New Business Information Service Launched

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The Ngeay Ngeay (“Easy Easy”) Business Information Platform was officially launched last week to help entrepreneurs, especially women, access business information and Cambodian laws. The Business Information Platform aims to make business registration information accessible for all.

Ngeay Ngeay (Easy Easy) Business Information Platform
SHE Investments supports Cambodian female entrepreneurs. KHMER TIMES / AIM VALINDA

Reach Ra, secretary of state at the Ministry of Commerce who presided over the launch, said on Thursday it would pave the way for start-up businesses and entrepreneurs to get easy access to business information. “For me, I think that the information pages are easily accessible for those who want to start up their businesses,” he said. “The crucial thing, if they do business in Cambodia they must comply with the country’s laws,” he added.

Loem Lida, co-founder and project manager of SHE Investment, said the website was launched for all entrepreneurs, especially women. This project is an initiative of SHE Investments, a social enterprise which supports Cambodian female entrepreneurs to scale their business, and it has been made possible thanks to the support of USAID, Development Innovations and Ezecom, she added.

“Our aim is that any Cambodian business owner can easily access all the information needed to register their business,” said Lida. “In Cambodia we know it can be difficult to access information regarding business registration and tax responsibilities. This website aims to provide all this information for free in a clear and detailed way. It does not only help all entrepreneurs to do business and get more knowledge of legal documents, but it also helps boost the economy when they can comply with those things.”

The Young Entrepreneurs Association of Cambodia (YEAC) in partnership with the Cambodia Women Entrepreneurs Association, Cambodia Chamber of Commerce and Mekong Business Initiative also launched a groundbreaking Business Information Centre (BIC) to facilitate and expedite the start-up process for new businesses early last month.

Sim Chankiriroth, board member of YEAC, said it did similar work, so it was good for entrepreneurs to have more options in accessing business information. “I think how we can work with each other to make sure that there is no overlapping work,” he said. “We do not think they are a competitor. There are so many things we think we can do together.”

The BIC will also provide small and medium-sized enterprises with a one-stop resource for up-to-date information on business laws and regulations, opportunities and business support services. It aims to play a leading role in clearing obstacles to business incorporation and formalisation.

Cham Prasidth, senior minister of Ministry of Industry and Handicrafts, said there are about 500,000 SMEs in the country but only around 50,000 were registered with the Ministry. “The BIC will help SMEs with registration and will provide them with information if they still don’t understand the registration process,” he said.

In February, the government offered a two-year income tax exemption to SMEs that registered with the Ministry of Economy and Finance before the end of 2018. The move will encourage unregistered SMEs to register and will attract overseas investors to come and run SMEs, according to Te Taing Por, the president of the Federation of Associations for Small and Medium Enterprises of Cambodia.

This article was originally published in the Khmer Times.

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