More than 6,000 businesses with over $2.6 billion in capital have been registered with the government’s online Business Registration Platform in just one year since its launch, according to the Ministry of Economy and Finance.
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, 2020 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 at a later date – the ministries of Industry, Science, Technology and Innovation; Tourism; Posts and Telecommunications; Agriculture, Forestry and Fisheries; and Health, as well as the General Department of Customs and Excise of Cambodia.
As of June 14, some 6,164 applications had been approved with a total capital of $2.631 million, and 810 more were under final review, the finance ministry said in a press release issued in conjunction with the Single Portal’s first anniversary.
As of the same day, 5,637 applicants had cleared a preliminary review and were “registered for reservation”, awaiting the final review. Another 270 are under preliminary review and one other was declined.
Federation of Associations for Small and Medium Enterprise of Cambodia (Fasmec) president Te Taingpor told The Post on June 20 that online registration has many benefits, the most important of which is to no longer have to register individually with all the relevant ministries.
He said the platform requires companies to complete just a one-time business registration form, cutting fees by up to 40 per cent and taking a maximum of eight days.
“Fasmec now works with the Techo Start-up Centre to teach enterprises how to register online,” Taingpor said.
“On June 11, we invited the Techo Start-up Centre to train 120 enterprises in Siem Reap via Zoom,” he said, adding that Fasmec and many other institutions have moved virtually all activities online amid Covid-19.
According to the press release, the automotive sector – including importers, exporters, buyers, sellers and repair shops – accounted for the majority of registered businesses, at 38.11 per cent, followed by real estate (10.29 per cent), manufacturing (8.58 per cent), accommodation and food services (8.47 per cent), professional, scientific and technical services (7.6 per cent) and others (27.55 per cent).
“This is an important reform in the field of public administration aimed at promoting a high-level digital transformation in public services in line with the newly-approved digital economic and social policy framework,” the release said.
The platform ensures a smooth business registration process, which provides businesses a valid proof of identity for a range of services, such as applying for loans from special government financial programmes implemented during the Covid-19 crisis, it said.
The government plans to launch a second phase of the Single Portal in the near future, which will allow businesses to apply for licences, permits and certificates from the participating ministries and institutions, it added.
The Single Portal can be accessed at registrationservices.gov.kh