DOING BUSINESS IN CAMEROON
Since 2003, Healy Consultants has assisted our Clients with business registration in Cameroon. Our services include i) Cameroon business registration ii) government license registration iii) corporate bank account opening services in Cameroon and abroad iv) employee recruitment v) visa strategies and vi) office rental solutions in Cameroon.
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Advantages and Disadvantages
Advantages of Cameroon company registration
- Our Clients can register a company in Cameroon with only i) one shareholder ii) one director and iii) a minimum paid-up capital of US$1,700 (XAF1 million), paid before incorporation of the Cameroon entity. Our Clients also do not have to travel to complete Cameroon company formation and corporate bank account opening;
- English and French are both national languages of Cameroon, reducing company formation costs in this country. Our French and English speaking Clients will also be able to communicate more easily with their local partners and customers in Cameroon;
- Cameroon is an attractive location for businesses in the oil and gas industry. The country is indeed is the 6th largest producer of petroleum in the petroleum-rich region of Sub-Saharan Africa. Oil reserves are estimated at around 400 million barrels with natural gas reserves also substantial;
- Cameroon is a rapidly growing market, with a GDP growth in 2014 of 5.6% (last figure available) according to the World Bank. The country’s population is 26 million and the country is relatively politically stable compared to its neighbor, making it safer to invest in Cameroon than the rest of the region.
Disadvantages of Cameroon company registration
- Corporate income tax is high in Cameroon, with a standard rate of 33% and a minimum alternative tax of up to 5.5% of the turnover of the company. Companies remitting interest and dividends overseas are also subject to a withholding tax rate of 16.5% unless reduced by a double taxation avoidance treaty;
- Cameroon has signed only eight double taxation avoidance treaties, namely with i) Canada ii) Central African Republic iii) Chad iv) Republic of Congo v) Equatorial Guinea vi) France vii) Gabon and viii) Tunisia.
Best uses for a Cameroon companyCameroon is a good place to start a company providing services to the oil and gas industry or to run a business in the agro-forestry sector.
- Time to incorporate: Five weeks
- Cost to set up: US$15,425
- Minimum capital: US$1,900
- Physical office required: Yes
- Shareholders: 1
- Directors: 1
- Company secretary: No
- Resident director: Yes
- Corporate tax rate: 33%
- Corporate tax base: Territorial
- Shelf companies: Unavailable
- Main company type: SARL
Useful links for Cameroon
Government and public authority websites:
- Doing Business in Cameroon
- Trade and Investment Policy Reforms in Cameroon
- African Economic Outlook – Cameroon
- KPMG – Doing Business in Cameroon
- PWC – Paying Taxes 2013
- Global Tax Guide 2013/2014