The Banking System in Cameroon has been restructured following a decision taken in 1988. The government believes the new order provides a stable background for economic growth, and the introduction of new banking entities.
-A liberal political system.
-A multicultural state with French and English being official languages.
-An investment code that provides considerable economic and fiscal incentives.
-Abundant natural resources, both mineral and agricultural.
Industrial Free Zones
The Government of Cameroon has set up an authority offering very substantial incentives for overseas corporations to set up business in Cameroon. The Embassy in The Hague can provide full details of the code of practice, and can arrange the necessary appointments in Cameroon for an application, and assist with formalities. Basically the incentives offered include:
– The Free Zone regime is available for an enterprise which produces goods and services exclusively for export, or for sale to buyers who reside outside Cameroon.
-An enterprise which produces goods and services that will not have deleterious effects on the environment.
Benefits: Streamlined administrative procedures; on site Customer services and immediate transfer of goods from port.
-Exemption from all licenses and quotes restrictions.
-Potential to sell part of production to local economy.
-10 years tax holiday on all taxes.
-Flat 15% corporate tax in the 11th year.
-Profit and loss carried forward during the tax holiday.
Financial Transactions Concessions:
-Right to hold foreign exchange accounts in the domestic banking system.
-Guaranteed right of transfer abroad of all funds earned and invested in Cameroon.
Trade related concessions:
-Exemption from all existing and future import/export duties and taxes .
-Exemption from Import Verification Program, i.e. S.G.S., VERITAS.
-Exemption from local sales related taxes.
Labour related concessions:
-Right to freely negotiate wages between employer and employees.
-Automatic right to work permits for foreign workers, up to 20% of workforce.
-Right to replace national social security scheme with a private scheme of equal or better value.
-Right to install own power and telecommunications systems.
-Preferential electricity rates and port charges.
-Exemption from price controls.
Trade Unions and Employer Groups in Cameroon
Both groups operate within the economy. Details can be obtained from the Embassy of Cameroon or to ease your search, contact the Ministry of Trade and industry Tel: +237-2 23 40 or +237- 2 22 27 04. For more information, Visit the website of the Ministry of Commerce http://www.mincommerce.cm/website/
Government level contact can be arranged by contacting the Cameroonian Embassy, The Hague.
Please call +31 (0) 703469715 for a business appointment at the Embassy.
Trade and Investment Inquiries
Please contact the Embassy via telephone number +31 (0) 703469715. Or the Ministry of Trade and Industry; the Cameroon Chamber of Commerce or the Ministry of Commerce.
You can also go to the menu item Useful links on our website for links to the above mentioned institutions.
Current Trade Opportunitie in Cameroon include:
MINING OPPORTUNITIES; TIMBER INDUSTRY; AGRICULTURE etc