Starting a business in Cameroon is an exciting and rewarding endeavor, but it does require careful preparation and research.
Starting a business in Cameroon is an exciting and rewarding endeavor, but it does require careful preparation and research. To be successful, entrepreneurs must understand the process of registering their business with the relevant authorities.
This article offers a comprehensive overview of the requirements for registering a business in Cameroon, including necessary documents, applicable fees, and regulations that may apply.
It also provides useful tips on how to proceed with the registration process. Whether you’re a new or experienced business owner, this article can help you navigate the complex world of business registration in Cameroon.
Requirements To Register A Business In Cameroon
Hereunder are the steps to take:
1. Choose the Type (structure) of Business You Want
Choosing the type of business, you wish to set up might be the most crucial aspect of your business journey. This will direct you on registering it, whether it’s a sole proprietorship, a small enterprise, a public limited company, or a private limited company.
For a small business, or sole proprietorship, all you need is your capital and a business site, and you are good to go after paying the necessary taxes. You can start your small business and pay the required taxes progressively.
A private limited company in Cameroon must have a business capital of at least one million francs. In comparison, a public limited company in Cameroon is required to have a capital of ten million francs and at least two shareholders.
2. Registration of Your Business
Requirements to register a small business in Cameroon (sole proprietorship)
- A photocopy of your ID card for Cameroonians
- A photocopy of your passport or residence permit for foreigners
- A certificate of non-conviction
- Location plan of your business premises
- Tenancy agreement for your business site
After submitting all of these, a business license will be issued to you.
Requirements to Register a Limited Liability Company in Cameroon
- Articles of Association of the company
- A document showing the share contributed by each partner
- A location plan of the business headquarters
- Certificate of non-indebtedness
- A document showing the appointment of a manager and other employees of the company
- A business license
- Taxpayer’s registration number
- Copies of the ID card of all shareholders of the business
- A lease Agreement for the business premises
- Attestation of the Creation of a corporate bank account
- A matriculation number from the National Social Insurance Fund for the newly registered company in Cameroon.
- A matriculation number for all staff and employees from the National Social Insurance Fund.
Who can own a Business in Cameroon?
A limited company in Cameroon can be set up by a person or persons aged 18 years and above who is not insane, bankrupt, or convicted of a crime.
To conclude this article, it is worth noting that registering a business in Cameroon can be a very long and tedious exercise filled with many potential pitfalls, including falling into the hands of fraudsters. Therefore, we advise you to solicit the services of a competent attorney who masters cooperate law. Such a person will facilitate registering your business in Cameroon, including drawing up the necessary documentation and offering appropriate legal advice.
Article By: Kudi A. Ihims