Wednesday, March 29, 2023
Khmer Daily Cambodia News
34 °c
Phnom Penh
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
The Khmer Daily
No Result
View All Result
Home ASIA Cambodia

Business owners embrace new Cambodia online business registration system

August 6, 2020
in Business, Cambodia, National, Tech
0
Business owners embrace new Cambodia online business registration system
0
SHARES
17
VIEWS
Share on FacebookShare on Twitter

The number of companies registered via the government’s new online business registration system was confirmed as 287 as of July 29, while 323 companies are pending approval, according to data from the Ministry of Economy and Finance (MEF).

The average number of working days taken to register a company was confirmed as eight.

Kong Marry, an adviser to Minister of Economy and Finance Aun Pornmoniroth, said that the number of businesses registering via the online system shows the economy is still operating during COVID-19.

Marry said that the number of registered businesses is similar to the same period last year via the separated registration platform.

“The data shows that business people continue to create new businesses. It also shows that the new online registration is smooth and is synchronised well with the General Department of Taxtion, Ministry of Commerce and the Ministry of Labour,” he said.

“The average number of days before companies received final approval is only eight working days, so the new platform has also been reducing time,” he added.

Anthony Galliano, Group CEO of CIM Holdings Ltd, told Khmer Times that the business registration system is unquestionably a landmark achievement for the Kingdom and has substantially eliminated the bureaucracy and materially upgraded the ease of doing business and registering a company in Cambodia.

He said, previously applicants provided paperwork and documents independently and sequentially to each relevant ministry, first to the Ministry of Commerce, then handing-off to the General Department of Taxation and finally to the Ministry of Labour, taking close to a month for each to process, sometimes longer.

“Now the applicant’s file is simultaneously shared between Ministries and the process is standardised. More importantly, a physical visit is no longer necessary as the requirement for photographing and finger-printing of the chairman is not required at the General Department of Taxation in the new online process,” he added.

Galliano said the cost of registration has also been reduced and the Kingdom is now as efficient, if not more, in the ease of online company registration as most countries globally.

In theory the online processing was touted to take approximately seven business days, in reality it is presently taking 15 business days, still a vast improvement from three to six months.

There is still a degree of interaction required with the ministries at the moment to optimise the benefits of the system, and the ministry staff are going through some teething pains in dealing with the new process. However, in general, the improvements are a breakthrough and we have leap-frogged from a time-consuming, repetitive, costly and frustrating process to one of the most advanced.

The online business registration official launched on June 15, presided over by  Pornmonirath. Registering a business on an information technology platform will make the process less time-consuming, costly and complex than the analogue system, he said.

Pornmonirath said that the new business registration system allows investors to register their business at the Ministry of Commerce, tax registration at the General Department of Taxation, and enterprise declaration at the Ministry of Labour and Vocational Training at the same time.

Claiming it will take at most eight working days with more than a 50 percent reduction on all registration fees.

This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.

Tags: CambodiaCambodia onlineCambodia online businessCambodia online business registrationCambodia online business registration system
Previous Post

Thai folk drama actor, police officer killed in car smash-up

Next Post

Cellcard Cambodia, mobile operator in Cambodia, wins best gaming experience by global judges

Related Posts

Car Review: Porsche Taycan – Mission Accomplished

Car Review: Porsche Taycan – Mission Accomplished

by Khmer Times
March 26, 2023
0
8

Some eight years ago, Stuttgart-based automaker and purveyor of everyday sports cars Porsche unveiled their Mission E concept car, signalling...

2 Cambodians held on rare royal insults charge after Facebook posts

2 Cambodians held on rare royal insults charge after Facebook posts

by AsiaOne
March 26, 2023
0
11

PHNOM PENH - Two Cambodian opposition figures have been charged under the country’s rarely used lese majeste law with insulting...

Influencers take stock of life and dreams if US bans TikTok

Influencers take stock of life and dreams if US bans TikTok

by AsiaOne
March 26, 2023
0
10

LOS ANGELES - When Cassidy Jacobson was 13 years old, she posted a video of herself dancing on the popular...

Most Popular

Google suspends Chinese app Pinduoduo from Play store after malware is found

Google suspends Chinese app Pinduoduo from Play store after malware is found

March 22, 2023
37
Russia boosts defences near Japan, accuses US of expanding Asia-Pacific presence

Russia boosts defences near Japan, accuses US of expanding Asia-Pacific presence

March 24, 2023
22
Boris Johnson says he did not lie over Covid-19 lockdown parties

Boris Johnson says he did not lie over Covid-19 lockdown parties

March 24, 2023
22
World Athletics bans transgender women

World Athletics bans transgender women

March 24, 2023
21
Rebels in Indonesia’s Papua release New Zealand hostage video

Rebels in Indonesia’s Papua release New Zealand hostage video

March 12, 2023
20
Latest California storm leaves 5 dead from fallen trees in Bay area

Latest California storm leaves 5 dead from fallen trees in Bay area

March 24, 2023
19

© 2020 By Khmer Daily News

No Result
View All Result
  • Home
  • Latest
  • Cambodia
  • ASIA
  • World
  • Business
  • Tech

© 2019 The Khmer Daily.

error: Content is protected !!