In Cambodia, there are no restrictions on a company being 100 percent foreign-owned as long as no land is involved. To start a business in Cambodia, you’ll need a valid visa, a work permit, and a Cambodian bank account with a minimum balance of US$1,300 (despite the fact that the law only requires US$1,000 in capital).
The Ministry of Commerce unveiled an online business registration system in December 2015 as part of an effort to simplify bureaucratic procedures. The aim of this online registration system is to make the process of registering a company in Cambodia more transparent and effective, attracting more investors in the process.
Related: What attachments are required to register a property?
It is now possible to obtain a company in Cambodia online via the Ministry of Commerce Business Registration website. If you don’t finish your application within 15 days of starting it, it will be deleted from the system. However, as long as you have all of the necessary documentation and follow these simple steps, registering your business online is relatively simple:
- Create a user account on the website
- Reserve a company name in both English and Khmer, and pay a service fee for this
- Register your company and pay another service fee for this
- Print your certificate of incorporation
It’s best to know your company’s single share worth and the name of your company in both English and Khmer before you begin to speed up the operation. One of the most significant roadblocks for many foreigners appears to be choosing a suitable Khmer name for their company, as the Ministry of Commerce appears to have rejected certain Khmer names because they did not have the same meaning as the English name.
Related: Guides & Tips To Start a Business Cambodia
- You should have the following documents ready to submit to your online application:
- Proof of identification, such as a valid passport
- A medical certificate showing you are in good health
- Proof of your company’s location, such as a utility bill or a rental agreement
- A letter, signed by a director of the company, that declares you have no criminal record, as well as a police report from your home country identifying you as having no history of criminal activity
- A list of staff, which states the number of male and female employees, and local and foreign staff
- Your company’s memorandum and articles of association
The cost of registering a company in Cambodia is approximately US$430. Only three banks in Cambodia are authorized to process registration fees: ACLEDA Bank, FTB Bank, and Canadia Bank. To pay the service fees, you’ll need to open an account with one of these banks. However, only ACLEDA Bank account holders will be able to pay the fees directly online. If you have an account with FTB or Canadia, you will need to complete payment in a branch. You can obtain a number of documents after registering your business with the MOC, including a business license, a certificate of incorporation, and Articles of Association.
Related: How to open a Mini Mart Business in Cambodia
You must then register your business with the General Department of Taxation (GDT) within 15 calendar days of registering, in order to receive a tax patent and a VAT certificate. After that, you’ll need to go to the Ministry of Labour and Vocational Training (MLVT), which will register your business under the Labour Law and issue work permits and job cards to foreign staff. You must also register the business with the National Social Security Fund if it has more than eight employees.
What are the Requirements and Registration Process to Open Business in Cambodia?