Steps to register a company in Cameroon 2023
To register a company in Cameroon, the promoters must ascertain the type of company (private or public limited company). To register a company in Cameroon the promoters must understand the principle of 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 whereas that of a public limited company is 10,000,000 (Ten million) FCFA. Shares are the unit of holding or right of ownership by an investor in a company.
COMPANY CREATION IN CAMEROON
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- A Limited Liability Company may be incorporated by one or more natural persons or corporate bodies with a minimum share capital of XAF 1,000,000.
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- A Limited Liability Company can be managed by one or more managers who may be shareholder or non-shareholder.
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- A Branch Office of a Foreign Company which is not a member State of the OHADA Region has only a two-year validity after which it must be transformed into a fully incorporated subsidiary unless a waiver is obtained from the Minister or Trade
COMPANY REGISTRATION IN CAMEROON – LICENSING
The following tax and business license registrations are essential and obligatory for all companies in Cameroon.
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- Registration of the company in the Trade and Personal Property Credit Register (RCCM)
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- A business license (patent) that should be acquired from the Taxation Department by paying an annual fee.
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- Obtainable A tax number from the Taxation Department
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- Register the employees along with the company at the National Social Insurance Fund (CNPS) and the Labour Office
ACCOUNTING AND TAX FOR COMPANY REGISTERED IN CAMEROON
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- Personal tax rate for First XAF 2 million of annual taxable income is 10%
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- Corporate tax rate is 38.5%
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- There is a withholding tax on dividends at the rate of 16.5%
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- Value-added tax rate 19.25%
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- Capital gains are taxed in Cameroon at the rate of 38.5%.
Type | Limited Liability Company |
Under Cameroon law, foreigners can own | 100% |
Share Capital | XAF 1,000,000 |
Manager | Minimum of one |
Shareholders | Minimum of One |
Memorandum and Articles of Association | Yes |
Can the entity hire expatriate staff in Cameroon | Yes, but requires the contract to carry a Visa from the minister of employment |
Secretary | No |
Tax Registration Certificate Required | Yes |
Statutory audit required | Yes |
How long to open Corporate Bank Account | 1 -2 Weeks |
The timeframe for Incorporation: | 5 -8 Weeks |
Annual Return | Yes |
Annual Tax | Yes |
Access to Cameroon double tax treatises | Yes |
Information required from the company 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
Documents Delivered upon Completion:
– Certificate of incorporation
– Certificate of business registration
– Article /memorandum of association duly stamp
– Notarize the statement of subscription
– Taxpayers card
– Certificate of non-indebtedness
– Duly signed notarization sketch
The shareholders must adhere strictly to the Cameroon General Tax Code 2017 to ensure the company is issued an ataxpayer’ser’ss card and a certificate of non-indebtedness. Shareholders are further enjoined to register a company in Cameroon with the National social insurance Fund (CNPS) and place all its workers in an insurance schemata the CIMA Insurance Code 2009.
To register a company in Cameroon, economic operators involved in International trade are duty bound to adhere to law No 2010/004 of 18th April 2016 governing external trade and decree No 2017/6523/PM of 7th June 2017 to obtain import and export license.
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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