Logo of Phnom Penh Post newspaper Phnom Penh Post - Registration of firms soars to 1,687 with online process

Registration of firms soars to 1,687 with online process

Content image - Phnom Penh Post
The number of companies initiating the registration process on the government’s newly-launched business E-Registration Platform has skyrocketed to 1,687. Hong Menea

Registration of firms soars to 1,687 with online process

The number of companies initiating the registration process on the government’s newly-launched business E-Registration Platform has skyrocketed to 1,687, taking full advantage of the reduced red tape and shorter timeframe.

Six ministries and State-run institutions have been integrated into a business registration system on the platform, also known as the Single Portal, which was launched on June 15 by government representatives.

The six ministries and State institutions listed in the system are the ministries of Interior; Economy and Finance; Commerce; and Labour and Vocational Training, as well as the General Department of Taxation and the Council for the Development of Cambodia.

Another six are planned to be incorporated shortly.

Finance ministry spokesman Meas Soksensan told The Post on Sunday that as of July 29, 287 companies had successfully registered on the Single Portal. That figure was just 47 in mid-July.

Soksensan said 323 companies were under final review, while 929 others have cleared a preliminary review and are “registered for reservation”, awaiting the final review. Another 144 are under preliminary review.

Companies took eight days on average to register their businesses on the portal, he said.

“Under the initiative of Minister [Aun Pornmoniroth], the system has greatly facilitated the registration procedure for online businesses in harmony with the government’s Industry 4.0 development policy which aims to modernise the technology infrastructure,” Soksensan said.

He said the Single Portal would require companies to complete a one-time business registration form, taking a maximum of eight days.

“The goal [of the platform] is to build a better investment environment and attract more investment to Cambodia.

“This is the duty of the Ministry of Economy and Finance which seeks to ensure macroeconomic stability. At the same time, we want our economy to grow under favourable investment conditions, compelling us to cut a lot of red tape,” he said.

He noted that all data submitted by the companies under the Single Portal will be automatically forwarded to all ministries and state-run institutions incorporated into the system.

“With this registration, we see a better investment environment and competition, because the faster the online registration, the faster they can grow enterprises, and the main goal of the government is to strive to encourage business registration in all systems to boost economic growth through taxation,” he said.

Finance ministry secretary of state Phan Phalla has said that the commerce ministry cut registration fees under the scheme by 50 per cent, while the registration tax on the new registration documents was waived.

“Businesspeople are no longer required to take a photo and scan their fingerprints immediately after listing,” he said.

Commerce ministry spokesman Seang Thay last month said registration via the Single Portal will reduce costs and save time.

He lauded the portal as an in-depth government reform to attract investors to the Kingdom.

“This is another success story for the government, and as one of the ministries in the team behind the registration system, we are pleased to hear that the system is working smoothly.

“We invite people and investors who are considering opening a business in Cambodia to use this system and get registered quickly, and save on fees while you’re at it,” Thay said.

The Single Portal can be accessed at registrationservices.gov.kh.

MOST VIEWED

  • All foreigners' accommodations to be inspected: Sar Kheng

    The Ministry of Interior is undertaking a serious effort to inspect all the accommodations of foreigners in Cambodia – except diplomats – in order to find and identify human traffickers. Minister Sar Kheng said this would include inspections on the homes of foreigners employed by businesses, private

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker

  • NBC eyes KHQR payments in Laos, Vietnam

    The National Bank of Cambodia (NBC) is working with Lao and Vietnamese authorities to expand the use of KHQR code cross-border payment systems to promote trade and investment as well as increase the scope of regional economic linkages, and in particular, facilitate remittances from overseas