What was until recently only a rumour on the reduction in fees for the creation of a limited liability company (SARL in French) in Cameroon is now official. Indeed, because the President of the Republic, Paul Biya, has signed Act n°2016/014 of 14 December 2016 setting the minimum capital and the conditions requiring the services of a notary in the creation of a SARL.
This law states in Article 2 paragraph 1 that, the user can disburse FCfa 100,000 and not FCfa 1 million as previously required. However the nominal value of shares in a SARL has not changed: no less than FCfa 5,000.
Another innovation of the 14 December 2016 law is in Article 4. Indeed, the intervention of a notary is now optional when the SARL is being created as a one-man company or when the capital is lower or equal to FCfa one million. Moreover, Article 3 paragraph 1 indicates, “when the statutes of the SARL are drawn up as a private deed, their authenticity is guaranteed by business creation formality centres, with acknowledgement of entry and signatures by all stakeholders”.
However, Article 3, paragraph 1 maintains that “the statutes of the SARL can be established by a notarial deed, or any other instrument ensuring legal validity, submitted with acknowledgment of entry and signatures by all parties”.