Considered as one of the best-ranked countries in sub-Saharan Africa according to governance indicators, Cape Verde has a stable political system and continues to invest in several industries to boost its economy in various sectors following the impact of the COVID-19 pandemic. Investments are expected to be focused on sectors such as tourism, infrastructure, supporting local businesses, and stimulating inclusive growth.
As many organisations expand their international reach, they look for ways to minimise the hassle of understanding and managing complex local matters relating to legal requirements, cultural norms and labour policies. A popular solution is to engage the services of reliable local partners who specialise in business process outsourcing, including employment outsourcing solutions where resources need to be employed in-country and paid accordingly.
Africa HR Solutions’ Cape Verde HR outsourcing services can be used to add value you to your international growth plans. As a specialist HR service provider, we help manage elements relating to taxation, social security, compensation schemes, together with end-to-end immigration requirements for expatriates deployed to Cape Verde, whether you have a subsidiary in the country or not. Our employment outsourcing solutions are legally compliant and include services such as Professional Employer Organisation (PEO), Employer of Record, payroll processing, as well as a range of ancillary support services.
Country Profile - Cape Verde
Gross Domestic Product (GDP): $1.94 B
GDP Growth: 7.0 %
Inflation: 1.9 %
Foreign Direct Investment (% of GDP): 4.3 %
Unemployment Rate: 15.4 %
Currency: Cape Verdean escudo
Cape Verde's Economy
According to the World Bank, Cape Verde is one of the best-ranked countries in Sub-Saharan Africa in terms of governance protocols and efforts to fight corruption. It has one of the best business climates in the region but still suffers from a lack of infrastructure and the absence of regulations governing insolvency. The country usually attracts foreign direct investment from European countries such as Portugal, Italy, Spain and the United Kingdom, however, the COVID-19 pandemic constricted investment-related projects. Going forward, Cape Verde is focusing on increasing investment in several sectors including tourism, technology, energy, infrastructure, and transport.
Interesting Facts About Cape Verde
The archipelago consists of 10 islands and 5 islets.
Cape Verde is ranked as the third biggest nesting site worldwide for loggerhead turtles.
The islands of Cape Verde are Santiago, Santo Antão, Boa Vista, Fogo, São Nicolau, Maio, São Vicente, Sal, Brava and Santa Luiza.
The highest volcano site in Cape Verde is Pico do Fogo.
The country is considered to be very safe, hospitable and has the highest standard of living in Western Africa.
It an attractive and popular tourist spot for water sports such as kitesurfing, scuba diving and sailing.
Public Holidays in Cape Verde
New Year’s Day
All Saint’s Day
Employment in Cape Verde
Cape Verde is considered a developing country, although its recent focus on enhancing its tourism industry and providing a better quality of life is leading to growth transformation and more attractive job opportunities. Employees are entitled to maternity, sick and vacation leave. Cape Verde offers a minimum wage and bonuses are not compulsory, although they are common. As far as termination of employees is concerned, employers are required to provide 15 days’ notice for every year of service, or the relevant amount as payment in lieu of notice. Where employers wish to terminate employees due to misconduct, a 40 day warning is required including the reasoning, whereafter the employee has 5 days to formally respond. Healthcare services are funded via the country’s social security system.
Engaging the services of Africa HR Solutions will allow you to focus on growing and streamlining your business in Cape Verde, whilst we deliver all relevant employment outsourcing and payroll procedures in accordance with the applicable legal requirements and customary practices, including devising an attractive employee benefit scheme for your local national and/or expatriate resources.
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