(Business in Cameroon) - The French Guillaume Sara recently launched his company “société Boissons, vins et spiritueux” (BVS) after leaving Brasseries du Cameroon (Cameroon’s Breweries), the country’s leading brewery, where he acted as deputy managing director for years.
The new company based in Douala, Cameroon’s economic capital, is specialized in the production of wines. Guillaume sarra said, according to the government daily, that the company is the result of the 2013 law which encourages private investments in the country. This law provides exemptions, from 5 to 10 years, to companies both in the installation and production phases.
“Thanks to this law, which promotes private investments, we have decided to invest CFA13 billion in Cameroon, instead of Angola or Côte d’Ivoire we targeted initially”, Guillaume Sara confided. This “law is a pledge for reliability and security. It reduces custom taxes on materials we import and grant fiscal exemption on benefits. Indeed, instead of 30% as company taxes, we have to pay 7.7% during the first five years of existence of our company. It will also enable us to invest in our equipment’s maintenance”, he continued.
According to Marthe Angeline Mindja, chief executive of Cameroon’s agency for the promotion of investments, 150 conventions for company creation have already been signed since the law was enacted. Cameroon thus expects the investments to reach CFA3, 500 billion and the creation of 5,000 jobs.