Online Business Registration come as a good news for future Cambodia firms. Local and foreign firms looking to register their business in Cambodia can now do it from any internet-connected device after the Ministry of Commerce yesterday launched its long-awaited online business registration portal.
The new, paperless system enables prospective businesses to search for a company name, upload shareholder and board of directors’ information and pay the registration fees online, as opposed to the old system where representatives had to physically go to the ministry to complete registration procedures – a time-consuming process that also created opportunities for corruption.
The online registration system was developed by Foster Moore International, the same software registry company that developed an online registry for New Zealand, which led all countries in the World Bank’s Doing Business 2016 report in terms of speed of starting a business. New Zealand companies can incorporate online in a single afternoon, the report noted.
Cambodia’s $750,000 registration system requires firms to upload a memorandum or article of association, as well as proof of address and identity cards for company directors. Once submitted, the registering company can use Acleda Bank’s online payment gateway to pay the relevant fees, though the minister said other banks were open to provide this service.
The new online business registration system will go live next month.
Read Full Article at http://www.phnompenhpost.com/business/firm-registry-moves-online
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