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EXCHANGE RATE LAWS FOR FOREIGN INVESTORS:Cameroon has an internal regulation that governs exchange rates with foreign investors.This regulation focuses on the quality of the resi- dent or non-resident Investors. A resident investor is either any physical person who habitually resides in Cameroon or a Cameroonian or foreign moral person, who is established in Cameroon. Except for foreign civil servants on mission in Cameroon, all other physical forei- gners are eligible for residentship once their two- year establishment is justifiable.Non-residents on their part are physical persons whose habitual residence is abroad and/or Cameroonian or foreign moral persons whose base abroad.The direct foreign investments in Cameroon (inclu- ding the investments carried out in Cameroon by Companies which are directly or indirectly mana- ged from abroad and those carried out by a branch or subsidiary of a foreign company in Cameroon) must be declared to the Minister of Finances in a simple letter, unless they are simply increasing social capital as a result of the rein- vestment of non distributed profits.Direct investment entails an investment that involves the management of an enterprise or a company. Thus a simple participation is not considered as a direct investment unless it exceeds 20% of the capital of a company whose shares are registered in the stock exchange.The partial or complete liquidation of a direct foreign investment in Cameroon, must follow20 days after the liquidation of the operation of an account submitted to the Ministry of Economy and Finance.In addition to other relevant information included in the letter of declaration, this statement of account must obviously notify in an appendix, amount of the capital and its distribution after completion liquidation operations alongside the percentage contribution of each shareholder.All regularly constituted investments, have the guarantee of transfer of profits, dividends as well as the product of a future investment. Nonetheless, the Cameroonian regulation is still undergoing some evolution.In fact , the Economic and Monetary Community of Central Africa ( French Acronym , CEMAC) , on the 24th of April, 2000 adopted a regula- tion , 00200/CEMAC/UMAC relating to the harmonization of the exchange rates of the member states of this community.The reinforcement of this regulation is the respon- sibility of the Ministry of Finance and it can com- pletely or partially delegated its assets to BEAC, the Banking Commission in Central Africa ( French Acronym COBAC) or to any other appro- ved intermediary.ACHIEVEMENTS OF INVESTMENT OPERATIONS:All direct foreign investments of CEMAC, greater than 100million francs CFA must be declared to the Minister in charge of Finances , 30 days before their achievements unless they are in the form of an increase in capital resulting from a reinvestment of the non distributed profits.Foreign direct investments in the CEMAC zone are beyond 100 million CFA FrancsLES ATOUTS ECONOMIQUES DU CAMEROUN335

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