PUBLISHED: 27 August 2019
Establishment of an Online Business Registration Portal
The Ministry of Commerce launched its online business registration portal as planned, on December 7th 2015. The new, paperless system enables prospective businesses to search for a company name, upload shareholder and board of directors’ information and pay the registration fees online, as opposed to the old system where representatives had to physically go to the ministry to complete registration procedures – a time-consuming process that also created opportunities for non-transparent practices.
According to then-Commerce Minister Sun Chanthol, this will cut the typical time taken to register a business from 5-7 days to just one hour. Of the 50,000 businesses registered under the old system, The Commerce Ministry has asked all registered enterprises to fill in their details in the online system by March 2016 or face a fine. Largely as a result of the introduction of this system, Cambodia moved up 6 places in the World Bank Ease of Doing Business Report for 2016.