The SCI, or Société Civile Immobilière, in Cameroon: “Confusion within organizations, real estate agencies considered as SCIs.”
The Société Civile Immobilière (SCI) is a legal structure commonly used for the purchase and management of real estate properties in Cameroon. It is often utilized by family members or associates who wish to acquire and manage a property together.
However, in Cameroon, there is confusion regarding the definition of SCI, and many real estate agencies are considered to be SCIs, which is incorrect. Real estate agencies are commercial enterprises, not legal structures like SCIs. This confusion stems from a misunderstanding of the laws and procedures related to creating an SCI.
In fact, an SCI is a form of company that allows multiple individuals to jointly purchase and manage a real estate property. It can be established by family members or associates and is often used to acquire rental properties or transfer real estate assets to heirs.
Creating an SCI in Cameroon requires submitting a file to the competent court registry. This file must include the articles of association of the SCI, a list of associates, information about the property to be acquired or already acquired, and the amount of share capital.
Once the file is submitted, the SCI can be created and registered with the Register of Commerce and Credit Mobilier (RCCM). This registration grants the SCI a registration number and provides it with separate legal personality from its members.
It is important to note that real estate agencies are commercial enterprises, not SCIs. Real estate agencies are registered with the RCCM as commercial companies and cannot be considered SCIs. Their role is to connect property owners with tenants or buyers, and they can also assist clients in the search and acquisition of real estate properties.
In conclusion, the Société Civile Immobilière (SCI) is a legal structure commonly used for the purchase and management of real estate properties in Cameroon. However, there is significant confusion within organizations regarding the definition of SCI, and many real estate agencies are wrongly considered SCIs. It is important to clarify this distinction to avoid any confusion and ensure a better understanding of the laws and procedures related to creating an SCI.
The Mac-Valuation Team