“Cameroon is the largest and most diversified market in Central Africa, strategically located in the Gulf of Guinea.”Achare Takor, Senior Attorney at Centurion Law Group
On February 21st, 2023, the Centurion Law Group hosted a webinar focused on investment opportunities and incentives in Cameroon. The webinar featured expert panellist Achare Takor, Senior Attorney at Centurion Law Group, who shed light on the country’s potential for growth and development in several key sectors.
Cameroon is the largest and most diversified market in Central Africa, strategically located in the Gulf of Guinea. It boasts a bilingual legal system, with English and French as its official languages, making it an attractive destination for investors looking to operate with minimal language barriers. In order to promote and support investment, a number of laws have been enacted and incentive schemes enabled, particularly in priority sectors such as agriculture and fishing, energy and water supply, tourism and leisure, and construction, especially social housing.
Takor discussed several investment incentives offered by the Cameroonian government, including tax and customs exemptions, financial and administrative incentives, and specific amenities in priority sectors. For example, investors can benefit from exemptions from business license tax, taxes and duties on equipment and materials related to investment programs, and VAT on the importation of equipment and materials. They also have the right to open local and foreign currency accounts in Cameroon and abroad to carry out transactions, as well as the free transfer of dividends and proceeds from the sale of shares of investment.
Moreover, the Cameroonian government has established a One Stop Shop, which enables companies to be created in under 48 hours, a relatively short time compared to other African countries. This system is particularly important for promoting SMEs and for local and foreign investors looking to set up businesses in Cameroon. It also provides for a minimum authorized capital of 100,000 francs, making the creation of companies affordable and accessible to investors.
Takor also touched on the issue of dispute settlement and penalties, emphasizing the importance of amicable settlement in case of disputes. According to the Cameroonian Private Investment Law, investors who are granted incentives under this law must first seek amicable settlement with the Control Committee in case of a dispute.
During the webinar, Michael, the host, asked the panellists how the Centurion Law Group helps its clients and investors mitigate some of the challenges and risks associated with doing business in Cameroon. Achare Takor, Senior Attorney at Centurion Law Group, responded to the question, emphasizing the firm’s approach to providing comprehensive, tailor-made solutions for clients.
Takor explained that Centurion Law Group lawyers in Africa prioritize developing an in-depth knowledge of their clients’ businesses, going beyond legal expertise to provide strategic advice and project management. They also build excellent relationships with regulators, which allows them to provide valuable insights into the jurisdiction and its legal landscape.
Takor also noted that the firm leverages its resources and expertise on the continent to provide solutions that address developmental constraints and support clients’ business goals. This includes partnering with strategic firms and providing consulting services that are tailored to the specific needs of each client.
The webinar concluded with a final question from the host. He asked the panellists whether an investor should consider investing in Cameroon. The panellists responded, highlighting several key reasons why Cameroon presents a promising destination for investors. The panellist representing Cameroon noted that the country has several key assets that make it an attractive destination for investors. These include an abundance of natural resources, a diversified economy, and exports in sectors such as oil, minerals, and agriculture. The country’s large and diversified market, coupled with monetary stability as part of the CFA Franc Zone, also adds to its appeal. The panellist also highlighted the ease of access to investment in Cameroon, as well as the availability of bilingual communication in English and French. Moreover, the ongoing construction project of the Nachtigal Hydroelectric Power Station is set to solve the country’s power problems, which is a common concern for investors.
Overall, the panellist presented a compelling case for investing in Cameroon, emphasizing the country’s potential for growth and development, particularly in priority sectors such as agriculture and fishing, energy and water supply, tourism and leisure, and construction, especially social housing. With its investor-friendly policies, abundant resources, and strategic location, Cameroon presents a promising destination for investors looking to expand their operations in Central Africa.
The Centurion Law Group, with its extensive network and expertise in the legal and regulatory landscape of the continent, is well-positioned to provide valuable insights and solutions to clients and investors looking to navigate the challenges and risks associated with doing business in Cameroon and other African countries.
In conclusion, the Centurion Law Group’s webinar on investment incentives in Cameroon shed light on the country’s potential for growth and development in key sectors, as well as the various investment incentives available to both local and foreign investors. The panellists emphasized the country’s bilingual legal system, ease of access to investment, and strategic location in Central Africa as factors that make Cameroon an attractive destination for investors. With its abundant resources, diversified economy, and ongoing construction projects such as the Nachtigal Hydroelectric Power Station, Cameroon presents a promising opportunity for investors looking to expand their operations in Africa. The webinar provided valuable insights into the legal and regulatory landscape of Cameroon and demonstrated the role that firms like Centurion Law Group play in providing comprehensive solutions to clients and investors navigating the challenges and risks associated with doing business in the country.
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