Cameroon Ship Registration
Strategically located on the Gulf of Guinea, Cameroon provides excellent access to major trade routes in West and Central Africa, facilitating regional and international trade.
Registering a ship under the Cameroon flag offers benefits such as (a) competitive registration fees and tonnage taxes, (b) a flexible regulatory framework, and (c) no restrictions on ship ownership or crew nationality. Cameroon is currently on the Black List of the Paris and Tokyo MoUs, indicating higher safety and compliance risks.
Facts & Info about: Cameroon Ship Registration
- Ownership: Ships can be owned by both Cameroonian and foreign individuals or companies.
- Company Formation: The owning company can be registered in Cameroon or elsewhere.
- Directorship: There are no specific requirements for directors to be Cameroonian residents.
- Resident Agent: Not required.
- Office Address: The company does not need to have a registered office in Cameroon.
- Annual Maintenance: Annual tonnage tax and maintenance fees must be paid.
- Inspections: Regular safety and compliance inspections are mandatory.
- Financial Statements: Not explicitly required.
- Tonnage Tax System: Tax is based on the ship's net tonnage rather than its profits.
- Income Exemptions: No tax on profits from the operation or management of a Cameroon-registered vessel.
- Capital Gains: No capital gains tax on the sale or transfer of a Cameroon-registered vessel or the shares of a shipping company.
- Registration Process: The registration process is typically swift, taking a few days.
- Maritime Law: : Governs the registration, sales, and mortgages of ships in Cameroon.
- Tonnage Tax Law: Regulates the taxation system based on tonnage rather than profits.
- Flag State Control: Cameroon is working towards improving its compliance with international maritime regulations.
- Reputation: Cameroon is currently on the Black List of the Paris MoU.
- Support Services: Cameroon offers maritime services including management, legal, and logistical support.
- Strategic Location: Cameroon’s favorable regulatory environment offers advantages for global shipping operations.