6 THINGS TO DO AFTER YOU COMPANY REGISTRATION IN CAMEROON [Post incorporation Matters
The majority of business people often get stuck after the incorporation of the company because they have no idea where to begin from. The others commence company activities when the company is incorporated and overlook the simple details, which later bring about unfortunate consequences. At Stabit Advocates, we are dedicated to assisting you and your establishment with the required legal compliance and frameworks, including but not limited to guiding and facilitating you in all migration procedures. Here we take you through a brief post-incorporation process (s) such that your business commences legally. These post-incorporation procedures include the following;
1. Acquisition of Your Business’s Trading Licence and any other relevant licences
Before any business can commence in Rwanda or elsewhere in other jurisdictions, such a company must be issued a trade licence. In Cameroon, this license is issued by the tax office upon opening a decentralized tax account and paying a prescribed fee. Any person who operates a business without a trading licence is liable to payment of penalties.
In addition, some businesses operate after obtaining business licenses, such as Construction & Engineering Consultancy Firms licence, Mining and Energy Firms Licence, Gaming licence, and liquor import & Trading licence to mention but a few. Therefore any owner of a business which falls in the said category which requires a licence to operate must endeavour to acquire this licence before the company is commenced because if caught driving without a licence could result in the banning of such business entity from running the same business not to mention other penalties or charges that may be instituted upon the discretion of the regulatory authority
2. Opening of a Bank Account;
A newly incorporated company ought to have a bank account. This will protect such a company from making losses through any possible fluctuating foreign exchange rates in case such business is to receive money in foreign currency per se. All banks in Cameroon are reputable and include, among others, ECOBANK, UBA, SGBC etc. The requirements for opening company bank accounts cut across all banks in Cameroon, and they include the following;
1. Copy of the Company Certificate and Full registration details An application letter requesting the opening of the Bank account
2. Board Resolution of the Company shareholders resolving to open a bank account
3. Copy of the National ID or Passport of the Company shareholders
4. Copy of the National ID or passport of the signatories to the account
5. Two Passport size photographs of the signatories to the Bank account
6. An initial deposit
7. Tax clearance certificate
Opening a bank account is very swift and cannot exceed an average of three days across all banks as long as all the requirements are available.
It suffices to mention that a Company bank account can be opened even in the absentia of the shareholders. Still, it is only on condition that the shareholders issue a Power of Attorney to the said representative. Such Power of Attorney is notarized at the nearest Cameroon Embassy in their jurisdiction and later sent through a carrier such as DHL to Rwanda.
3. Registration of the Company’s Intellectual Property
For a company looking to grow its brand, it’s advisable to register the trademark of its company name and logo. This will protect its name from being used by other entities, which can help avoid confusion among clients, among other issues. For more information on registration requirements for trademark registration, feel free to go to our website blog.
4. Putting together a Team of Employees
As they say, every business becomes successful based on how competent and hardworking the team is. Therefore this is a sensitive part for any new company. There are Human Resource Agencies which can assist you through the vetting process in case you have trouble identifying competent employees.
5. Obtaining Legal Requirements for the Employment Team
Following the Labour law in Cameroon, the company can create employment contracts for all employees. In addition, for any foreign employees, the company management must apply for work permits for such employees.
6. Establishment of an Office Address.
it is always advisable to use temporary addresses for the registration process. Therefore after incorporation, the company management will have the task of identifying an office address in a good location, considering the model of their business operations. We always recommend using brokers who can easily communicate with landlords and landladies across Kigali city. Therefore, identifying a good location with such brokers’ assistance will be easy and cost-effective. In addition, the company can look into establishing a website, obtaining a Post Office Box Number issued by the Cameroon post office, and having an official company Email and Official Telephone Number, among others.