Brief: If one of your resolutions was to register your business in 2019, then you still have time to do it. Just get in touch with OpenHub Digital, your one-stop shop to start, run & grow your business in Cameroon.
Hey! It’s already the end of 2019. Have you taken a look at the resolutions you made for 2019? Go take a look and see what you have achieved and what is still left. Don’t forget that you still got more than 20 days to meet up with your last year’s resolutions.
At the end of the year, we make multiple resolutions in order to become a better person the next year. Such resolutions do cover many aspects of life – gym goals, eating healthy, reading and business goals. However, many of these goals are rarely kept.
If you had as a resolution to start or make your business official this year, then it is still not too late for you to do so. You can still meet up with that goal by registering your business now and start activity next year.
It is time you think of achieving part or all of that resolution. Do not be afraid – I know you will be worried – you don’t have to pay taxes or pay for a business license since it is already the end of the year. To register your business doesn’t mean you have to immediately start paying taxes.
You can register your business in Cameroon now and effectively start running it next year. This means, you will apply for a business license next year. The law states that you must apply for a business license within 10 days of the start of activities.
Many people are unaware of why they have to register their business. The following happens when you register your business in Cameroon:
Once you register your business in Cameroon, you are given a unique business registration number. You are also issued a single identification number or what we call the taxpayers’ number.
These numbers are used by suppliers, customers and the tax office to identify your business. As a taxpayer, you are obliged to put these numbers on all invoices to customers or present them to suppliers.
Before you register your business or incorporate a company in Cameroon, you need to have a business name. This business name will help your customers identify your business in the midst of others.
In the case of sole proprietor, if your business name is different from your own name, then you will have to register it. This means you will need to change from a sole proprietorship to an incorporated company.
To understand this better, you can read my previous post on which to choose – a sole proprietor business or a limited liability company? A business name is the name that your business operates under.
This name is what helps customers to have an emotional connection with your brand or business. In this case, you need to check the availability of your business name before you register.
You may have been running a clando (unregistered) business and think you are the owner of your business name. You need to be very sure because one of the risks of running a business without registering it is that someone smart can register the name before you know.
After you incorporate or register your business, you need to start operations. In order to operate, you have to obtain a business license which is issued by the tax office. The law states you have up to ten days after going operational to get a business license, without which you will be penalized.
Don’t get confused – you are only penalized when you are carrying out activities. You can register your business now without starting activities. This means you will register at the tax office next year when you plan to go operational.
One thing you should take note of is that each business has a specific tax to pay. So not all taxes will apply to your business. In Cameroon, the tax you pay depends on the type of business, the activity as well as the turnover.
It is very necessary for you to know the type of taxes you need to pay before you register at the tax office to start your business. There are some taxes that are compulsory and others that are optional though may give you some benefits if you have them.
There are some businesses that need a license to operate in Cameroon. It may be a simple food license to costly permits like forestry, mining or oil & gas exploitation license. The permits or licenses you may need depends on the industry or zone in which you operate.
Such permits or licenses are required by the state, local council or the industry. In this case, it depends on the type of business, the activities carried out as well as the location. These licenses and permits gives your business the approval to carry out an activity.
If you have been following my write-ups, then you must be able to differentiate a limited company from other business structures now. So if you have decided to register a company – a business whose legal obligations is separated from that of the owners – check this out.
With your business registered, it is now time for you to make it known out there. The first thing you need to think of is the domain name (your website address or URL). This is a great marketing tool for your business.
You need to take it into consideration when choosing a name for your business. Once a name is chosen and registered, you can then go ahead and get your domain name. That done, you need to find out where to host the name and design for your website.
Even though a website is not an obligation when you want to start or grow your business in Cameroon, it is a very good tool for you to communicate with and grow your audience. The nice thing is that it is one of the services we offer at OpenHub Digital.
Our slogan is Start, run & grow your business in Cameroon. If you want to do business in Cameroon, you may be needing the following which we offer:
That is not all – any of the above services you get from us will have a bonus. We will offer you
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This content has been prepared for information purposes only. It is not intended to provide, and should not be relied on for, tax, accounting or legal advice. You need to consult your own tax, accounting or legal advisors before engaging in any transaction.