Business Reforms in Cameroon
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Dealing with Construction Permits: Cameroon made dealing with construction permits easier by reducing the time it takes to obtain the building permit and strengthen the Building Quality Control Index by increasing transparency.
Paying Taxes: Cameroon made paying taxes more costly by increasing the minimum tax rate for companies.
Resolving Insolvency: Cameroon made resolving insolvency easier by introducing a new conciliation procedure for companies in financial difficulties and a simplified preventive settlement procedure for small companies.
Getting Credit: Cameroon improved its credit information system by passing regulations that provide for the establishment and operation of a credit registry database.
Protecting Minority Investors: Cameroon strengthened minority investor protections by introducing greater requirements for disclosure of related-party transactions to the board of directors and by making it possible for shareholders to inspect the documents pertaining to related-party transactions and to appoint auditors to conduct an inspection of such transactions.
Dealing with Construction Permits: Cameroon made dealing with construction permits more complex by introducing notification and inspection requirements. At the same time, Cameroon made it easier by decentralizing the process for obtaining a building permit and by introducing strict time limits for processing the application and issuing the certificate of conformity.
Enforcing Contracts: Cameroon made enforcing contracts easier by creating specialized commercial divisions within its courts of first instance.
Starting a Business: Cameroon made starting a business easier by replacing the requirement for a copy of the founders’ criminal records with one for a sworn declaration at the time of the company’s registration, and by reducing publication fees.
Getting Credit: Access to credit in Cameroon was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.
Starting a Business: Cameroon made starting a business easier by establishing a new one-stop shop and abolishing the requirement for verifying business premises and its corresponding fees.
Starting a Business: Cameroon made starting a business easier by exempting newly formed companies from paying the business license tax for their first 2 years of existence.
Paying Taxes: To encourage business start-ups, Cameroon exempted new businesses from the business license tax for their first 2 years of existence.
Trading across Borders: Cameroon reduced the time for exporting and importing, and enhanced the security of goods transiting within the country, by improving the single-window system (Guichet Unique du Commerce Extérieur) at Douala port and implementing a GPS tracking system and scanners for cargo.
Getting Credit: In Cameroon and other members of the Central African Monetary Union, the regional public credit registry provided online access to information for banks, simplifying the task of filing and retrieving information in the public registry and allowing expanded coverage of borrowers.