As a member of the OHADA (Harmonisation of Business law in Africa), Cameroon enjoys the benefits OHADA creates in attracting investors. This has restore investor confidence, facilitate trade between countries and develop an efficient private sector in Cameroon. The OHADA Uniform Act on Commercial Companies and Economic Interest Groups on January 30, 2014; the original Act was adopted on April 17, 1997 highlighted some of the following major changes;
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Introduction of a new corporate form, the simplified joint-stock company;
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Simplification of the rules for the creation and functioning of companies, in particular the rules on drafting by-laws, payment terms and amount of share capital, and filings and publications (in anticipation of digitalized registry systems and digitalized financial information);
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Establishment of new provisions on securities, making possible the issuance of hybrid securities, preferred shares, or free shares;
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Clarification of the legal framework for non-OHADA companies’ activities in the region. Affiliation of a company whose country isa member of the OHADA within two years is very important for a company who is resident in a country outside OHADA;
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Reinforcement of corporate governance rules to make the OHADA region up-to-date with current business law practices, resulting in a clarification of the powers of boards of directors both for listed and non-listed companies;
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Reform of the conditions for holding general shareholders’ meetings and other corporate meetings.
Both public and private companies in Cameroon are governed by the OHADA Uniform Act;