Cambodia launches online portal for business registration

Cambodia on June 15 launched an online portal for new business registration, aiming at simplifying the process and reduce the country’s red tape jungle which regularly receives dismal ratings for inefficiency and corruption.

The digital service at registrationservices.gov.kh also seeks to enhance competitiveness and improve the investment climate in the country, a statement by Cambodia’s economy and finance ministry said.

Investors and entrepreneurs can now register their new business with multiple ministries and government bodies online, namely the ministry of commerce, the tax department, the ministry of labour and vocational training and the council for the development of Cambodia, through the platform. Other relevant ministries and institutions will get involved on the portal at later stages, the statement said.

The whole process of registering a business could now be done in only three to eight days and would cut the price of the process by 50 per cent, Aun Pornmoniroth, Cambodia’s minister for economy and finance, said, conceding that the previous system – in which applicants had to deal with each ministry separately – was “costly and complicated.”

“Investors can wait for approval for a maximum of eight working days only, and it helps reduce their expense by more than a half,” he said.

Investment projects can also be registered

Pornmoniroth, who is also a deputy prime minister, said investors can pay online and obtain digital licenses or certificates through the platform. The website will also provide a portal for potential investors to register qualified investment projects, he added.

The new system also aims to improve the global competitiveness ranking of Cambodia. In the past, the country has repeatedly slipped down the World Bank’s latest “Ease of Doing Business” rankings. In terms of starting a business, the country was close to the bottom at 187th. It took an average of 99 days to start a company, with nine separate procedures and cost an average of $743 – excluding bribes – to start a business in Cambodia, or 53 per cent of income per capita.

By comparison, the East Asia and Pacific average was 25.6 days and 6.5 procedures. The regional average costs for opening a business was 17.4 per cent of per capita income.



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Cambodia on June 15 launched an online portal for new business registration, aiming at simplifying the process and reduce the country’s red tape jungle which regularly receives dismal ratings for inefficiency and corruption. The digital service at registrationservices.gov.kh also seeks to enhance competitiveness and improve the investment climate in the country, a statement by Cambodia’s economy and finance ministry said. Investors and entrepreneurs can now register their new business with multiple ministries and government bodies online, namely the ministry of commerce, the tax department, the ministry of labour and vocational training and the council for the development of Cambodia, through...

Cambodia on June 15 launched an online portal for new business registration, aiming at simplifying the process and reduce the country’s red tape jungle which regularly receives dismal ratings for inefficiency and corruption.

The digital service at registrationservices.gov.kh also seeks to enhance competitiveness and improve the investment climate in the country, a statement by Cambodia’s economy and finance ministry said.

Investors and entrepreneurs can now register their new business with multiple ministries and government bodies online, namely the ministry of commerce, the tax department, the ministry of labour and vocational training and the council for the development of Cambodia, through the platform. Other relevant ministries and institutions will get involved on the portal at later stages, the statement said.

The whole process of registering a business could now be done in only three to eight days and would cut the price of the process by 50 per cent, Aun Pornmoniroth, Cambodia’s minister for economy and finance, said, conceding that the previous system – in which applicants had to deal with each ministry separately – was “costly and complicated.”

“Investors can wait for approval for a maximum of eight working days only, and it helps reduce their expense by more than a half,” he said.

Investment projects can also be registered

Pornmoniroth, who is also a deputy prime minister, said investors can pay online and obtain digital licenses or certificates through the platform. The website will also provide a portal for potential investors to register qualified investment projects, he added.

The new system also aims to improve the global competitiveness ranking of Cambodia. In the past, the country has repeatedly slipped down the World Bank’s latest “Ease of Doing Business” rankings. In terms of starting a business, the country was close to the bottom at 187th. It took an average of 99 days to start a company, with nine separate procedures and cost an average of $743 – excluding bribes – to start a business in Cambodia, or 53 per cent of income per capita.

By comparison, the East Asia and Pacific average was 25.6 days and 6.5 procedures. The regional average costs for opening a business was 17.4 per cent of per capita income.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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