Business accounts: Cabo Verde

Updated 5 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A company account in Cabo Verde is opened at a local bank supervised by the Bank of Cabo Verde. The bank works with a company registered in the country, with a tax number and a local address. Most foreign owners come for tourism, holiday rentals, restaurants and services on Sal, Boa Vista, Santiago and São Vicente, and the bank expects the business to be tied to the islands. The Cabo Verde escudo is pegged to the euro at 110.265 escudos per euro, about 98.4 escudos per dollar at the European Central Bank rate of 5 October 2026.

Who needs a company on the islands

A company is needed if you let homes to holidaymakers as a business, open a restaurant, a rental or an activity centre, or provide services to hotels. If income is rent from one or two of your own flats, owning them personally and opening a personal account is usually enough: cheaper to run and simpler for the bank. For a company the bank will ask for the premises lease, sector licences and an income plan for the first season, so they are prepared in advance.

The company for the account

• Same-day registration. The state 'company in a day' service at the citizen service centre lets you form a limited company or single-member company the same day: legal, tax, social security and labour steps go through one window.
• Tax number for the company and foreign founders.
• Registered address on the islands and, for tourism and catering, sector licences.
• Foreign founders' documents apostilled and translated into Portuguese, the official language.

What the bank checks

• articles, commercial register extract and tax registration;
• passports of directors and ultimate owners;
• origin of capital, especially if it comes from abroad;
• business description on the islands, lease and supply contracts, expected turnover.

Taxes the bank will see

• Corporate income tax: 20% since 2025, cut from 21%.
• VAT: 15%.
• Tourism companies may obtain tax incentives under an investment agreement with the state; this is checked before registration.

Deposit protection

The state deposit guarantee in Cabo Verde is capped at 1 million escudos, about $10,160, per depositor per bank, paid in two parts within 7 and 30 working days. So for large company balances it is not something to rely on: money is held with the bank's reliability in mind.

Staff and social security

If the company hires staff, it registers with the National Social Security Institute, and contributions are paid monthly from the company account. The bank sees these payments and treats them as a sign of real activity on the islands.

Currency and payments

The main account is in escudos, and many banks also open euro accounts, which suits tourism: most guests and partners are from Europe. Thanks to the euro peg there is almost no currency risk on euro payments. The bank checks payments abroad against contracts and invoices.

How opening works

1. Company registration and tax numbers.
2. Sector licences if needed.
3. Bank file and origin of capital.
4. The director's bank visit.
5. Account opening in escudos and euros.

Why banks refuse

• The company has no activity on the islands.
• Origin of capital not proven.
• Founders' documents without apostille or Portuguese translation.
• No sector licence for tourism or catering.
• Owners from higher-risk countries without a clear explanation.

What we do

Murblz specialists register the company in Cabo Verde with locally licensed partners, obtain tax numbers and licences, prepare the bank file and support the opening until the decision. We quote the cost after a short consultation; the decision always rests with the bank.

What we do

• Corporate account - opening assistance

See also

Personal account · Investment property · Country taxes · All country programs

FAQ