HOW TO CREATE A COOPERATIVE CREDIT UNION IN CAMEROON.
A cooperative is a group of individuals who come together to meet their common cultural, economic, or social needs.
It’s to be noted that cooperatives can be created in 2 categories,
Category 1
Category 2
The minimum number of members and share capital differ under each category;
Category 1 COOPERATIVE; The minimum number of members required to create a category 1 cooperative is 100(one hundred) as per the COBAC Regulation, with a minimum share of 10000frs CFA each given a minimum share capital of 1.000.000(one million)Franc CFA. Category 1 cooperatives must be affiliated to CAMCULL or any other cooperative network.
As per Category 2 cooperatives, the minimum number of members is 3(three) with a share capital of 300million and must have a board of directors.
Cooperatives are subjected to control and their activities are regulated by COBAC and CEMAC regulations.
REQUIRED DOCUMENTS
Application form
Articles of Association
Judicial extracts
Certificate of subscription of shares
List of members/board of directors attach to minutes
Localization plan etc
Need assistance opening a cooperative/Micro finance/credit union? follow the steps under e-registration or simply contact us on 65689929
By Barrister.Fru Shella
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