Are you ready to register a company in Cameroon? I be sharing with you today the compliance and legal requirements to register a company in Cameroon.
I am sure after watching our videos and reading our previous posts, you’ve decided it’s time for you to take that great step to put your business in a sure path for growth. It’s decision worth taking if you really want to grow your business.
In my previous posts, I shared with you why the legal aspects of a business should never be taken for granted. I insisted on legally registering your business, because, once it’s done, the other two will be a most. I am talking of accounting and tax.
Every business is obliged to file in a statistical and tax returns (STR) at the end of the fiscal year on or before the 15 March yearly for the previous year. The fiscal year in Cameroon begins on January 1 to December 31 yearly.
You cannot file in your STR without you carrying out the right accounting or paying your taxes regularly. Failure to do that will call for penalties.
It shouldn’t only be about the tax authorities – other third-parties in your business need you to carry out good accounting and be up-to-date with your taxes. Investors, banks and customers (corporate customers in particular) require all these legal aspects before they can deal with you.
Since you’re here, I presume you are ready to register a company in Cameroon. You want to take your company to higher heights.
Sure! You are in the right place. Just feel at home as OpenHub Digital has trusted consultants that will guide you through the process.
To begin with, it’s very important that you know all what is needed to register a company in Cameroon. I am talking about the compliance and legal requirements. Let’s learn together!
All shareholders are required to provide a photocopy of their identification documents. As for nationals, Cameroonians, you are obliged to provide a copy of your National Identity Card.
The identification document needed for foreigners is a valid passport or resident permit. Any of these two are accepted.
By the way, we can also help you get a resident permit in Cameroon if you’re in need of one. More on that in another post.
This will be surprising to some that minors can be shareholders in a company. Yes, it’s possible in Cameroon. Children below the age of eighteen can be shareholders of a company in Cameroon. What is required of them is their birth certificates for nationals and a passport for foreigners.
Of course, yes! Corporate bodies can subscribe for shares in another corporate body. In Cameroon, corporate bodies, be it local or foreign, are required to deposit a copy of their business registration certificate while compiling documents to register a company in Cameroon.
At least three-quarter of the shareholders or all in certain cases (excluding minors and corporate bodies) are obliged to deposit their criminal records duly signed by a competent authority. In the case of Cameroonians, they have to obtain a Certificate of non-conviction from their Division of origin.
However, as of now, those born in the North West and South West Regions can do theirs in Yaounde. It’s a special dispensation for these two regions.
When you want to register a company in Cameroon, you are obliged to provide a location plan for your business premises. This includes a Post Box number as well as contact of the person in charge. To ease the stress on our clients, we offer a virtual address, so they can use our office as a registration office.
A tenancy agreement for at least one year is also required when you want to register a company in Cameroon. If the company is not paying rent, that is, it owns it’s business premise, the owners to have provide a land tax to show they own the premise.
Companies are regarded as legal persons, hence they need to have their own name. As earlier said in previous posts, a company is a separate legal entity from its owners.
Owners of companies enjoy limited liability as their liability is limited only to their investments in the company. This means their private property is to be used in paying for a debt the company incurred, except in a situation of corrupt and criminal activity.
In effect, a company is a separate legal entity from its owners, hence the reason they are obliged to have a name. This name would be mentioned in the Memorandum & Articles of Association. We can help you get a branded name for your company.
This is at the center of all the compliance and legal requirements to register a company in Cameroon. It shows the set up of the company, the owners, how it will be run and the responsibilities of those to manage it.
Let me explain what it all means! A memorandum of association is the part of the document that sets up the company, while the articles of association is the part that shows who the owners of the company are, how it will be run and governed. It also includes the responsibilities and powers of those to manage the company.
This is also called the taxpayer identification number. It is a fourteen alphanumeric code that is used to identify and track taxpayers by the tax authorities.
It is also used in the administration of tax laws. This number is gotten usually in the process of creating the company before the registrar or companies signs.
Companies that are 100% foreign-owned are required by law to get an authorization from the Minister of Trade and Commerce.
That said, I am sure you’re now armed with all you need to incorporate your company in Cameroon. This is not all – we have simplified the process for you and made it very cost-effective to register a company in Cameroon and obtain a business license.
You’re now one step into having a legal business. You’re one step into growing your business in Cameroon.
Request for a quotation and you’ll get one as soon as possible. There is no other place like OpenHub Digital, with its trusted advisors who can help you live this dream.
Get you quotation now and benefit from the giveaways we have for 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.