The government has decided to revise three types of public service fees to boost business registration and draw more investment both locally and abroad, said the ministries of Economy and Finance; and Commerce in a joint statement.

Company registration now costs 1,010,000 riel ($250), down from 1,680,000 riel. Registration for a sole proprietorship or a partnership now costs 180,000 riel, down from 300,000 riel, while changing a business’ name costs 25,000 riel, down from 40,000 riel.

The decision took effect on April 1, said the statement.

Cambodia Chamber of Commerce vice-president Lim Heng told The Post on Sunday that the reduction in fees will help attract investment and boost business registrations.

“Lower prices will make it more convenient for businessmen to invest more. The lowered public service fees will also give investors confidence that the government is paying attention to the private sector amidst the Covid-19 outbreak.

“The more precise pricing will improve the government’s management of taxes,” said Heng.

There were 16,208 new business registrations at the Ministry of Commerce in the first 11 months of last year, up 23.54 per cent year-on-year, its data shows.