INTRODUCTION
What you need to know about opening a company. Company registration in Cameroon is the first step toward doing business in Cameroon. Before opening a company in Cameroon there are important facts every person intending to register a company in Cameroon must be aware of.
BELOW ARE 12 KEY FACTS ABOUT COMPANY REGISTRATION IN CAMEROON.
- Before opening a company in Cameroon, it is good to know that the sole government agency responsible for company registration in Cameroon is the Trade and Personal Property Rights Registry and all applications for company registration must be channeled to The Trade and Personal Property Rights Registry. The Trade and Personal Property Rights Registry derives its powers and authority from The OHADA Uniform Act Relating to Commercial Companies and Economic Interest Groups. Unlike a country like the United States where it is possible to register a company in various states, company registration in Cameroon is under the control of the Cameroon Government.
- Before opening a company in Cameroon an investor must know that the most suitable form of business structure in Cameroon is a private company limited by shares. There are other business structures such as public companies limited by shares, business name, etc. however, the most common and suitable structure for business ventures in Cameroon is a private company limited by shares.
- Before opening a company in Cameroon, it is necessary to know that the company can have only 1(one) shareholder and only one (1) company director irrespective of whether any foreigner will be among the shareholders or directors. The same person can stand as both a shareholder and company director in a company. However, a person who is below the age of 18 is not eligible to be a company director in Cameroon.
- A company secretary is not a mandatory requirement for all companies in Cameroon. however, where a company intends to have a company secretary, such a company secretary must be resident in Cameroon. Besides, where the shareholder or director of a company will involve a foreigner, such a company must appoint a secretary during registration.
- Company registration in Cameroon does not automatically qualify one to engage in all kinds of business. Some industries are subject to special regulatory control and licenses must be obtained from the industries’ regulator before one can engage in a business in such industries.
- The company registration process requires that all companies must have a registered office address in Cameroon at the point of incorporation.
- Although Cameroonian companies do not expire once registered and are not subject to renewal, however, what you need to know about opening a company in Cameroon is that all companies registered in Cameroon are required to file monthly declaratory returns with The Trade and Personal Property Rights Registry. This can be filed by a solicitor on behalf of the company. The documents required for filing monthly returns with The Trade and Personal Property Rights Registry are:
- The company certificate of non-indebtedness
- The company taxpayers’ card
- Evidence of payment of all required fees and dues
- Before opening a company in Cameroon it is important to also know that all registered companies now come with a Tax Identification Number (TIN), which is required for opening a corporate bank account.
- At the end of the company registration in Cameroon, All company incorporation documents are now issued manually, which include
- The Memorandum and Articles of Association
- The Certificate of Incorporation
- The Attestation of business creation
- The Certificate of non-indebtedness/ Business License
- Form Mo
- Tax Payers Card
- What you need to know about opening a company is the minimum share capital threshold for some categories of business in Cameroon. What this implies is that before someone can register a company to engage in business in some industries, the company must have a certain share capital amount.
- Before opening a company in Cameroon especially where a foreigner is a director and/or shareholder of a company in Cameroon, the company is required to have a minimum authorized share capital of 1Million Francs.
- Company registration in Cameroon in does not automatically qualify a foreigner to be a signatory to a corporate bank account in Cameroon. When considering opening a bank account, there are other applicable laws. For instance, pursuant to BEAC regulations.
- Lastly the cost of opening a company in Cameroon will be determined by the type of company , share capital and type of business activity.
CONCLUSION
In closing, it is important to strictly comply with the above tips for seamless registration.
Article by Barr. Mafany victor Ngando
“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”