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Angkor Times
Angkor TimesExperienced
Asked: February 2, 2024

What Key Takeaways Defined the Digital Future Forum?

Navigating Cambodia’s Digital Future: Insights from the Digital Future Forum In a bustling gathering at the Sofitel Phnom Penh Phokeethra, EuroCham recently hosted Cambodia’s inaugural Digital Future Forum. The event was a beacon for stakeholders’ eager to delve into the kingdom’s ...Read more

Navigating Cambodia’s Digital Future: Insights from the Digital Future Forum

In a bustling gathering at the Sofitel Phnom Penh Phokeethra, EuroCham recently hosted Cambodia’s inaugural Digital Future Forum. The event was a beacon for stakeholders’ eager to delve into the kingdom’s draft data protection law and other pivotal issues steering Cambodia’s digital journey forward.

As the nation strides towards a more digitized landscape and aims to integrate into the regional economy seamlessly, the importance of establishing a robust regulatory framework cannot be overstated. This sentiment echoed throughout the forum’s discussions.

Digital Future Forum Cambodia
Digital Future Forum Cambodia

Kong Phallack, Secretary of State at the Ministry of Post and Telecommunications, shed light on the government’s strides in digital regulation. With 12 new sub-decrees and two prakas in development, alongside three draft laws covering cybersecurity, personal data protection, and digital governance, Cambodia is gearing up for a transformative era.

Addressing attendees, Phallack emphasized the opportunities embedded within regulatory measures, urging businesses to view them as catalysts for innovation and investment. He envisioned Cambodia not just as a technology importer but also as a potential technology exporter in the coming decades.

Data protection emerged as a focal point of discussion, with Sebastian Ung of Asia Data Destruction Cambodia highlighting prevalent threats such as phishing attacks and malware infections. These not only jeopardize data security but also pose substantial risks to businesses, including loss of clientele, regulatory penalties, and legal ramifications.

Comparative insights into data protection laws across ASEAN countries provided attendees with a broader perspective. From Indonesia’s comprehensive Data Protection Law to Singapore’s stringent Personal Data Protection Act, each nation has adopted measures to safeguard personal information across public and private sectors.

In Cambodia, efforts towards enacting a Personal Data Protection law are underway, with existing legislation addressing data protection and privacy scattered across various statutes. However, the road ahead necessitates a concerted effort to establish a culture of transparency and trust, ensuring successful implementation and enforcement of data protection measures.

The Digital Future Forum served as a pivotal platform for stakeholders to navigate Cambodia’s evolving digital landscape, emphasizing the imperative of robust regulatory frameworks and proactive measures to safeguard data in an increasingly interconnected world. As Cambodia embraces its digital destiny, collaboration and innovation will be key drivers of progress on this transformative journey.

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Angkor Times
Angkor TimesExperienced
Asked: October 18, 2023In: Make Money

Which businesses are most profitable in Cambodia?

Cambodia is a rapidly developing country with a growing economy. There are many opportunities for businesses to succeed in Cambodia, but some sectors are more profitable than others. Read more

Cambodia is a rapidly developing country with a growing economy. There are many opportunities for businesses to succeed in Cambodia, but some sectors are more profitable than others.

king-father-sihanouk-monument-phnom-penh
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This blog post will discuss the most profitable businesses in Cambodia of all times, with detailed information. We will also discuss some of the key factors to consider when starting a business in Cambodia.

Why start a business in Cambodia?

There are many reasons why you might want to start a business in Cambodia. Here are a few:

  • Strong economic growth. The Cambodian economy is growing rapidly, with average GDP growth of over 7% per year in recent years. This creates a favorable environment for businesses to succeed.
  • Young and growing population. Cambodia has a young and growing population, with over 60% of the population under the age of 30. This provides a large pool of potential customers and employees.
  • Low labor costs. Labor costs in Cambodia are relatively low, which can give businesses a competitive advantage.
  • Government support. The Cambodian government is supportive of foreign investment and has created a number of initiatives to make it easier to start and run a business in the country.

Here are the most profitable businesses in Cambodia of all times, with detailed information:

1. Agriculture

Agriculture is the largest sector of the Cambodian economy, accounting for over 20% of GDP. The country has a rich agricultural heritage, and its climate is ideal for growing a wide variety of crops, including rice, rubber, cassava, and maize.

Cambodia is also a major exporter of agricultural products, and its exports have grown rapidly in recent years. In 2022, Cambodia exported over $6 billion worth of agricultural products, making it one of the largest agricultural exporters in Southeast Asia.

2. Construction

The construction sector is another major driver of the Cambodian economy. The country is experiencing a rapid urbanization boom, and there is a high demand for new housing, commercial space, and infrastructure projects.

The Cambodian government is also investing heavily in infrastructure development, including new roads, bridges, and airports. This is providing further opportunities for construction companies.

3. Real estate

The real estate market in Cambodia is booming, with property prices rising rapidly in recent years. This is due to a number of factors, including the country’s strong economic growth, increasing urbanization, and limited supply of land.

There is a high demand for both residential and commercial property in Cambodia. This is providing opportunities for investors and developers.

4. Tourism

Cambodia is a popular tourist destination, known for its rich cultural heritage, stunning scenery, and friendly people. The country’s tourism sector has grown rapidly in recent years, and it is now one of the most important sectors of the economy.

There is a high demand for tourism-related services in Cambodia, such as accommodation, transportation, food and beverage, and tour guiding. This is providing opportunities for entrepreneurs and investors.

5. Manufacturing

The manufacturing sector is another important sector of the Cambodian economy. The country has a number of comparative advantages in manufacturing, such as low labor costs and proximity to major markets.

The garment industry is the largest manufacturing sector in Cambodia, accounting for over 60% of the country’s industrial exports. Other important manufacturing sectors include electronics, footwear, and food processing.

6. E-commerce

The e-commerce sector is growing rapidly in Cambodia, as more and more people gain access to the internet and smartphones. The country has a young and tech-savvy population, which is driving the growth of e-commerce.

There is a high demand for a wide range of products and services online in Cambodia, including fashion, electronics, food and beverage, and travel. This is providing opportunities for e-commerce businesses.

7. Education

The education sector is another important sector of the Cambodian economy. The country is investing heavily in education to improve the skills of its workforce and support economic growth.

There is a high demand for quality education at all levels in Cambodia, from primary to tertiary education. This is providing opportunities for educational institutions and investors.

8. Healthcare

The healthcare sector in Cambodia is growing rapidly, as more and more people have access to affordable healthcare services. The country has a number of government and private healthcare providers.

There is a high demand for healthcare services in Cambodia, particularly in rural areas. This is providing opportunities for healthcare providers and investors.

9. Energy

The energy sector is another important sector of the Cambodian economy. The country is investing heavily in renewable energy to reduce its reliance on fossil fuels.

There is a high demand for energy in Cambodia, particularly electricity. This is providing opportunities for power generation companies and investors.

10. Financial services

The financial services sector in Cambodia is growing rapidly, as more and more people have access to banking and other financial services. The country has a number of commercial banks, microfinance institutions, and other financial institutions.

There is a high demand for financial services in Cambodia, particularly in rural areas. This is providing opportunities for financial institutions and investors.

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Vanvutha Leang
Vanvutha LeangExperienced
Asked: April 2, 2021In: Make Money

What are the Requirements and Registration Process to Open Business in Cambodia?

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 ...Read more

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?

What are the Requirements and Registration Process to Open Business in Cambodia?

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Vanvutha Leang
Vanvutha LeangExperienced
Asked: March 17, 2021In: Make Money

What are the Business Opportunities in Cambodia?

Cambodia is such an opportunistic country to seek better business ideas and successfully implement them to gain more revenue and profit. As we know that Cambodian economy is one of the rapid economic growth among nations in the ASEAN community, ...Read more

Cambodia is such an opportunistic country to seek better business ideas and successfully implement them to gain more revenue and profit. As we know that Cambodian economy is one of the rapid economic growth among nations in the ASEAN community, therefore the foreseen chance to collect huge profit is in it.

What are the Business Opportunities in Cambodia?

What are the Business Opportunities in Cambodia?

Related: Why Cambodia Is A Good Business Destination?

Specifically, this article will bring you to know even more about business opportunities in Cambodia in order to understand business’ circumstances here in the Kingdom.

1. Real Estate

There are various and different ways to gain profit from investing in real estate in Cambodia. As we can see Phnom Penh is one of the most crowded cities in Cambodia, so there are many residents or foreigners who need proper shelter to live during vacations or working in Cambodia. One of the best methods to inventing in this situation is to buy a good price and location in Phnom Penh and sell it to customers at a profitable price. This practice provides us much of profit and it will gain even more in case we have a lot of connections with many people in the real estate sector.

Related: What are the major industries in Cambodia?

By doing this, it also helps foreigners or Cambodians, who need better shelters, ease to find a proper house as they wish. Being an agent in this area will provide us more money and connections if we are smart enough to attract more customers.

2. Transportation

Transportation in Cambodia still at a low level compared to neighboring countries, such as Thailand and Vietnam. In Cambodia, taxis or buses remain at a low standard and receive a lot of complaints regarding customer service, driving situations, and so on so far. Therefore, this is an opportunity for you to invest in this sector by eliminating or reduce the badness from the current company competitively. It’s better to learn from their mistakes and apply them beautifully to our company. This business opportunity cannot be skipped, otherwise, you would lose this big chance.

Related: Why Cambodia Is A Good Business Destination?

3. Food and Drink Franchises

Simple to say youth Cambodian love to try new things from other countries, so buying a franchise from other countries to sell in Cambodia is also consider a business opportunity as well. As you can see there are numerous international food businesses open successfully in Cambodia, including Starbucks, Burger King, Circle K, The Pizza Company, Domino, Koi, and among others successful franchise. However, this point also needs to critically think about market competition as well, due to a lot of business out there already successful, we need to be better.

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