HOW TO GET AUTHORISATION TO OPEN AND OPERATE A FOREIGN EXCHANGE ACCOUNT FOR NON-RESIDENTS IN CAMEROON AND CEMAC
The opening of non-resident accounts in foreign currency in the books of credit institutions is free in the CEMAC, subject to ex post information from the Central Bank. The applicant shall send the credit institution a reasoned request to open a non-resident’s account in foreign currency.
Transactions to debit and credit non-resident accounts in foreign currency are free, subject to compliance with the regulations in force.
Non-resident accounts in foreign currency may not be credited with payments in CFA Franc or by debiting an account in CFA Franc. Non-residents' accounts in foreign currency may not be in debit.
Withdrawals of foreign currency from the accounts of non-residents in foreign currency to cover local needs are prohibited.
The loss of non-resident status automatically results in the closure of the non-resident's account and the credit balance is transferred to a resident's account in CFA Franc.
Procedure to Open and Operate Foreign Exchange Accounts for Non-Residents in Cameroon and CEMАС
Information and Documents Required
- The identity document, in particular the valid passport or residence permit;
- The applicant’s address;
- Proof of the origin of the currencies;
- Any document proving that you are a non-resident;
- Any document specifying the nature of its activities in one of the member states of the CEMAC and their duration;
- The currency in which the account is denominated
For Legal Entities:
- The address of the holder’s registered office or main place of business;
- The recent extract from the Registry of commerce or any document in its place;
- The contract, if applicable;
- The act authorizing the person in charge to bind the entity; etc.
For Diplomatic Representations, International Organizations and similar bodies
- The headquarters agreement or any document in its place;
- The address of the head office;
- The act authorizing the person in charge to bind the entity;
- The currency in which the account is denominated.
In the context of their banking correspondence relations, CEMAC credit institutions may open nostro accounts with non-resident correspondents, subject to compliance with the regulatory requirements in force.
The credit institution shall inform the Central Bank of the opening of the foreign currency within 30 days of the date of the opening.