Resident corporations operating outside the banking and extractive sectors are strictly prohibited from opening or maintaining offshore foreign currency accounts without prior, explicit authorization from the Central Bank (BEAC).
General Rules & Exceptions Related to Foreign Currency Accounts Outside CEMAC by Resident Corporations
Standard Resident Corporations: Resident corporations are prohibited from opening foreign currency accounts outside the CEMAC zone unless special authorization has been expressly granted by the Bank of Central African States (BEAC).
Credit Institutions: Authorized to hold foreign exchange assets for current operational needs, subject to strict regulation by the Bank of Central African States (BEAC).
Extractive Companies: Companies operating in the mining and hydrocarbon sectors together with qualifying subcontractors are permitted to open and operate foreign currency accounts both within and outside the CEMAC zone for the purpose of conducting their specific activities, subject to the prior authorization of the Bank of Central African States (BEAC).
Application Process for the Foreign Currency Account Outside CEMAC in Favour of Resident Corporations
Submission: A formal application for prior authorization should be submitted to the Central Bank (BEAC), located at BP 1917, Yaoundé, Cameroon.
Notification: Upon granting the authorization, the Central Bank shall notify both the applicant and the Ministry responsible for monetary affairs and credit of its decision.
Validity Period: Authorized accounts are valid for up to 2 years, subject to renewal.
Information Required
- The applicant’s corporate name;
- The currency of the account;
- The customer’s reasoned request explaining the reasons why the account is being opened;
- The transactions that may be credited and debited to the account, accompanied, where applicable, by the relevant supporting documents; etc.
Documents Required
The extract from the trade and personal property Credit Register or any document in its place dated less than 03 months;
The company articles and those of the parent company, if possible;
The identity of the directors and main shareholders;
Recent financial statements, if any;
The recent tax status certificate or any document in its place etc.
Operating Restrictions on Foreign Currency Accounts Outside Cameroon and CEMAC
No Commingling: Foreign currency accounts held outside the CEMAC zone may not be utilized to settle transactions between resident extractive companies.
No Transfers to Local Accounts: Funds held in foreign currency accounts outside the CEMAC zone may not, as a general rule, be utilized for the purpose of making local domestic payments denominated in CFA Francs.
Non-compliance Penalties: The operation of an unauthorized foreign currency account may give rise to penalties, including a fine equivalent to 15% of the credit movements recorded on the account and the mandatory repatriation of the outstanding foreign currency balance to the Bank of Central African States (BEAC).