A pyramid scheme recruits members via a promise of payments for enrolling others. PHOTO SUPPLIED Hong Menea
The number of companies initiating the registration process on the government’s newly-launched business E-Registration Platform has skyrocketed to 1,687, taking full advantage of the reduced red tape and shorter timeframe.
Six ministries and State-run institutions have been integrated into a business registration system on the platform, also known as the Single Portal, which was launched on June 15 by government representatives.
The six ministries and State institutions listed in the system are the ministries of Interior; Economy and Finance; Commerce; and Labour and Vocational Training, as well as the General Department of Taxation and the Council for the Development of Cambodia.
Another six are planned to be incorporated shortly.
Finance ministry spokesman Meas Soksensan told The Post on Sunday that as of July 29, 287 companies had successfully registered on the Single Portal. That figure was just 47 in mid-July.
Soksensan said 323 companies were under final review, while 929 others have cleared a preliminary review and are “registered for reservation”, awaiting the final review. Another 144 are under preliminary review.
Companies took eight days on average to register their businesses on the portal, he said.
“Under the initiative of Minister [Aun Pornmoniroth], the system has greatly facilitated the registration procedure for online businesses in harmony with the government’s Industry 4.0 development policy which aims to modernise the technology infrastructure,” Soksensan said.
He said the Single Portal would require companies to complete a one-time business registration form, taking a maximum of eight days.
“The goal [of the platform] is to build a better investment environment and attract more investment to Cambodia.
“This is the duty of the Ministry of Economy and Finance which seeks to ensure macroeconomic stability. At the same time, we want our economy to grow under favourable investment conditions, compelling us to cut a lot of red tape,” he said.
He noted that all data submitted by the companies under the Single Portal will be automatically forwarded to all ministries and state-run institutions incorporated into the system.
“With this registration, we see a better investment environment and competition, because the faster the online registration, the faster they can grow enterprises, and the main goal of the government is to strive to encourage business registration in all systems to boost economic growth through taxation,” he said.
Finance ministry secretary of state Phan Phalla has said that the commerce ministry cut registration fees under the scheme by 50 per cent, while the registration tax on the new registration documents was waived.
“Businesspeople are no longer required to take a photo and scan their fingerprints immediately after listing,” he said.
Commerce ministry spokesman Seang Thay last month said registration via the Single Portal will reduce costs and save time.
He lauded the portal as an in-depth government reform to attract investors to the Kingdom.
“This is another success story for the government, and as one of the ministries in the team behind the registration system, we are pleased to hear that the system is working smoothly.
“We invite people and investors who are considering opening a business in Cambodia to use this system and get registered quickly, and save on fees while you’re at it,” Thay said.
The Single Portal can be accessed at registrationservices.gov.kh.
