CONDITIONS AND PROCEDURES FOR OPENING SUBSIDIARIES, BRANCHES AND REPRESENTATIVE OFFICES OF CREDIT INFORMATION OFFICES IN CAMEROON AND CEMAC
Subsidiary: A company established in a CEMAC member state like Cameroon, whose share capital is more than 50% owned by a Credit Information Bureau from which it is legally separate, and whose activities are an extension of those for which the Credit Information Bureau was authorized.
Branch: A commercial establishment belonging to a Credit Information Bureau, located in another CEMAC member state, and endowed with a degree of management autonomy.
Representative office: An establishment belonging to a Credit Information Bureau and responsible for liaising between the BIC and the market of the CEMAC member state in which it is located.
An approved Credit Information Bureau may be authorized by the BEAC (Bank of Central African States) to open subsidiaries, branches, or representative offices in CEMAC (Economic and Monetary Community of Central Africa) member states other than the state where its registered office and/or operating site is located.
The application for authorization to open such an office is addressed to the Governor of the BEAC.
APPLICATION FOR AUTHORIZATION AND PROCESSING PROCEDURES
The application for authorization specifies the list of activities that the applicant intends to carry out through its subsidiary, branch, or representative office. It must be accompanied by a file containing the documents and information enabling the BEAC to perform the due diligence and verifications prescribed in Article 8 of these instructions.
All information provided by the applicant must be up-to-date and accurate at the time of the application.
If any changes or modifications to the information stipulated above occur before the BEAC's decision, the applicant is required to inform the Central Bank immediately.
The application for authorization is only considered complete after verification that all required documents are included.
The opening of a subsidiary, branch, or representative office can only be authorized if the BEAC is satisfied that the application is complete and that the business activity complies with applicable regulations.