More than 12,000 companies have been successfully registered on the government’s online business registration system, also known as the Single Portal, in the nearly 21 months since its launch in mid-2020.
As of March 7, 12,201 companies had successfully registered on the Single Portal, with another 1,174 under review. The average registration time is reportedly eight days. For reference, 12,011 firms had registered as of February 28, with another 1,168 under review.
Meanwhile, 9,048 companies had successfully made reservations to complete the registration process at a later date, with another 338 under review, as indicated by portal data on March 7. For comparison, 8,945 firms had made the same reservations as of February 28, with another 342 under review.
The government launched the integrated e-business registration platform on June 15, 2020, incorporating six ministries and state-run institutions – the finance, interior, commerce and labour ministries, and the General Department of Taxation (GDT) and Council for the Development of Cambodia (CDC).
On September 1, the government deployed Phase II of the platform integrating four new agencies – the Non-Bank Financial Services Authority’s Real Estate Business and Pawnshop Regulator (REBPB), and the industry, tourism and telecoms ministries.
Cambodia Chamber of Commerce vice-president Lim Heng praised the Single Portal, which he said cuts costs and resolves bureaucratic inefficiencies such as overlapping obligations and requirements at different ministries and institutions, requiring companies to complete just a one-time business registration form.
As a result, the platform has piqued the interest of domestic and foreign investors, and recorded a healthy stream of applications, he emphasised.
“The platform offers a multitude of advantages, notably giving investors the motivation to grow and expand their businesses,” Heng said.
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Author: Hin Pisei
Source: The Phnom Penh Post
Publication date: 10 March 2022