The answer to this question is yes.
It’s possible as there are no statutory provisions in Cameroon that prohibits a minor (children under 18 years) from owning shares in a limited liability company.
However, a minor can be a shareholder only through his or her a parent or a guardian since they cannot actively buy shares in a company. The parent or guardian is the one to safeguard and manage the shares of the minor.
Representation & voting rights
A child below the age of 18 can own shares in a company but may not have the ability to vote his shares or manage it effectively. This becomes a problem in cases where the minor’s vote will play a great role in decision-making.
Note that the vote of majority shareholders is what is used to solve disputes amongst shareholders, select managers or directors for the board as well as when major decisions have to be made.
However, the Foundation for a Unified Business Law in Africa, FUBLA, provides that “Any shareholder may be represented by an agent of his choice”. This means, a shareholder can receive a proxy issued by another shareholder to represent them in a meeting.
Except there exist legal provisions or the articles of association provides for, there’s no restriction in the number of votes the representative has both in his/her name and that of the minor.
Requirements for minors
Minors are not required to provide a certificate of non-conviction or criminal record when compiling documents for the incorporation. For minors of Cameroonian nationality, only the birth certificate and the presence of a guardian is required. Download company incorporation requirements in Cameroon below:
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