Online Business Registration Launched
AKP Phnom Penh, June 15, 2020 —
An online business registration via single portal was officially launched today aiming to enhance the competitiveness and better investment environment in Cambodia.
Named ‘Business Registration System on Information Technology Platform’, it is another move of the sharp reforms of the Royal Government of Cambodia to facilitate and encourage business registration to all companies.
Through the platform, businessmen can register their new businesses as a package which includes business registration at the Ministry of Commerce, tax registration at the General Department of Taxation, and business operation announcement to the Ministry of Labour and Vocational Training at the same time within only eight working days and with less spending on registration process by half.
Besides, businessmen can apply for Qualified Investment Project (QIP) registration at the Council for the Development of Cambodia.
Through the IT-based platform, complications, repeated information, more time and expenses which occur in stages of business registration process in the old mechanism framework will be reduced to the maximum, according to Ministry of Economy and Finance, which leads the project.
It also provides a key opportunity to businessmen looking for legal documents for their business identification in order to accelerate and get credits from the government’s special funds which has been created to help the private sector, affected by the COVID-19 pandemic.
H.E. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, said that the online business registration via single portal is a sharp measure taken by the Royal Government to enhance the country’s competitiveness and attractiveness by transforming the Kingdom into a potential investment hub.
“Establishment of the effective and less costly registration is the government’s great intention to facilitate and reduce to the maximum challenges faced by investors as well as to encourage new businesses to register legally,” H.E. Aun Pornmoniroth said in his speech at the launching ceremony.
The official launch of Business Registration System on Information Technology Platform is only the first phase focusing mainly on new businesses, added H.E. Deputy Prime Minister, stressing that for the next step, the Royal Government will continue to expand the scope of this system to all ministries and institutions in order to deliver licences on IT-based platform.
The online business registration via single portal was initiated by Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, in the 18th Government-Private Forum held on March 2019.
Working team on the issue was then formed and spent only a year to complete successfully the online business registration via single portal.
(Photo: Suos Savy)
By Chea Vannak