More than 7,000 companies registered in 11 months of this year, a slight increase of 0.3% year-on-year

Compass Cambodia report - As of November this year, a total of 7,127 companies have registered with the Ministry of Commerce, a slight increase of 0.3% year-on-year.

The Ministry of Commerce reported that 7,121 companies registered through the online registration system.

The report pointed out that in the 11 months of this year, 585 companies were also deregistered, a year-on-year increase of 37.32%. Pen Sovicheat, a spokesman for the Ministry of Commerce, said that the company's deregistration was due to bankruptcy or other issues.

In June 2020, Cambodia launched an online business registration platform. Under the first phase of the project, the four departments, namely the Ministry of Commerce, the State Administration of Taxation, the Ministry of Labour, and the Cambodian Development Council (CDC), are connected to each other in order to receive and process business registration, tax registration, confirmation of the establishment of enterprises by the Ministry of Labour and qualified investment Project (QIP) application.

According to the process, if the applicant submits complete information, the Ministry of Commerce must approve the business registration and issue a license within three days; after the system shows that the Ministry of Commerce approves the business registration, the State Administration of Taxation must review the information and within four days at the latest, Approval of tax registration and issuance of relevant licenses, including patent tax (Patent), value-added tax certificate and notification letter for the tax declaration.

After the system shows that the Ministry of Commerce and the State Administration of Taxation approve business and tax registration, the Ministry of Labor must review the materials and issue a confirmation letter for establishing a company within one day; if the Ministry of Labor does not review the materials and issue a confirmation letter for establishing a company within one day, the establishment of a business will be considered automatic.

In September 2021, the government launched the second phase of the online business registration project. Four departments and institutions joined the platform, namely the Ministry of Industry, Technology and Innovation; the Ministry of Tourism, the Ministry of Posts and Telecommunications, and the Industry and Pawnshop Supervision Bureau under non-bank financial service institutions.

Source: Compass Cambodia comprehensive arrangement

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