The application for approval is made by the natural person or by the legal representatives of the legal person. To do this, it must meet the following conditions:
- For individuals
- Be of Cameroonian nationality or a national of a foreign state having concluded a reciprocity agreement with Cameroon;
- Be at least twenty-one years old;
- Be in good standing with tax and social security authorities;
- Provide proof of a deposit of 2,500,000 CFA francs, deposited in an approved bank and a written guarantee provided by a credit institution approved by MINFI and COBAC;
- Not be subject to any incompatibility, incapacity or prohibition listed in point 5 below.
2. For legal entities
- Be incorporated as real estate development companies;
- Establish its headquarters in Cameroon;
- Be in good standing with tax and social security authorities;
- Provide proof of financial security (the amount of this security must be specified and the commitment made to the Ministry responsible for Housing. As for its duration, it covers the entire period of exercise of the profession);
- Have legal representatives;
- Form an association or group with an approved Cameroonian promoter if you are a foreigner.
NB: Legal entities under public law may have the status of real estate developer when their constitutive acts so provide.
Public real estate developers are exempt from the financial guarantee mentioned above.
However, their real estate projects must:
- Comply with standards set unilaterally or by a performance contract;
- Benefit, at least in part, from public funding.
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