The Ministry of Commerce has urged all businesses to register (including vendors and traders) so they can reap the benefits of being a legal company identity and protect their business, as well as access international markets through existing free trade agreements.
The article in the Phnom Penh Post said the combination of agreements such as the “establishment of The Regional Comprehensive Economic Partnership (RCEP), the Cambodia-China Free Trade Agreement (CCFTA), and the Cambodia-Korea Free Trade Agreement (CKFTA)” was designed to boost exports, while new and amended laws brought the country in line with the regulations of the RCEP.
In the same week, the Online Business Registration Service reported that nearly 14,000 companies have been listed in the government’s Online Business Registration System (also known as the Single Portal). The Single Portal registration process takes an average of 8 days.
In addition, another 1,264 registrations are under review, and in total, 9,770 companies have made reservations to complete the registration process at a later date, with 365 more under review.
Cambodia Chamber of Commerce (CCC) vice-president Lim Heng told The Phnom Post “Investors tend to want a registration system that is simple, fast and low-cost – this [Single Portal] is what the private sector desires. Making it easier to register is a part of motivating those who want to set up shop in Cambodia.”
The One Portal was launched in mid-2020 and by January 2021 had recorded 7,000 registrations.
The second phase of the portal was upgraded in September 2021 to include the Non-Bank Financial Services Authority’s Real Estate Business and Pawnshop Regulator, and the industry, tourism and telecoms ministries.
Several more Ministries are still due to be added to the online portal in addition to the following:
- Ministry of Commerce
- General Department of Taxation
- Ministry of Labour and Vocational Training
- Ministry of Interior
- Council of Development of Cambodia
- Ministry of Economy and Finance