1) What is the current legal landscape for Foreign Direct Investment Law in your jurisdiction?

The legal framework governing Foreign Direct Investment (FDI) in Cameroon is well-established but procedurally demanding, combining regional CEMAC regulations with domestic investment, commercial, and exchange control laws.

At the regional level, CEMAC Regulation No. 02/18/CEMAC/UMAC/CM defines FDI and imposes mandatory prior and post-investment declarations to the Ministry of Finance (MINFI) and the Bank of Central African States (BEAC). This regime is supplemented by BEAC Instruction No. 003/GR/2020, which details the conditions for executing cross-border direct and portfolio investment transactions.

Regulation No. 01/CEMAC/UMAC/CM of 11 April 2016, on the prevention and repression of money laundering, terrorist financing and proliferation financing, also constitutes a key pillar of the legal framework applicable to foreign direct investment in the CEMAC zone.

It imposes enhanced compliance obligations on foreign investors and their intermediaries, with respect to due diligence, transparency regarding the origin of funds, the reporting of suspicious transactions, and cooperation with the competent authorities, thereby directly impacting the structuring, financing, and implementation of investment projects.

Domestically, Ordinance No. 2025/002 of 18 July 2025 on investment incentives constitutes a key reform, offering tax and customs advantages and clarifying the legal concepts of “investor” and “foreign direct investment”. In parallel, Law No. 2015/018 of 21 December 2015 governing commercial activity requires foreign investors to obtain prior commercial approval before operating in Cameroon.

From a practical perspective, we observe foreign direct investment in growth the mining, agro-industrial, energy, and infrastructure sectors, which are characterized by long-term, capital-intensive investments. However, while investment incentives have improved overall competitiveness, administrative delays, regulatory layering, and continued sectoral concentration remain defining features of the current investment landscape.

2) What three essential pieces of advice would you give to clients involved in Foreign Direct Investment matters?

First, investors should conduct robust legal, regulatory, and market due diligence at an early stage. This includes assessing sector-specific authorizations, foreign exchange obligations, and fiscal exposure, particularly in regulated sectors such as mining, energy, and public-private partnerships (PPPs).

Second, clients should structure investments with stability and risk-mitigation mechanisms in mind. In sectors exposed to political or regulatory evolution, contractual protections—such as stabilization remain essential to securing long-term projects.

Third, strict compliance with foreign exchange controls, prior commercial approval, and investment declaration requirements remains critical, including adherence to the obligations imposed under Regulation No. 01/CEMAC/UMAC/CM of 11 April 2016 on the prevention and repression of money laundering, terrorist financing and proliferation financing. Non-compliance with BEAC and Ministry of Finance requirements can materially delay projects and expose investors to regulatory sanctions

3) What are the greatest threats and opportunities in Foreign Direct Investment law in the next 12 months?

Opportunities are closely aligned with the government’s National Development Strategy 2030 (SND30) and the 2025 investment incentive ordinance. Priority sectors include energy, agribusiness, digital technologies, mining, forestry and wood processing, textiles, metallurgy, steel, and hydrocarbons, all of which benefit from targeted fiscal and customs incentives.

Conversely, key risks persist. These include administrative delays, regulatory complexity, exposure to legislative changes, and governance-related concerns, all of which disproportionately affect fast-turnover and low-margin sectors such as light manufacturing and services. Addressing these constraints remains essential for broader FDI diversification.

4) How do you ensure high client satisfaction levels are maintained by your practice?

Client satisfaction is driven by a proactive, availability-focused approach. Clients are kept continuously informed of developments in their matters without the need for repeated follow-ups, and queries are handled with responsiveness and precision.

The practice places particular emphasis on anticipating regulatory bottlenecks, maintaining close working relationships with relevant authorities, and providing clear, actionable advice that enables clients to manage timelines, costs, and compliance risks effectively.

5) What technological advancements are reshaping Foreign Direct Investment law and how can clients benefit from them?

Digitalization is increasingly influencing FDI execution in Cameroon. The procedure for obtaining the BEAC acknowledgement of registration (prise d’acte) for transfer of funds in FDI had an undefined duration. The digitalization of the procedure has shortened regulatory delays, simplified the registration of project-related capital inflows, and enabled banks to process capital repatriation and debt service, all of which are essential to the financing and execution of large-scale projects in Cameroon.

The expansion of digital banking and financial technologies is strengthening the financial sector and attracting investors targeting financial inclusion and technology-driven business models.

Increased transparency in public procurement and investment opportunities has been facilitated through digital platforms such as ims-cameroun.com and armp.cm. At the legal level, the OHADA Uniform Act on Commercial Companies now allows shareholders’ and board meetings to be held by videoconference, enhancing corporate governance flexibility.

Additionally, the OHADA Uniform Act on Simplified Recovery Procedures and Enforcement Measures recognizes the legal validity of electronic documents, significantly improving efficiency in debt recovery and enforcement processes. Collectively, these developments reduce transaction costs, enhance legal certainty, and improve operational efficiency for foreign investors.

The digitalization of the tax system in Cameroon reduces the risk of corruption and accelerates the issuance of tax documentation, in particular the tax compliance certificate, which is required by banks in order to process international fund transfers.