Opening a corporate bank account in Cameroon is entirely different from running an individual account in terms of its requirements and documentations. To be able to own a corporate account, the business must be duly registered in accordance with the Uniform Act on General Commercial Law- OHADA which is the principal law that regulates companies in Cameroon.
Most banks have different procedures for opening a corporate bank account in Cameroon, but the requirements are still the same across all the banks. Most of the banks operating in Cameroon provide a wide range of services to their clients with multiple features like ability to transfer funds from Cameroon to other country, trade facilities, debit and credit card and internet banking. A business bank account allows one to easily keep track of expenses, manage employee’s salary, convey finances to investors, receive payments, and plan the company’s budget.
PROCEDURE FOR HAVING A CORPORATE BANK ACCOUNT IN CAMEROON
The first step while opening a corporate bank account in Cameroon is to choose the bank you want to open an account. Every bank provides various types of incentives to its account holders, you need to research on which type of incentives you need for your business and approach the bank that has offered the most convenient banks
CORPORATE BANK ACCOUNT REQUIRMENTS IN CAMEROON
The following are the documents required for opening a corporate bank account in Cameroon:
- Board Resolution from the Board of shareholders authorizing the opening of the account and approving the account signatories.
- Certified Memorandum and Articles of Association (Memart)
- Completed corporate account opening form signed by the company’s designated signatories and the shareholders of the company.
- Certified true copies of incorporation documents.
- Residential address of the shareholders.
- Passports photograph of the signatories.
- Legitimate identification document of the shareholders such as international passport, national identity card.
- Tax payers card
- Business License & Certificate of non-indebtedness
- 2 duly filled reference forms by corporate account holders.
- Attestation of business localization/sketch
- 2 Passport size photo of signatories.
MINIMUM OPENING BALANCE FOR A CAMEROONIAN CORPORATE ACCOUNT
The minimum opening balance for a Cameroonian corporate bank account varies depending upon the bank. Usually, the monetary sum for opening a current account ranges depending on the kind of account.
Under the Cameroonian laws and banking regulations, it is only a company duly registered in Cameroon can proceed by opening a corporate bank account in Cameroon. Therefore, a foreign company is not entitled to open a bank in Cameroon unless its subsidiary has been registered in Cameroon. It is the registered subsidiary that can apply to open a business account.
Article by Barr. Mafany Victor Ngando
Kinsmen Advocates Law Firm“The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstance”