SET UP A BUSINESS IN CAMEROON
Cameroon, officially named as the Republic of Cameroon. It is a country in the west Central Africa region. It is bordered by Cameroon 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 the country that is offering exceptional investment opportunities to foreign investors looking to grab a share in the rich market of Central Africa. Its favorable business atmosphere, its educated bilingual manpower, its strategic position, its economic and political stability has created Cameroon the most prominent choice for foreign investors. The Cameroon Investment Promotion Agency (CIPA) fall under the technical supervisory authority of the Ministry in charge of the Promotion of Private Investments and the financial supervisory authority of the Ministry of Finance. Scroll down to read more on the procedures for a company formation in Cameroon.
COMPANY FORMATION IN CAMEROON
- An Limited Liability Company may be incorporated by one or more natural persons or corporate bodies with minimum share capital of XAF 1,000,000.
- An Limited Liability Company can be managed by one or more managers who may be shareholder or non-shareholder.
- 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 licenses registrations are essential and obligatory for all the companies in Cameroon.
- Registration of the company in the Trade and Personal Property Credit Register (RCCM)
- A business license (patent) that should be acquired from the Taxation Department by paying an annual fee.
- Obtainable A tax number from the Taxation Department
- Register the employees along with company at the National Social Insurance Fund (CNPS) and the Labour Office
ACCOUNTING AND TAX FOR COMPANY REGISTERED IN CAMEROON
- Personal tax rate for First XAF 2 million of annual taxable income is 10%
- Corporate tax rate is 38.5%
- There is a withholding tax on dividends at the rate of 16.5%
- Value added tax rate 19.25%
- 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
|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|
|Access to Cameroon double tax treaties||Yes|