Home » Over 20,000 businesses are registered with the MEF single portal.

Over 20,000 businesses are registered with the MEF single portal.

by Surya Narayan
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As of December 12th, more than 20,000 businesses with a total investment capital of $5.70 billion had been registered with the government’s single platform, the Online Business Registration System.

According to data from the Online Business Registration System inside the Ministry of Economy and Finance, 20,189 businesses with a combined $5.70 billion in capital have been approved as of December 12.

According to the report, 12,742 business names have been submitted for approval, and two have been rejected.

The most capital investments went to construction ($971 million, or 17%), followed by real estate ($701 million, or 12%), management consultant activities ($293 million, or 5%), manufacturing ($275 million, or 5%), banking and insurance activities ($259 million, or 5%), and others ($3.2 million, or 56%).

The majority of businesses (62%) were owned by men, according to the report. The government started the Single Portal, an online system for registering businesses, in June 2022.

On the packet information system, new businesses can sign up, and all other documents can be sent and received in digital form. Through this platform, the time and money spent on complicated procedures, repeating information, and the old process are minimised.

The system will take no more than eight working days, and all registration work is cut by more than half.

Several ministries and state-run institutions, like the Ministry of Commerce, General Department of Taxation, Ministry of Labor and Vocational Training, Ministry of Interior, and Council for the Development of Cambodia, have been added to the platform’s business registration system.

Source: Khmer Times

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