According to a report by the Ministry of Commerce, Cambodia has seen a significant increase in the registration of new companies and enterprises. In the January-November period of 2023, the ministry registered a total of 11,506 new businesses, marking a growth of 14.58% compared to the same period last year when 10,046 businesses were registered.
Of the newly registered businesses, 61% (7,066) are classified as enterprises, while the rest are registered as companies. The report also mentioned that out of the total number of registrations, 65 were foreign business companies.
During the same period, the ministry reserved 5,917 new business names, representing a 2.47% decrease compared to the previous year. Additionally, the report highlighted that 967 companies had been removed, indicating a 21.78% increase from the previous year.
Speaking at an annual meeting, Cham Nimol, Minister of Commerce, emphasized the ministry’s commitment to reforms and improving the quality of their public service delivery through automation. She stated that the ministry has been focusing on updating the business registration automation system and developing electronic business licensing. The government launched the online business registration system, known as the Single Portal, in 2020, aiming to approve applications within eight working days.
The Single Portal integrates six ministries, including the Ministry of Interior, Economy and Finance, Commerce, Labor and Vocational Training, the General Department of Taxation, and the Council for the Development of Cambodia. This integration allows investors to register their businesses and taxes under one platform, streamlining the process and reducing bureaucracy. Furthermore, all fees can be paid online through various e-payment channels. The government plans to expand the system to all ministries and institutions in order to digitize all licenses and certificates.
The increase in business registrations is seen as a positive sign for Cambodia’s national economy and reflects investors’ confidence in doing business in the country, according to Lim Heng, vice president of the Cambodian Chamber of Commerce. He attributes the growth to the effective policies implemented by the government, which have facilitated the reopening of the country and various socio-economic activities.
The surge in new business registrations reaffirms the resilience and attractiveness of Cambodia’s business environment. With streamlined processes and digital systems in place, Cambodia is positioning itself as an ideal destination for both local and foreign entrepreneurs looking to establish and grow their businesses.
Source: Khmer Times