Before you set up a business in Cameroon, make sure you read these very important tips that I am going to share with you. This post is not only going to be of help to nationals but to foreign nationals as well.
Before you start, it is very necessary for you to know the business climate in the country. Cameroon is a very attractive place to start a business if you are a foreign national. Checkout a preview of the economy of Cameroon.
First of all, most businesses in Cameroon register as sole proprietors or limited liability companies:
There are two types of sole-proprietorships in Cameroon. One with a yearly turnover of less than 10 million francs CFA and the other which operates with a business license with a turnover of 10 million and above.
There are two types – private and public limited liability companies. The government has made it easier for businesses to be registered in this form by reducing the initial capital to 100,000fcfa.
As a foreigner, you can start a sole-proprietorship or own 100% shares of a limited liability company. You must not also be a permanent resident in Cameroon to get shares in a company. However, you need a passport.
Read documents need to to register a business in Cameroon?
In order to start your business in Cameroon, you have to check if your business:
Verify if your business needs a license in Cameroon
You should find out if your business is eligible for tax reductions, rebates or incentives. It should be noted that three troubled regions – Far North, NW & SW Regions – have been declared economic disaster zones.
The government wants to promote investment in these troubled areas. This means businesses that invest there will have to enjoy some tax incentives. Are you interested in investing in these places? Get in touch!
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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.