The Cambodian Ministry of Economy and Finance has just proposed a one-stop platform that aims to cater to all business-related concerns and applications. The move is part of the government's efforts in boosting domestic businesses.
According to the Khmer Times, Cambodia is ranked 138th among 190 countries under the World Bank's list of countries that provide easier business applications. The initiative was presented to help the country ascend in ranks and provide entrepreneurs with a single platform for registering their businesses.
Cambodia's General Department of Taxation (GDT) and other ministries under the government are now deliberating on the proposal, GDT Director General, Kong Vibol, confirmed. "The Ministry of Economy and Finance asked the General Department of Taxation and other relevant ministries and institutions to conduct a feasibility study for the one-stop business registration platform," he said during a seminar on Tuesday.
Spokesman of the Ministry of Handicraft and Industry, Um Sotha, said his ministry will support the initiative. He noted that the Ministry's goal is to encourage easier business formalization and registration for all entrepreneurs in the country.
Vice President of Cambodia Chamber of Commerce, Lim Heng, told the outlet that the existing registration process can become overwhelming and confusing for some people who want to do business. With only one platform for business services, startups won't have to spend money on traveling around the city to submit documents to relevant ministries.
While a decision on which ministry will oversee the program has yet to be made, experts believe the initiative will open doors for other similar programs to be presented to the government as part the plan to promote local businesses in the country and in global markets.
The official website of the Kingdom of Cambodia offers online registration of new businesses. However, entrepreneurs who do not have access to the internet will have to visit a number of ministries before applications are approved.
Meanwhile, Cambodian Prime Minister Hun Sen promoted the country's business sector during South Korean President Moon Jae-in's state visit. Sen invited private sectors and S. Korean investors to consider the investment potential his country has to offer. "Cambodia is the most open country in the region that provides foreign investors," he stressed.
With the strengthened ties between Cambodia and South Korea, it is expected that more business registrations will be made this year and beyond. To help deal with increased business applications, the government recently introduced reforms to corporate settings in a bid to reduce overall costs.
