Registering a company in Cameroon

Registering company in Cameroon

If you are thinking of entering the field of international business on the African continent, Cameroon is a country that offers exceptional investment opportunities to foreign investors looking to gain a share of the rich Central African market. Favorable business environment, educated bilingual manpower, strategic location, economic and political stability make Cameroon the most outstanding option for foreign investors. The Cameroon Investment Promotion Agency (CIPA) is under the technical supervision of the Ministry responsible for promoting private investments and the financial supervision authority of the Ministry of Finance. Cameroon, with the official name of the Republic of Cameroon, is a country in the West Central African region, bordering Nigeria to the west, Chad to the northeast, the Central African Republic to the east, and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon is a country that offers exceptional investment opportunities to foreign investors looking to gain a share of the rich Central African market.

Registering a company in Cameroon

A company is a corporate structure with a separate legal personality. This rule is designed and incorporated to maximize profit. The conditions for company registration in Cameroon are simple and uncomplicated. All companies, whether private companies limited by shares or private unlimited, must be registered in the Business and Personal Property Rights Register, which is the main law governing companies in Cameroon. The registry office is responsible for regulating and supervising the registration and companies, the registry office of commercial and personal property rights, which was established according to the provisions of the OHADA uniform law related to commercial companies and economic interest groups. Cameroon’s favorable business environment, educated bilingual manpower, strategic location, economic and political stability make Cameroon the most prominent option for foreign investors.

Requirements for company registration in Cameroon

Choosing two suggested names is suitable for the company. If this is done, an availability check is done to determine if the name is available and not already used by another company.
The objectives and business of the company should be presented.
The main registered address of the company.
The formula of capital and shareholding between shareholders will be mandatory.
The details of at least one manager/ will be required. A copy of their identification means such as national or international ID.
Details of Secretary/Director/Company: This is optional for a private company in line with OHADA.
The applicant must provide the details of the shareholders of the company. Details such as name, occupation, residential address, email address, mobile phone number and identification tools such as international passport or national identification card. The manager can also be a shareholder of the company.
Memorandum and articles of incorporation of the company to be registered, which is recommended to be prepared by a legal expert and get help to register your company in Cameroon.

Registration of the company in Cameroon by the Iran and Africa Business Club

Procedures for company registration in Cameroon

The company registration process in Cameroon requires that the applicant is then required to pay an official filing fee to the Registry of Commercial and Personal Property Rights and a stamp duty paid to the Revenue Service.
If a lawyer is hired for such a process, a professional service fee or fee will also be paid to carry out the company registration requirements in Cameroon.
The process of registering a company in Cameroon cannot be adequately started online, and that is why it is recommended to use the services of a reputable company lawyer to achieve a hassle-free registration and to avoid unnecessary requirements for company registration in Cameroon.
In conclusion, in order to set up any company in Cameroon, such company must be registered in the Register of Commercial and Personal Property Rights, however, it is important to note that a mandatory share capital threshold is applicable for certain businesses in Cameroon.
The cost of registering a company in Cameroon is determined after consulting with your lawyer so that he can determine the type of company/objectives of the company to be formed.

The benefits of registering a company in Cameroon

There is no income tax on dividends or deposit interest and other tax preferences.
When you register a company in Cameroon, you are allowed to issue shares and increase the capital.
Minimize personal liability. Easy access to global reputation capital, brand awareness and credibility, as well as minimize personal liability.
After registering a company in Cameroon, your personal assets are protected against commercial actions. Your company becomes a distinct legal entity that is responsible and liable for any debts arising from the business.

Economy in Cameroon

Cameroon’s economy was one of the most prosperous economies in Africa for a quarter of a century after independence. Falling commodity prices for its main exports – oil, cocoa, coffee and cotton – in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession. Real GDP per capita fell by more than 60 percent from 1986 to 1994. Current and financial account deficits increased and foreign debt increased. However, because of its oil reserves and favorable agricultural conditions, Cameroon still has one of the best primary commodity economies in sub-Saharan Africa.

Frequently asked questions for company registration and immigration to Cameroon

Have you ever considered registering a company in Cameroon?

Incorporating a small business can be a big decision for the owner(s), although it’s a good one because it’s not reserved for the well-established.

What is the company branch in Cameroon?

The Uniform Law, as well as the Law on Business Activities in Cameroon, defines a branch of a company as a commercial, industrial or service-providing structure owned by a company or natural person that has a certain degree of autonomy in its management, but does not have it.

What is the motive for establishing a branch in Cameroon?

There are several reasons that can motivate a company to establish a branch in the country and abroad. One of these reasons is to provide visibility and exposure to the brand, thus having a positive impact on the company’s profitability. Second, it is relatively cheap, easy and fast compared to creating a subsidiary or merger and acquisition. Thirdly, the company can maintain the control and management of the affairs of the branch, which by nature does not have a separate legal personality from the company. In addition, it can be used as a tool to reduce the risk of doing business in the host country by giving an opportunity to test products or services in new markets without the need to establish a company. Furthermore, by establishing a branch of a company in Cameroon, foreign companies can use it to decentralize their business and explore new and potential partnerships within the country. Also, foreign companies can use the branch office to execute a short-term contract or project without the hassle of setting up a company and later liquidating it after the project is completed. Finally, liquidating a branch is much easier and less expensive than liquidating or liquidating a company

What are the formalities for setting up a company branch in Cameroon? The uniform law does not explicitly provide the branch registration method. It leaves this authority to the national laws. The law of commercial activities in Cameroon does not itself provide for the branch registration process, but states that regulations should be made in this area. Such regulations have never been enacted.

What is the duration of the branch in Cameroon?

As mentioned above, a branch of a company registered in Cameroon has the same lifespan. On the other hand, the term of a branch of a foreign company is two years.

What is a foreign company?

The two concepts are implemented for every global bank and company that works with non-resident clients. Traders incorporate LLCs in classic offshore environments. Corporations located outside the state of the owner or in the state where the principal business activities, offices and representative offices are located.

In conclusion

For more information, you can contact the legal unit of the Iran and Africa Business Club every day and consult with our experienced lawyers. You can also fill out our legal advice request form and through that our advisors will check all your conditions and contact you to tell you the necessary solutions.

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Registering company in Cameroon

Registering company in Cameroon