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Economy

Cameroon launches SMEs database to assess companies operating in the country

Cameroon launches SMEs database to assess companies operating in the country
  • Comments   -   Friday, 04 December 2020 18:48

(Business in Cameroon) - The Minister in charge of small and medium enterprises (SMEs), Achille Bassilekin III (photo), recently initiated the creation of a national database of SMEs operating in Cameroon. In that regard, on December 2, 2020, he signed a press release inviting promoters to visit the registration desk opened for that purpose in his ministry.

The concerned parties are invited to submit copies of the following documents: taxpayer cards, trade register, national I.D card of the promoter, and certificate of registration at the CFCE (if necessary). They will also fill a summary sheet at the registration desk.  

The Ministry of SMEs explains that the database was created to have a cartography of SMEs operating in the country. Indeed, as 80% of them operate in the informal sector, it is hard to monitor their activities, assess their viability, etc. It even makes it hard for SMEs to access formal financing circuits.  

The ministry adds that 14,229 new SMEs were created in the country in 2019. This figure could rise in 2021, as the government has decided to "reduce the minimum capital threshold from XAF100,000 to XAF5,000 for limited liability companies that are not going to establish their companies via a notary service.”  This measure (the government plans to make effective by end-March 2021) constitutes a 95% reduction in the minimum capital threshold.  

S.A.

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