Cambodia Company Registration Services
Like many other countries in Asia, Cambodia holds potential for foreign investors looking to set up and register a business in this region. Because the start-up costs are comparatively low compared to other countries in the Asian region, Cambodia is attracting the attention of investors who are either looking to start a new business or wanting to expand their current business base.
The benefits of starting a business in Cambodia
Among the reasons Cambodia is drawing more investors into its flourishing economy are:
- The country has a dollarized currency, which makes it easy for businesses to move money in and out of the country
- It is a hub for foreign businesses, located in the ASEAN Economic Community or AEC
- Companies can be 100% foreign-owned
- It offers a large, cheap workforce
- It offers duty-free avenues into the US and the European Union
- The country has a simple tax system which offers several incentives
Getting started on registering a business in Cambodia
To begin the Cambodia company registration process, you would need to first register with the Ministry of Labour. Upon registration, you will be required to record the number of staff you plan to employ for this new business.
To register a company in Cambodia, you would need a valid visa and work permit, and a bank account containing at least USD$1,000 for business purposes. You may also be required to provide a police report from your home country declaring that you have no criminal record or past activity.
Before you establish a business, you would also need to obtain the required and necessary licenses needed to operate. The type of license you would need will depend on the nature of your business. These licenses must be renewed annually.
Established companies who are looking to expand into the Cambodian business market are required to be registered with the Ministry of Commerce. For companies who are looking to expand into Cambodia, there are two ways to go about this:
- You can opt to open a Branch Office – this will function just like the original company and function like other business do in Cambodia.
- You can open a Representative Office – although there are restrictions to what the company can do with this option, it is still a good option which allows companies to gather information about the market place. This gives the companies time to decide after trying out the market whether Cambodia would still be a good fit for their business.
While there are many variables that will determine how quickly the company registration process will go before a new company can be opened for business, the average time frame given for all the proper paperwork to be sorted is 101 days. This is significantly longer compared to other Asian countries in the region.
If well prepared, it is possible for the process to be completed much quicker. Enlisting the help of professional services who have the expertise needed, can help to simplify the process significantly. Contact us today to find out more about the services we offer.