Do you wish to set up a business in Cameroon? Find out, in this article, how to proceed to create your company in Cameroon.
Cameroon is an interesting country to invest in thanks to its numerous natural resources. The Government of Cameroon greatly encourages foreign investment in many sectors such as transports, agribusiness, tourism and rural development so as to boost its economy. In fact, many programs have been set up so as to facilitate the creation of small, medium and large enterprises in the country, as well as to prevent corruption.
Free Zones & Benefits
Cameroon has free zones which can be exploited by export business companies. These companies are eligible to many benefits such as:
- Exemption from permit requirements;
- The ability to open foreign currency bank accounts;
- The right to transfer up to 75% of profits abroad;
- Tax exemptions for 10 years as from the beginning of the company's activities.
Creating a Sole Proprietorship (SPC)
A Sole Proprietorship Company (SPC) in Cameroon is referred to as an establishment. Steps include:
Registration in the commercial register: You are required to register your business in the Commercial Court Registry. You will have to produce a copy of your identity card, proof of address, a criminal record, and lease documents.
Taxpayer Card: You can apply for your taxpayer card at the Cameroonian Tax Center with a copy of your ID, Trade Registration, and a business location plan.
Creating an LLC or PLC
To create a Limited Liability Company (LLC) or a Public Limited Company (PLC), you will need a minimum capital of CFA 100,000 or CFA 10 million respectively. Procedures are similar to SPCs but the commercial registration process differs, requiring a notary or specific documentation like the company's statutes and a certified list of managers.
Note that other permits may be required depending on the company's activities. You can seek all related information by contacting our law firm.
For more details, contact us at info@bongam-youmbilawfirm.com