The number of companies registered on the government’s online business registration platform, known as Single Portal, had reached over 13,000 since its launch in mid-2020, while more than 1,300 others have submitted their applications pending review.
According to the Ministry of Economy and Finance, as of April 11 businesses that had successfully registered on the integrated system totalled 13,154, while 1,305 others are awaiting approval. The ministry said that registering a business through this platform takes eight days.
Separately, 9,511 businesses have successfully made reservations to complete the registration process at a later date, while 325 others are under review, the ministry said.
Cambodia Chamber of Commerce (CCC) vice-president Lim Heng said the number of companies registered via Single Portal has increased because the platform provides great convenience compared to the previous system. The new system is also cost-effective and does not require repeated process as were previously the cases of registration with relevant state institutions.
“The Single Portal provides many benefits and, especially, motivates investors to expand their businesses. It is also in line with the advancement of information technology and Industry 4.0,” he said, referring to the Fourth Industrial Revolution (FIR).
Royal Academy of Cambodia economics researcher Ky Sereyvath lauded the Single Portal as an adequate management system that allows registered firms to upload information to an easily accessible database.
He told The Post that the portal is in step with the FIR and cuts down on the manpower and other resources required for registration, saying that business owners need only a mobile phone to complete the process.
Sereyvath said the system would allow the government to “properly collect taxes without leaks”, and effectively manage small- and medium-sized enterprises (SME), ensuring the necessary supports for these businesses to be competitive on the market, as well as to grow and prosper.
“Improper competition and tax evasion make it impossible for our SMEs to grow, and the government cannot help them because we don’t know the exact figures,” he said.
Sereyvath also revealed that government incentives and subsidies were on the cards for properly-registered firms.
Finance ministry spokesman Meas Soksensan has said that the Single Portal only requires each company to complete just a one-time business registration form and takes no more than eight days to complete the process. The information submitted by the company through this system will automatically be forwarded to state institutions incorporated into this system.
The government launched the integrated 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, and the industry, tourism and telecoms ministries.
The Single Portal can be accessed at registrationservices.gov.kh.