Cameroon
Corporate Guide

Is there a requirement to declare beneficial ownership in Cameroon?

Yes. According to Section M 8d of the General Tax Code, legal persons, as well as administrators of legal entities under Cameroonian or foreign law established in Cameroon, whether or not they are subject to corporate tax or personal income tax, must identify their beneficial owners and keep an updated register to this effect. Therefore, the beneficial owner will be obliged to provide the persons referred to in point (a) of this subsection with all the information necessary for their identification.

As per Article 2 of Decree No. 2023/06801/CAB/PM of 27 September 2023, laying down modalities for the application of Section M 8d of the General Tax Code, a beneficial owner is defined as the natural person(s) who ultimately owns or controls a customer and / or the natural person on whose behalf a transaction is carried out. The notion of the beneficial owner also includes persons who ultimately exercise effective control over a legal person or legal entity.