More than 13,600 companies are now listed in the government’s Online Business Registration System, also known as the Single Portal, nearly two years after its launch, according to a notice from the Online Business Registration Service on May 4.
The notice said that as of May 4 at 2:00pm, a total of 13,685 companies had successfully registered on the IT platform, with another 1,264 under review. Additionally, since the system’s inception, 9,770 companies have made reservations to complete the registration process at a later date, with 365 more under review.
The Single Portal registration process takes an average of 8 days, the notice affirms.
Six ministries and state-run institutions were integrated into the business registration portal in its initial phase, which was launched on June 15, 2020 by government representatives. Those were the finance, interior, commerce and labour ministries as well as the General Department of Taxation (GDT) and Council for the Development of Cambodia (CDC).
More than a year later, the government deployed Phase II of the platform on September 1, 2021 integrating four new agencies – the Non-Bank Financial Services Authority’s Real Estate Business and Pawnshop Regulator, and the industry, tourism and telecoms ministries.
Cambodia Chamber of Commerce (CCC) vice-president Lim Heng told The Post that the Single Portal saves businesses loads of time, and reduces unnecessary costs and the complexities of paperwork and other bureaucratic demands.
He said the platform incentivises local and foreign investors who may be looking to start a business in Cambodia, and provides a plethora of benefits to the economy.
He added that the system is also in step with global technological advancements and the Fourth Industrial Revolution gameplan outlined by the government.
“Investors tend to want a registration system that is simple, fast and low-cost – this [Single Portal] is what the private sector desires. Making it easier to register is a part of motivating those who want to set up shop in Cambodia,” Heng said.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, said the Single Portal aims to improve the investment climate in the Kingdom and boost competitiveness, and added that the current central strategic focus to woo investors is to reduce complicated procedures.
Vanak said the system helps amplify Cambodia’s allure by transforming the Kingdom into a preferred investment destination, especially against the backdrop of global production chain shifts and factory relocations.
In addition to the business registration system, the government is also updating legal and procedural frameworks as well as seeking to establish a slew of new free trade agreements (FTA) to draw in more investors to the Kingdom, He added.
Finance ministry spokesman Meas Soksensan previously told The Post that the Single Portal requires companies to complete a one-time business registration form, and that all data inputted into the system is automatically forwarded to all government agencies integrated into the platform.
The Single Portal can be accessed at registrationservices.gov.kh.