Cameroon is a diverse country of roughly 22 million people on the gulf bordering Nigeria, chad,Central African republic, Equatorial guinea, Congo and Gabon. Cameroon belongs to the Economic and Monetary Community of West Africa (CEMAC). Goods and services are sold freely within this region. The CEMAC Have common trade and tariff laws. Any entrepreneur will therefore enjoy the demand of the 36 million inhabitants of the CEMAC region.
|The city of Yaounde in Cameroon|
The country has the main outlet to the sea for central Africa and therefore has become a gateway to Central Africa for foreign investors. Cameroon also has an Economic Partnership Agreement with the European Union, under which many products may enter the European Union free of custom duty.
Cameroon is home of over 200 linguistic groups. French and English are the official languages. The main rivers are the Benue, Nyong and Sanaga. The Cameroon climate is highly on the geographical location of the country. The geographical coordinates of are 600 N and 1200 E. The climate of Cameroon also depends on the physical geography of the country. The climate of the coastal region is different from that of the mountains. The two distinct climate area of this country are northern and southern region.
The country enjoys peace and political stability. As a member of franc zone, the country benefits from the stability of the currency, CFA Franc(XAF)which is pegged to euro at a fix rate.
Here some Business Opportunities For Investors;
It is expected that the trade itinerary to colonial links will become weaker than ever before because African countries are becoming richer and can easily make choices on the basis of market factors. For example, Cameroon can now select South Africa instead of France to process the food.
This sector has a very weak contribution towards the development of Cameroon. Foreign investors are overlooking this sector just because of low return, but the government of Cameroon has taken this sector seriously and has changed several things in this sector. New universities have been established in the region where graduate level programs would be offered. Investing in this sector would be fruitful now and better education in the region will help to advance the entrepreneurial ecosystem in Cameroon.
Fast Moving Consumer Goods
The people of this country are accepting the latest products in the markets and they appreciate the services provided with the new products, thus the fast moving consumer goods sector is quite promising so, there is an ever-growing and huge opportunity for retailers and manufacturers like FMCG like personal products, home care products, food and beverages. Investor who can hastily step into this sector and get a hold in the market can get a hold in the market can become the dominant in the upcoming years.
Cameroon has benefited fro the incorporation of various economics, even the regional economic communities have not lead to monetary union.It is expected that the communities would create some free trade areas, so it will be great help to modernize infrastructure than other things. So, here is a great investment opportunities for foreign investor.
Procedures for Starting
Check If The Name Of The Business Is Not Existing
You will need to decide the name of the business whether it is has not been use before. You may check the official website of CIPRO and fill out the CK47 form or the application form for the name to check the availability of the potential business name. The time for this process is about 5 days. You can also submit the application in person by visiting the office of the CIPRO, but the time required is longer, if the name you have selected is available it will reserved in your name for the next 2 months.
A Notary Public Drafts Certificate Request A Commercial To Open A Bank Account For The New Company
Banks require that a notary public issues a certificate that the company is in the process of creation before the entrepreneur can open a temporary bank account called ”account of company in the process of creation” The registry provides the name-checking service free of charge to notary public or lawyers/attorneys who have access to the court information retrieval and relational database.
Deposit The Initial Capital and Obtain a Receipt
Under Article 313 of the uniform act (the company law of organization for the harmonization of business law in Africa), founders are to deposit the initial capital to the bank or to the notary.
Have An Attorney/Notary Public Draft the Memorandum And Articles of Association
Article 10 of the uniform Act of the organization states that the ” The articles of association shall be established by a notarial deed or by any other deed or by any other instrument that ensures legal validity in Cameroon where the registered office would be located. Such instrument, together with the certification of the writing and signature of the parties, should be deposited as originals in a notary’s office.
Notary Or Entrepreneur Files Registration Document To The One-Stop-Shop
Notary submits all documents at the front desk of the center of de formalities d’enterprises. The following documents are required to file an application with the court:
- Articles of association
- Criminal record of the directors of the company or sworn declaration
- Certificate of non conviction (normally for nationals or residents aliens who are shareholders)
- Declaration of regularity and conformity, drawn by the notary public and signed by the Incorporated, or a notarial statement of subscription and payment in lieu thereof.
Register For Tax Purpose
After the incorporation of business with CIPRO, you will need to submit the required form so as to get the tax number from Cameroon Revenue Services. This form is available at the website of SARS, but depending upon your business type you need to select the form as for different business there are different forms available. You also need to obtain EMP101e form through which you can register your business as an employer and this form is available at SARS website. The tax registration process will require around 12 days.
Register Your Business With Department Of Labor
For unemployment insurance purposes you need to register your business with this department. U19 and U18 are available for this purpose and its takes 4 days to get the registration completed. Forms can be obtained from the department of labor.
There are so many things to consider when planning to establish a company in Cameroon. knowing the right protocols will make it easier for you to set up your business successfully.