Cameroon Info
Joined: 23 Feb 2007
Posts: 14
Home Country: cameroon
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 Posted: Tue Feb 27, 2007 4:07 am Post subject: DOING BUSINESS IN CAMEROON / CAMEROON BUSINESS GUIDE |
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DOING BUSINESS IN CAMEROON
STARTING A BUSINESS
STANDARDIZED COMPANY
Legal Form: Limited Liability Company, Sociétés à Responsabilité Limitée (SARL)
Minimum Capital Requirement: 1,000,000
City: Douala
Registration Requirements:
Procedure 1. Deposit the initial capital in a bank and obtain a receipt
Time to complete: 1 day
Cost to complete: no charge
Comment: The capital can also be deposited with a notary charged with incorporation and a receipt is obtained.
Procedure 2. Present the physical location plan to the tax department and obtain an attestation of business premises
Time to complete: 1 day (2 hours)
Cost to complete: CFA 12500
Comment: The cost ranges from CFA10,000-15,000.
File the physical location plan to the tax department. It is important under the Cameroon law to have an address or a location for the planned business. The relevant document must be filed all through the process. Founders usually elect the office of their notary or lawyer as the business location for the purpose of incorporation. The attestation is signed by the official of the tax district where the office is located. This attestation is a prerequisite for the payment of the business tax (patente).
Procedure 3. The notary verifies and reserves the proposed company name by filing a motion with the African Intellectual Property Organization's office in Yaoundé
Time to complete: 1 day to file and 5 days to deliver the application
Cost to complete: CFA 38500
Comment: The name checking service is provided free of charge by the Registry to lawyers/attorneys or notary public who have access to the retrieval and relational database in the court. To place reservation of names an application must be filed to the OAPI office in Yaoundé.
Procedure 4. An attorney/notary drafts the Memorandum and Article of Association; Sign company by-laws before the Notary
Time to complete: 2 days
Cost to complete: CFA 500000
Comment: The registration fees due by the company areis paid through the Notary. The registration fee will be (a) stamp duty fees which are paid to the Government (Stamp Duty Department) and (b) fees paid to the Court Registry.
Article 10 of Uniform Act of OHADA states that "the Articles of Association shall be established by a notarial deed or by any other instrument that ensures legal validity in Cameroon where the registered office will be located. Such instrument, together with a certification of the writing and signatures of all parties, should be deposited as originals in a notary's office. They may be amended only by the same procedure".
Procedure 5. Have the signed by-laws duly registered with the Registration and Stamp Duty Office of the Department of Taxation
Time to complete: 2 days
Cost to complete: 2% of the share capital + fiscal stamps
Comment: The cost depends on initial share capital. Lowest rate is. Each page of the Memorandum and Articles of Association must carry the current fiscal year's fiscal stamp of FCFA1000 per page.
Procedure 6. Files an application to the Registrar of Companies in the Court of the First Instance.
Time to complete: 3 days
Cost to complete: CFA 35000 (included in procedure 4)
Comment: The following documents are to be submitted to the court:
- a copy of the Memorandum of association
- a copy of the Articles of Association
- an attestation of business premises (obtainable from the tax department of the district where the business is located). The attestation is needed for the paying of the business license (Patente)
- a site plan
- a certificate of Non-Conviction (normally for the nationals or aliens who have taken residence here and are shareholders)
- a photocopy of the marriage certificates (if any)
- a Declaration of Regularity and Conformity drawn by Notary and signed by the incorporators, or a Notarial statement of Subscription and Payment in lieu thereof.
Procedure 7. Publish the incorporation of the company in the official journal for legal publications
Time to complete: 3 days
Cost to complete: CFA 76000
Comment: The publication fee is CFA55,000-97,000.
Procedure 8. Pay the business tax (Patente) based on an estimated amount of turnover
Time to complete: 2 days
Cost to complete: CFA 67200
Comment: Cost depends on declared turnover
Procedure 9. Obtain a taxpayer number with the Inspectorate of Taxes in the area where the enterprise is located
Time to complete: 14 days
Cost to complete: CFA 1500
Procedure 10. Declare the existence of the company before the authorities in charge of the industry
Time to complete: 1 day
Cost to complete: no charge
Procedure 11. Declare the existence of the company to the local office of Department of Labour
Time to complete: 1 day (1 - 2 hours)
Cost to complete: no charge
Procedure 12. Declare the existence of the company and the personnel employed if any before the National Social Insurance Fund (Caisse Nationale de Prévoyance Sociale-NSIF-CNPS)
Time to complete: 1 day
Cost to complete: no charge
LEGAL FORMS OF COMPANIES
Private Limited Company
Number of partners/shareholders:
Minimum 2 partners.
Minimum and/or maximum capital:
FCA 1 million divided into shares
Liability:
Liability is limited to the amount contributed.
Public Limited Company
Number of partners/shareholders:
Minimum 7 shareholders.
Minimum and/or maximum capital:
FCA 10 million divided into shares
Liability:
Liability is limited to the amount contributed.
TAXATION
The tax on individual income ranged from 10-60% in 1996. Also levied were housing fund and employment taxes, a tax to finance Cameroon television, and social security taxes. The corporate tax rate was 38.5%. In 1999, a value-added tax (VAT) was imposed on goods and services sold in Cameroon at a rate of 19%, and8.8% for products that qualify for a reduced rate. Other levies include taxes on business licenses, certain consumption goods, and stock dividend distributions. |
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