How to Register a Company in Cameroon: A Comprehensive Guide
If you’re considering registering a company in Cameroon, there are a few things to consider. Knowing the necessary steps for company registration in Cameroon, as well as the different business formation options available, is essential for ensuring the successful incorporation of your business. In this blog post, we will explore the requirements for company registration in Cameroon, as well as the different options available for business formation.
The Process of Registering a Cameroonian Business
According to Article 3 of the Uniform Act relating to Commercial Companies and Economic Interest Groups in Cameroon, any person, whatever their nationality, wishing to engage in commercial activity in the form of a company shall choose a form of company that suits the activity envisaged from among those provided by the Organisation for the Harmonization of Business Law in Africa (OHADA) Law. In this context, to register a company in Cameroon, the founder must ascertain the type of company (private, private limited or public limited company). To register a company in Cameroon, the founders must understand the principle of a corporate legal entity. In setting up a company in Cameroon, the minimum share capital to set up a private limited company is 1.000.000 (one million) FCFA whilst that of a public limited company is 10.000.000 (ten million) FCFA. The promoter of a company must understand the concept of the shareholding structure of a company. Shares are the unit of holding or right of ownership by an investor in a company. The share structure of a company illustrates contributions made to the share capital of a company. A limited company in Cameroon can be set up by a person aged 18 years and above who is not insane, bankrupt or convicted of a crime. To register a company in Cameroon, all provisions of the OHADA Uniform Act on General Commercial Law, Commercial Companies and Economic Interest Groups must be strictly applied. The requirements for registering a company in Cameroon, as well as the winding up procedure, are governed by OHADA law. A look at the scope of Company registration in Cameroon brings to mind many questions. Before we engage the discussion on the procedure to register a company in Cameroon, it will be important for some pre-registration issues to be properly clarified below;
The first step to registering a company in Cameroon is to determine the type of company that best suits your business needs, which is important in understanding how to register a company in Cameroon. The next step is to ensure that you have all the required documentation ready, which we will discuss in the next section. It is also important to note that you can register your company online through the National Entrepreneurship Creation Center (NECC) or in person at the Registrar of Companies. Knowing the options available for company registration in Cameroon is crucial to start your business successfully.
The Documentation Required for Registering a Business in Cameroon.
To register a company in Cameroon, the corporate attorney is enjoined by law to request some mandatory information from the company promoters/founders. This information enables the registration of a company in Cameroon to be successful irrespective of whether the founders/promoters are in Cameroon or abroad. According to Article 262 of the Uniform Act relating to commercial companies and economic interest groups of the OHADA Law, the following information is required from the company founders;
Name of company (private or public limited company) Objectives of the company copy of shareholder (s) identification documents (national identity card, passport, residence permit for foreigner and birth certificate of minor) non-crime certificate or non-conviction certificate of shareholder(s)Certificate of proficiency (where applicable) Company registered address company startup capital etc.
The Cost of Registering a Business in Cameroon
Registering a company in Cameroon will cost you from USD 2000 to USD 5000 depending on the company type. This cost covers legal and administrative fees, as well as the publication of your business in the official gazette. However, additional costs may apply for other legal requirements, such as obtaining a tax identification number or registering for social security. To learn how to register a company in Cameroon, it is important to consult with a professional who is familiar with the process and can guide you through the various requirements and regulations. A reputable law firm or business consultancy firm can provide invaluable support and expertise when it comes to registering a Cameroonian business. With their help, you can ensure that your company is registered in compliance with all applicable laws and regulations and that you are well-equipped to navigate the Cameroonian business landscape.
The Timeline for Registering a Business in Cameroon
The timeline for registration of a company in Cameroon is 7- days, which can be completed by following the proper procedures. Knowing how to register a company in Cameroon can help streamline the process and ensure that all requirements are met within the given timeframe. One important step is to choose a business name that is unique and not already registered. It is also important to obtain a Tax Identification Number (TIN) and register with the appropriate authorities, such as the National Social Insurance Fund and the National Employment Fund. Understanding these steps can make the registration process easier and faster. Additionally, it is important to note that registering a business in Cameroon requires a physical address and a business plan. The business plan should include information such as the proposed business activities, projected financial statements, and marketing strategies. These documents should be submitted to the Cameroon Chamber of Commerce for review and approval.
It is also important to have a local agent who can assist in the registration process and act as a liaison between the company and the Cameroonian authorities. The local agent can provide advice on the legal requirements for registering a business in Cameroon and help ensure that all documents are submitted correctly.
Finally, it is essential to be aware of the potential delays that can occur during the registration process, such as long wait times for approvals or incorrect document submissions. Therefore, it is recommended to work with an experienced consultant or lawyer who can guide you through the process and ensure that everything is done correctly.
Overall, registering a business in Cameroon requires careful planning, attention to detail, and knowledge of the local laws and regulations. By following the proper procedures and working with an experienced local agent or consultant, the registration process can be completed successfully and efficiently. In terms of the actual timeline for registering a business in Cameroon, the process can take up to 7 days. However, this can vary depending on a variety of factors, such as the complexity of the business activities or the efficiency of the registration authorities. It is important to budget extra time for any potential delays or complications that may arise during the registration process.
Another important factor to consider is the cost of registering a business in Cameroon. The fees can vary depending on the type of business and the specific requirements but generally range from (approximately $2000 to USD 5000). It is also important to note that there may be additional costs associated with obtaining any necessary licenses or permits, such as a trade license or an environmental permit.
In terms of documentation, the requirements for registering a business in Cameroon include a variety of legal and financial documents. These may include the articles of association, the business plan, the identity documents of the company directors and shareholders, and financial statements or bank guarantees. It is essential to ensure that all documents are accurate and up-to-date, as any errors or omissions can delay the registration process.
Overall, registering a business in Cameroon can be a complex and time-consuming process, but with the right knowledge and support, it can be completed successfully. By understanding the timeline, costs, and documentation requirements, entrepreneurs can prepare for the registration process and ensure that their business is established legally and effectively.
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’’
TO TALK WITH A SPECIALIST
