Cameroon Company Registration 2023: Frequently Asked Questions (FAQs)
Cameroon Company Registration 2023: Frequently Asked Questions (FAQs)
Cameroon company registration: FAQs answered
Are you looking to register a business in Cameroon? If so, then you’re likely wondering about the process of company registration in Cameroon. Fortunately, we have the answers for you! In this blog post, we’ll provide all the information you need to know about business registration in Cameroon, including how to register a company in Cameroon. We’ll answer some frequently asked questions and provide valuable resources to help make the process as smooth as possible. So, let’s dive in! Are you considering starting a business in Cameroon and wondering how to go about registering your company? If so, you’ve come to the right place! In this blog post, we will answer some of the most frequently asked questions regarding business registration in Cameroon. From how to register a company in Cameroon to understanding the legal requirements and more, we will address everything you need to know. Keep reading for all the answers to your questions about business registration in Cameroon.
The OHADA law governs commercial companies in Cameroon (Organization for the Harmonization of Business Law in Africa) and profit-making organizations in Cameroon. Consequently, the OHADA uniform act provides rules and regulations for limited liability and unlimited liability companies. Therefore, it provides a transparent and plain playing field for commercial companies to operate following some set for well-defined rules.
In addition, As most companies have many employees, it is also essential to register with the National Social Insurance Fund (CNPS) and the Labour Office.
What are the requirements for company registration in Cameroon?
Information required from the company/business founders:
– Name of Company (Private or Public ) limited company
– Objectives of the company
– Copy of shareholder (s) national identity card, passport or residence permit for foreigners and birth certificate for minors.
– Non-conviction or non-crime certificate
– Proficiency certificate (where applicable)
– Company registered address
– Company startup share capital.
Documents to be Prepared by the Commercial Attorney:
– Memorandum & Article of Association of the company-
– Notarized statement of subscription and payment of shares
– Notarized certificate of appointment of company manager
– Declaration of Regularity and OHADA conformity
– Notarized list of company shareholders & company manager
– Location & localization sketch of business premises
How long does the process take to register a Cameroon company?
The full process to register a company in Cameroon will take from 10 days – 1 month maximum depending on the complexity of the case at hand. This timeline includes obtaining a unique name for the company, depositing the required capital, obtaining a business license, and registering with the tax authorities. However, if any issues or complications arise, the process may take longer.
It is recommended to work with a local expert or law firm in Cameroon to navigate the process smoothly and efficiently. They can advise on the necessary documents, local regulations, and any additional requirements specific to your business sector.
How much does it cost to register a company in Cameroon?
Creating a company/business in Cameroon ranges from USD 2000- USD 5000 depending on the type of company and the number of shareholders. The cost includes registration fees, legal fees, and other related expenses. It’s important to note that these fees may vary depending on the complexity of the registration process and the nature of the business.
It’s also worth noting that some regions in Cameroon may require additional fees and taxes. For example, companies operating in the industrial zones of Douala or Yaoundé may be required to pay local taxes.
Overall, it’s recommended that you seek advice from a professional business consultant or legal expert who is familiar with the company registration process in Cameroon. They can help you understand the costs and guide you through the entire process.
What type of Company can I register in Cameroon?
The Types of companies that can be registered in Cameroon include:
Private limited liability company
A public limited liability company requires a minimum share capital of 100 million FCFA ($170,000) and is suitable for larger businesses looking to issue shares to the public. On the other hand, a private limited liability company is the most common type of company in Cameroon and requires a minimum share capital of 1 million FCFA ($1,700). This type of company is suitable for small and medium-sized businesses and is the easiest to set up.
It’s important to note that both types of companies have legal identities separate from their owners and shareholders, meaning that their liabilities are limited to their respective capital. This ensures that shareholders’ personal assets are protected in case of company debts or losses.
Foreign investors are also allowed to set up businesses in Cameroon, and there are no restrictions on foreign ownership of companies. However, they are required to follow the same registration procedures as locals and must obtain necessary permits and approvals from relevant government authorities.
Overall, registering a company in Cameroon can be a complex process, and it’s essential to seek professional assistance from lawyers or business consultants to navigate the process smoothly.
Are there any restrictions on foreign ownership of companies in Cameroon?
There are no restrictions as to foreign ownership of companies in Cameroon. This means that foreign individuals and companies can register a business in Cameroon without any hindrance. However, it’s important to note that the process of company registration in Cameroon may differ slightly for foreigners compared to Cameroonians. It’s always advisable to consult a local lawyer or business expert to ensure compliance with the country’s laws and regulations. Additionally, foreigners may be required to obtain a work permit or business visa before commencing business operations in Cameroon. Nevertheless, with the right guidance and support, foreign investors can successfully navigate the process of company registration in Cameroon and establish a profitable business in the country.
Article by CHUO ANGABUA JUNIOR
‘’The content of this article is intended to provide a general guide to the subject matter. We insist specialist advice be sought depending on your specific circumstance’’
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