Resident individuals are prohibited from opening foreign currency accounts within the CEMAC zone. Resident corporations and extractive companies may only open such accounts within the CEMAC zone upon obtaining prior authorization from the Central Bank (BEAC) or in circumstances falling within specific regulatory exemptions.
Key Guidelines for Resident Corporation Foreign Currency Accounts in CEMAC
General Resident Persons: Under CEMAC exchange control regulations, residents and individuals whose economic center is based within the sub-region are explicitly barred from establishing foreign currency accounts.
Resident Corporations: Except for credit institutions, corporations are generally prohibited from maintaining offshore foreign currency accounts without explicit BEAC authorization. When such accounts are authorized within the CEMAC zone, their validity is strictly capped at two years, subject to renewal.
Extractive Companies (Oil & Mining): While extractive industry companies are permitted to operate foreign currency accounts within the CEMAC zone under specialized frameworks, all operations must strictly comply with applicable foreign exchange regulations. Notably, direct cash withdrawals from these accounts to fund local operational needs, tax liabilities, or social security contributions are prohibited; such expenditures must first be converted into CFA Francs.
Operational and Reporting Requirements on Resident Corporation Foreign Exchange Account in Cameroon and CEMAC
Compliance & Regularization: Under the BEAC Foreign Exchange Regulation Guidelines, all resident accounts maintained at CEMAC-based credit institutions are subject to mandatory reporting and declaration to the Central Bank.
Sanctions: Credit institutions or economic agents that contravene the applicable foreign exchange requirements are subject to both pecuniary and non-pecuniary administrative penalties in accordance with the relevant regulatory framework.
Procedure to Open and Operate Foreign Exchange Accounts for a Resident Corporation in Cameroon and CEMАС
Prior to the opening of a foreign currency account within the CEMAC zone by a resident corporation, the credit institution acting on its behalf is required to submit to the Central Bank an opportunity note, accompanied in particular by the following information:
- 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;
- The customer record produced by the credit institution.
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.
The credit institution shall be notified of the authorization of the Central Bank which will specify the transactions that may be credited or debited to the relevant foreign currency account and the duration of the authorization which may not exceed two (2) years.
The foreign currency account in Cameroon and CEMAC may not be funded by payments in CFA Franc or by debiting an account in CFA Franc.