(Business in Cameroon) - The Minister of Finance has taken a giant step to materialise the April 18, 2013 law giving Cameroonians or foreign natural or legal persons, resident or not in Cameroon, conducting business therein or having shares in Cameroonian companies, a wide-range of incentives through which they can develop their businesses for sustainable growth in the country.

A Ministerial Order specifies which individual or corporate body benefits from what customs or fiscal exonerations for what period of time during the installation and real business phases.

According to the order published in Cameroon Tribune, newly registered enterprises are exonerated from registration fees of structures used exclusively for the business set up, fees to register the contract for equipment supply and construction of necessary structures to take off the investment programme, fees for registering the concession contract as well as exonerated from registration fees for the creation of the business or increase in its capital.

The enterprise is also exonerated from Value Added Tax (VAT) for service delivery to take off projects from a foreign country, exoneration from TVA on the importation of equipment for the investment programme as well as exoneration from some local taxes.

For example, an enterprise that engages an investment of five years or more with a business capital of less than or equal to FCFA 1 billion, creates at least one employment in each of the FCFA 20 million invested, contributes to value addition of at least 30 per cent in its investment sector as well as uses at least 20 per cent natural resources, excluding human labour, water and energy and telecommunications, is exempted from 50 per cent taxes for five years, exempted from fees related to loans and caution fee for five years as well as exempted from 50 per cent of taxes on property transfer, among others.

It will also have a five per cent reduction of customs dues on the importation of equipment, tools, spare parts and consumables that are not similar with those produced locally.