Register a company in Cameroon may never have crossed your mind as an investor for the simple fact that you are yet to realise the economic potential of Cameroon. This article will highlight 7 key facts why investors should consider to register a company in Cameroon as well as a brief overview of the company registration process involved.
While you may be thinking to register a company in Cameroon, is not a wise business decision, here are 7 facts that will help you change your perception about Cameroon.
Why should you register a company in Cameroon?
Cameroon is situated on the West coast of Africa. It is a country that is becoming increasingly
urbanized. Cameroon is the largest and most important economy within the Central African
Economic and Monetary Community (CEMAC), with a population of more than 21 million
inhabitants. Cameroon occupies a surface area of 475 440 KM² with a population density of 41.5 per square km. Its unique and enviable geographical location greatly facilitates her easy access to major markets around the sub-region like Nigeria (with the largest market in the region) Chad,
Gabon etc. Below are 7 facts about Cameroon you may not know.
1. Full Member Of World Trade Organisation Since 1995
2. The 6th Largest Petroleum Producer In Sub-saharan Africa
3. Consistent Growth Rate of 2 to 5% Since 1995
4. Requires Only 1 Manager To Act As A Director
And As A Shareholder To Register A Company.
5. Minimum Share Requirement Of 1 Million France CFA (XAF)
6. Quick Company Registration Process 2 Weeks Averagely
7. Easy To Open Global Corporate Bank Accounts
Interestingly enough, to set up a company in this West African economic giant, no prior authorization is required except for certain activities. Legally speaking, commercial companies are governed by the Organization for the Harmonization of Business Law in Africa (OHBLA also known as OHADA) uniform act relating to commercial companies and economic interest groups. The uniform act ensures clear and distinct guidelines for both limited liability and unlimited liability companies for the purpose of establishing a healthy and transparent business atmosphere adapted to that of the globe at large and to Africa in particular. However, in Cameroon, the law recognises private enterprises, as a result different types of businesses flourish, the two most common are the Public limited company (S.A) and the Private limited company (S.A.R.L).
Here at ASID Creative Plus, we understand that in practice it is not always clear, direct and distinct as it sounds in theory because things can easily become complicated by the complexity of the terrain.
From our experience, we have therefore summarize the entire process into 6 key formalities to help you successfully register a company in Cameroon.
1. Procurement of a Certificate of non-conviction, and a valid entry and resident permit (foreign investors) – a Certificate of non-conviction can be obtained from your local police or your Regional high court;
2. Minimum Legal Authorised Capital – With the help of your legal adviser, decide on the type and nature of your company, after which you must deposit with a Notary public or legitimate bank the requisite minimum legal authorised capital required for your business type;
3. Articles of Association and Registration – Establish the Articles of Association with your legal adviser and notary public, then sumit an application for registration with the Trade and Personal Property Credit Register through the Registry of the Court of First Instance in the area where the company will be located and have its head quarters, following this you will be issued a certificate of incorporation which is also published in the official legal journal;
4. Applying for the Exoneration of the Business Tax – Following a successful certificate of incorporation, you’d need to obtain an application for the exoneration of the business tax for a period of two years, within which you’re required to declare your business activities on or before the 15th of each month, to enable the state to estimate the activity in a bid to know under what Tax category it should be placed;
5. Tax Payer’s Card – after the exoneration of business tax, an obtainment of a Tax payer’s card is imperative;
6. Declaration of Number of Employees – declare the number of employees working in your company with the National Social Insurance Fund (NSIF-CNPS).
In practice, given all the available means and everything being equal, the entire registration process should take no more than fifteen days.
More good news is that recently the Cameroon government has made firm commitment in making a more conducive investment environment for both national and foreign investors who want to register a company in Cameroon.
Our team of professionals have a wide experience working with businesses and legal advisers across the country, enabling us to quickly and easily adapt our services to real time difficulties on the ground, so why not contact us today to find out more about how to register a company in Cameroon