladly share their experiences and help you
avoid the errors they may have made.
4.Contact
Promex. Established in 1990 to aid foreign investors in their investment
efforts, you'll have to contact Promex at some point during your odyssey.
You may want to contact them to aid you in your research about the Islands
or to obtain investment advice, but you will most likely contact them to
obtain the necessary paperwork to apply for your investment. You will also
submit your application through them. Promex can be contacted at: P.O.
Box 89-C, Praia, Cabo Verde, (238) 61 57 52 or (238) 61 16 19. Personal
contact is always better than trying to fax them, but if you must, the
number is (238) 61 14 42.
5.Personally
follow-up on your project's progress. Even though you may have a local
representative aiding you with your project, don't think that you can take
a back seat and relax.
Remember,
you are operating in a different culture where people's priorities may
not be the same as yours. This is your project and ultimately your responsibility.
Take ownership and manage it.
6.Have
everything ready, including financing, when you submit your application.
Many projects have not been approved simply because there were not clear
plans as to how the money to complete the project would be raised. Make
sure all aspects of your project are covered upon application submittal.
Treat it as if you would have to be ready to start as soon as you got the
go ahead.
7.Be
patient and flexible. Let's face it, for one reason or another, there
is a possibility that your project will not be approved. Don't give up.
The Islands are full of opportunities. Some involve less red tape than
others.
- Began Summer
1998 - Now with almost a half million subscribers, out eZine is the resource
that expats, and wantabe expats turn to for information. Our archives
now have thousands of articles and each month we publish another issue
to a growing audience of international readers. Over 100 people a
day subscribe to our eZine. We've been interviewed and referenced
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~ Two things have ushered us into a world without borders... the end of
the cold war and the advent of the world wide web of global communications
? commerce. Ten years and over one hundred issues! We're just
getting started - Gilly Rich - Editor
If you are
really serious about investing in Cape Verde, you will be able to do it.
The time you've spent on the Islands and the people you met will really
be of help at this point. You will able to draw on this experience to form
other projects. Locals, who now know you and want you to succeed, may have
suggestions. After your first attempt, you will have an even better idea
of how to achieve success. George Bernard Shaw wrote, "The people who get
on in this world are the people who get up and look for the circumstance
they want, and, if they can't find them, make them." These people overcome
obstacles and carry on and these are the successful foreign investors you'll
find on Cape Verde.
How to Officially
Start the Process:
So you've
decided to invest in Cape Verde. What are the official steps that you need
to take? will tell you
Diplomatic
representation in the US: Chief of mission: Ambassador Ferdinand
Amilcar Spencer LOPES chancery:
3415 Massachusetts Avenue NW, Washington, DC 20007 telephone:
[1] (202) 965-6820 FAX:
[1] (202) 965-1207 consulate(s)
general: Boston
Here you'll
find how to apply for a foreign or external investment and free-zone enterprise
status. You'll find out how to set up a company and receive information
regarding Cape Verde's labor system and Social Security.
