HOW TO OPEN A CORPORATE BANK ACCOUNT IN CAMEROON -2023 APPROVED GUIDELINES

COMPANY BANK ACCOUNT IN CAMEROON

Opening a corporate bank account in Cameroon is entirely different from running an individual account in terms of its requirements and documentation. To be able to own a corporate account, the business must be duly registered in accordance with the Uniform Act on General Commercial Law- OHADA which is the principal law that regulates companies in Cameroon. The founders must have a certificate of registration of the company, a localization sketch of the company, the attestation of non-indebtedness of the company, the taxpayer’s card of the company, and any other support company document.

Most banks have different procedures for opening a corporate bank account in Cameroon, but the requirements are still the same across all the banks.  Most of the banks operating in Cameroon provide a wide range of services to their clients with multiple features like the ability to transfer funds from Cameroon to other countries, trade facilities, debit and credit cards,s and internet banking. A company bank account in Cameroon allows one to easily keep track of expenses, manage employees’ salaries, convey finances to investors, receive payments, and plan the company’s budget.

PROCEDURE FOR HAVING A CORPORATE BANK ACCOUNT IN CAMEROON

The first step while opening a corporate bank account in Cameroon is to choose the bank you want to open an account. Every bank provides various types of incentives to its account holders, you need to research which type of incentives you need for your business and approach the bank that has offered the most convenient banks.

CORPORATE BANK ACCOUNT REQUIREMENTS IN CAMEROON

The following are the documents required for opening a corporate bank account in Cameroon:

1. Board Resolution from the Board of shareholders authorizing the opening of a company account in Cameroon account and approving the account signatories.
2. Certified Memorandum and Articles of Association (Memart)
3. Complete the corporate account opening form signed by the company’s designated signatories and the shareholders of the company.
4. Certified true copies of incorporation documents.
5. Residential address of the shareholders.
6. Passports photograph of the signatories.
7. Legitimate identification documents of the shareholders such as international passports, and national identity cards
8. Taxpayers card
9. Business License & Certificate of non-indebtedness
10. 2 duly filled reference forms by corporate account holders.
11. Attestation of business localization/sketch
12. 2 Passport-size photos of signatories.
13. A resident permit for foreigners is required for a company bank account in Cameroon

MINIMUM OPENING BALANCE FOR A CAMEROONIAN CORPORATE ACCOUNT

The minimum opening balance for a Cameroonian corporate bank account in Cameroon varies depending on the bank. Usually, the monetary sum for opening a current account ranges depending on the kind of account(savings or current account )

CONCLUSION

Under Cameroonian laws and banking regulations, it is only a company duly registered in Cameroon can proceed by opening a corporate bank account in Cameroon. Therefore, a foreign company is not entitled to open a bank in Cameroon unless its subsidiary has been registered in Cameroon. It is the registered subsidiary that can apply to open a business account.

Article by Barr. Mafany Victor Ngando

Kinsmen Advocates Law Firm“The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstance”