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Creation of companies: Cameroon simplifies the formalities for setting up LLCs

First Text Creation of companies: Cameroon simplifies the formalities for setting up LLCs
Second Text Updates on Cameroon internal law regarding the implementation of OHADA law
url http://www.ohada.org/index.php/en/news/latest-news/1912-creation-of-companies-cameroon-simplifies-the-formalities-for-setting-up-llcs

Updates on Cameroon internal law regarding the implementation of OHADA law

The Republic of Cameroon has taken an important step towards facilitating the creation of companies by adopting Law No. 2016/014 of 14 December 2016 fixing the minimum share capital and the procedures for recourse to the services of notary in the creation of a limited liability company (LLC).

This law includes two important measures: it reduces the minimum share capital of LLCs to 100,000 francs; and makes optional the recourse to the notarial deed when setting up LLC in case of sole proprietorship or where its capital does not exceed one million (1 000 000) francs.

Pursuant to Articles 10 and 311 of the Uniform Act of 30 January 2014 on commercial companies and economic interest groups, the Cameroonian law seeks to facilitate the creation of LLCs which remain the most used form of company. The law also helps to implement an important recommendation of the 7th edition of the Cameroon Business Forum, a platform for dialogue between the public and private sectors dedicated to improving the business climate.

The Permanent Secretary of OHADA, welcomes this remarkable progress both for the company and for the economy, and which augurs well for the improvement of Cameroon’s performances as regards the company creation index. / -

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