Approves an Investment Code

Law No 2013/004, the Investment Code, aims, according to Article 1, to “favour […] and attract gainful investments in order to encourage economic activities that can guarantee a strong, sustainable and shared economic growth as well as employment”. The new law, inter alia, does not discriminate between local and foreign investors, does not require a minimum investment, and provides numerous incentives and benefits, including tax, customs and financial incentives, and also special administrative incentives to businesses at the establishment and operation phases. However, to receive these benefits, investors must: (1) employ a minimum number of local staff, i.e. the company has to budget between 5 and 25 million francs per quarter for the employment of Cameroonians; (2) export at least 10 to 25 percent of its annual revenue (taxes deducted); (3) use between 10 to 25 percent of local raw materials; (4) contribute value added; and (5) obtain approvals from the one-stop shop body, the Minister of Finance and the Minister of Private Investment. Finally, the new law provides for the setting-up of two other authorities: the Control Committee and a Joint Monitoring Committee.

• Type:

  • Promotion and facilitation (Investment incentives)

• Industry:

  • Not industry specific

• Sources:

  • Business In Cameroon, Cameroon Passes Law on New Incentives to Foreign and Local Investors , http://www.businessincameroon.com/investment/2304-4034-cameroon-passes-law-on-new-incentives-to-foreign-and-local-investors, 23 Apr 2013