Cameroon is an independent state with a stable economy located in the western part of Central Africa. The neighbouring countries are: CAR, Nigeria, CHAD, Gabon, Republic of Congo and Equatorial Guinea. The port city of Douala and the capital Yaounde are two largest cities of Cameroon with a population about 2.4 million people. If you want to register a company in Cameroon, please note that of the 285 languages spoken by Cameroonians, the official languages are French and English.
To set up a company in Cameroon
To set up a company in Cameroon, no prior administrative authorization is required except for some specific activities. From a legal perspective, commercial companies are governed by the OHADA (Organization for the Harmonization of Business Law in Africa- occasionally referred to in English as OHBLA) Uniform act relating to Commercial companies and Economic interest groups. As per this uniform act herein mentioned, the rules governing both limited liability and unlimited liability companies are outlined in a clear and distinct manner to serve the purpose of establishing a healthy and transparent business atmosphere adapted to that of the globe at large and to Africa in particular. Nevertheless, in Cameroon, where the law recognizes private enterprises, different types of business companies flourish, the most common of which are the Public limited company (S.A) and the Private limited company (S.A.R.L).
It should however be noted that, practice is not always clear, direct and distinct as theory always enunciates, usually complicated by the intricacies of the terrain. Out of our experience in the corporate world, we have tried to simplify the comprehension of such difficulties by putting into words the following formalities;
– First and foremost, the prospective business man’s criminal record should be ascertained, through the procurement of a certificate of non-conviction. As for foreign investors, they should hold valid entry and residential documents;
– After being clear on the type of company to be created, one should, alongside their legal counsel deposit with a Notary public or a legitimate Bank the requisite minimum legal authorized capital permitting the incorporation of such;
– Establish the Articles of Association with the legal counsel and notary Public, then submit 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 established and have its headquarters, which will be followed by the issuance of a certificate of incorporation and published in the official legal journal;
– After obtaining the certificate of incorporation, an application for the exoneration of the business tax for a period of two years should be obtained, within which the businessman will keep declaring its 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 regime it should be placed;
– After the exoneration, an obtainment of a Taxpayer’s card is imperative;
– Declare the employed staff with the competent services of the National Social Insurance Fund (NSIF-CNPS).
Practice has showed us that, the period of time, which is required for the above to be accomplished, if all the means are made available and everything being equal, is fifteen days. More than ever before, the Cameroon government is bent on making the investment environment more conducive and enabling for both national and foreign investors who want to venture into any business area permitted by the Law.
How we can help you
If you are considering forming a business or you need expert help with company registration in Cameroon, LegalGenius™ is ready to assist you with its skilled team of lawyers, consultants and tax experts. We are committed to making the process as stress-free and streamlined as possible for you, and we will take care of all your document preparation and administrative tasks regarding the registration forms, payment of government fees, local address registration, banking support, etc., whilst always keeping your exact objectives and unique vision in mind throughout the process.
Please use our Company Formation Wizard if you would like to set up your registered company in Cameroon or if you would like to know the costs involved prior to proceeding with our exceptional services. For other queries and special requests for complex or customised company formation services, please contact us at email@example.com