Starting a business in Cameroon is a viable option because there are numerous sectors in which to invest. Commercial firms and profit-making organizations in Cameroon are governed by the Organization for the Harmonization of Business Law in Africa (OHADA) law. As a result, the OHADA uniform act establishes guidelines for limited and unlimited liability corporations. As a result, it creates a clear and transparent playing field for commercial enterprises to operate on while adhering to a set of well-defined regulations.
Procedures for company registration
The organization in charge of registering a corporation or company in Cameroon is the Center for Enterprise Creation Formalities (CFCE). The Enterprising Scheme (for small economic operations), Sole Trader, and Limited Liability Company are the three types of company registrations available. The Trade and Personal Property Credit Register, or TPPCR, is where a limited firm, like a single trader, with a turnover of more than $10 million is registered. Limited firms in Cameroon must register with the TPPCR within one month of their incorporation.
Procedures
The following procedures must be followed when forming a company in Cameroon:
New Company Account
To pay the share capital, open a new company account in Cameroon.
Company address
Have a legitimate address in your community that you can register with the property owner’s approval.
Name Search
Before filing registration documents, conduct a name search to ensure that the company’s name does not conflict with the names of other businesses.
Registration with CFCE
Register the business at the Center for Enterprise Creation Formalities (CFCE) with the articles of association, which will include the business name (acronym, sign, or commercial name if applicable), the main activity or activities carried out, the form of company, the amount of authorized share capital, the address of the registered office, the duration of the company, and the full name, date, place of birth, and domicile of the business partners, administrators, or managers.
Certification of the Articles of Association
The articles of association must be certified by a notary public along with the following supporting documents: certified copies of certificate of share payments, certified copies of the list of managers and administrators of the company, a non-conviction certificate or criminal record of managers and administrators of the company, an authorization for the business to operate(if needed), photocopies of national identity cards for shareholders (nationals), photocopies of birth certificate for minors, photocopies of resident permit or passports for foreigners, a sketch of the location of the business premises and a tenancy agreement or land tax are required.
Registration Number
The authorized court Registry will assign the company a registration number once the application is complete.
Registration with CNPS
Register the company with the National Social Insurance Fund (CNPS) and the Labor Office- Companies are expected to have employees; nonetheless, it is required that each company register with the CNPS and the Labour Office for employee and corporate insurance.
Tax information
Company tax In Cameroon, companies are assessed under the Company Tax. Depending on their annual revenue, they may fall under the simplified or actual earnings tax regimes; simplified has an annual turnover of more than 10 million francs cfa but less than 50 million francs cfa, whilst actual earnings have an annual turnover of more than 50 million francs cfa. It should be emphasized that these methods apply to all enterprises registered with the TPPCR. However, some enterprises with yearly revenues of less than $10 million are automatically assessed under the simplified or actual rate tax system.
Completion of registration
Certificate of incorporation, certificate of business registration, duly stamped article/memorandum of association, notarized statement of subscription, and taxpayers card are among the documents issued upon completion of registration.
