There are many commercial banks in the Kingdom of Cambodia – at the end of 2021 there were 54 commercial banks listed by the National Bank of Cambodia (NBC), as well as more than a dozen specialised banks, and over 150 financial institutions operating. We try and help you in making the best choice in opening a business bank account in Cambodia.
It is notable that there are no restrictions on the remittance or repatriation of capital or profits into or out of Cambodia (1997 Foreign Exchange Law) and that most financial exchanges are made in the Cambodian Riel (KHR) and US dollar.
NBC has been pushing for the de-dollarisation and even launched Bakong, a central bank digital currency (CBDC), which also makes it easier to transfer funds between local banks and a small growing number of the regional banks with cross-border payments.
With increasing regulations, there have been more steps put in place for a foreign corporate account to be set up, and each commercial bank has slightly varying requirements.
Tips for opening a commercial or corporate account in Cambodia
Some of the key factors to consider are the availability of loans or trade financing, account fees, digital services, interest rates, the bank’s domestic, regional and international network etc.
It’s worth exploring the bank you want to open an account with and finding out, in detail, what you will need to provide to ensure you bring the correct documentation. Many banks established in Cambodia now have a better online presence and the information for opening an account should be available online.
It is also worthwhile to check with the commercial bank all of the possible fees that might be incurred. These might include:
- Any monthly/annual account fees
- Any ATM or account withdrawal fees/ transaction fees
- Fees for international transfers (and timeframes)
- Internet banking fees
- Overdraft or credit card fees
- Set-up fees
- Minimum deposit fees
- Early closure fees
Once your company has been registered in Cambodia, a corporate bank account is required. Proof of this must be submitted to the General Department of Taxation within 15 business days of the date that the company is registered.
Opening an account is easier if the director of the company is present in Cambodia to sign all the documents. (If not, the process becomes more complicated but can be achieved through the on-the-ground authorised representative.)
Some banks do allow for offshore entities to set up accounts without a presence in-country but the process is more complicated and requires KYC and documents to be notarised.
What documents are needed to open a business account in Cambodia?
To open a corporate account in Cambodia, quite a few documents are generally required:
- Original Memorandum and Articles of Association (M&A) signed by all directors of the Company.
- Certificate of Commercial Registration/ Incorporation issued by the Ministry of Commerce or printed version of Certificate of Registration (QR code).
- Original Board of Directors Resolution to appoint signatory(ies) and account mandate.
- Original and valid Passport of all Shareholders & Directors and Authorised Signatory(ies).
- Business Tax Patent (if applicable), Business License issued by the relevant ministry and/or authority and Letter of Approval from relevant ministry or authority (if applicable).
- Sample of Board of Director Resolution (use the company’s letterhead and incorporate the content in the sample where applicable).
Some banks also require a minimum opening deposit or even a minimum amount to remain in the account – although this is less common.
Some specialised banks in Cambodia might be best for your type of business. There are a number of considerations when choosing the right commercial bank for your setting up your business in Cambodia.
You can also search for Cambodia commercial bank’s annual reports which should give an indication of the bank is performing in the competitive market.
Digital and Mobile Banking in Cambodia
For those looking to the future, it might also help to have a conversation with the bank of your choice regarding their stance on cryptocurrencies and other trending changes in the fintech industry, as well as existing partnerships of the bank.
There were 2.65 million debit cards in 2019, a figure that has doubled in 5 years with sufficient growth to come, the fintech sector in Cambodia is growing. What is the bank’s eCommerce presence like – payment gateways, apps, plans for encouraging the digital economy?
In Q1 2022, Chea Serey, director-general of the NBC said Cambodia recorded a total of 707.57 million online payment transactions worth USD $113.67 billion in 2021.
Find out more about the state of the fintech industry in Cambodia in 2022.
It’s also important to note that Cambodia is not on the list of countries with IBAN and banks in Cambodia use the SWIFT system.
List of commercial banks in Cambodia
The NBC publishes a list of Commercial banks in Cambodia, and the most recent was updated in December 2021.
You can find out more about some of the best banks and the ultimate guide to banking for foreigners in Cambodia here.