The Ministry of Economy and Finance is set to deploy Phase II of its Businesses Registration Platform, also known as the “Single Portal”, next month, following more than a year of smashing success since its debut.
Plans for the upcoming launch were presented at a virtual inter-ministerial meeting on July 12, led by ministry secretary of state Phan Phalla.
Also present at the meeting were representatives of the ministry and its industry, tourism, commerce and telecoms counterparts, as well as the Council for the Development of Cambodia (CDC), the General Department of Taxation (GDT), the Non-Bank Financial Services Authority, the Committee on Economic and Financial Policy and Techo Startup Center.
Phalla noted that the discussion sought to iron out some of the remaining issues before the Single Portal’s second phase goes online.
Six ministries and state-run institutions have been integrated into the business registration portal, which was launched on June 15, last year by government representatives. Those are the finance, interior, commerce and labour ministries as well as the GDT and CDC.
Another six are planned to be incorporated at a later date – the industry, tourism, telecoms, agriculture and health ministries, as well as the General Department of Customs and Excise of Cambodia.
Industry ministry director-general for Small and Medium Enterprises and Handicraft Chhea Layhy told The Post on July 13 that his ministry was ready to integrate into the Single Portal, a process he said was 90-95 per cent complete.
“If there are no changes, we could probably launch by the end of July or early in August,” he said.
Layhy said the second phase of the portal was a strategic government plan to further streamline procedures for businesses in Cambodia, especially small- and medium-sized enterprises (SME).
“I urge all those in the SME sector to understand the advantages of priority registration, in order to receive benefits from the government that’ll make it easier to do business,” he said.
The finance ministry said online registration on the Single Portal provides three main perks, the most important of which is to no longer have to register individually with all the relevant ministries and institutions.
The electronic 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, it said.
“With the reforms to procedures, businesspeople will find it easier to register, and businesses will be afforded a more legitimate and legal identity, as a basis for loan applications to financial programmes, especially as part of government Covid-19 response measures,” it added.
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.
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).