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Creation of enterprises: Minimum capital to drop from fcfa 100,000 to 5,000.
Creation of enterprises: Minimum capital to drop from fcfa 100,000 to 5,000.
The step is one of the outstanding recommendations that was pushed through at the 2020 Cameroon Business Forum. This move has been appreciated by many business actors as well as potential owners of enterprises. Bernadette Lon, an MBA student, says the drop looks friendly and quite inviting. “This drop will be a significant move towards nurturing the establishment of new firms. There are many people with businesses here and there, but they feared attempting to get themselves legalized because of the bottle necks involved in the process,” the business student explained. Other observers have also expressed the opinion that many more firms, no matter how small they could be, are most likely to emerge with such a step.
Speaking off the cuff, an official at the Small and Medium-sized Enterprises Promotion Agency wondered, saying the 5,000 might be too small to run a business. But she however said every effort at creating more firms and enterprises is laudable. The recommendation, among others, “will be implemented in the months ahead.” The Ministry of Justice and other stakeholders have been mandated to follow up on its implementation.
The minimum threshold for the establishment of Private Limited Liability Companies in Cameroon was FCFA 1,000,000. Following years of advocacy and campaigns, the amount was a few years ago, dropped to FCFA 100,000. This other decision, which could begin by March 2021, communicates the nation’s dynamism in seeking better options for the business community in Cameroon.
Recall, Small and Medium-sized Enterprises make up a greater share of the nation’s economic fabric. Data from the National Institute of Statistics indicates that over 95 per cent of firms running in the country fall within this category.
Culled from Cameroon Insider