Understand the Jurisdictions Setup Requirement Before Proceed Your Company Registration in Cambodia
Cambodia has been a favourite country for foreign investors to start a business especially since 2015 when it officially entered the ASEAN. Cambodia, being a member of ASEAN has access to about 635.9 million people. The ease of running a business and inexpensive local workforce are some other reasons to open a company in Indonesia. However, the registration process is confusing, for a business in Cambodia has to be registered at least three times. Because of a lot of requests, 3E Accounting has decided to expand its wings and partner with Cambodian local accounting experts. This means 3E Accounting is going to make business registration process in Cambodia easier than it has ever been.
According to an estimation by the World Bank, it might take about 99 days to complete the company registration in Cambodia. Company registration in Cambodia takes so much time because you need to register your company with three bodies. Might seem overwhelming to some, well, it is, to some degree, but with the right knowledge, the entire process can be completed in just some weeks.
The Ministry Of Commerce (MoC)
The Ministry of Commerce coordinates every business in the country. Hence, the first body you need to register your business with is the Cambodian Ministry of Commerce (MoC). Registering the business with the Ministry of Commerce gives you a place in the government’s listings, and at the same time requires you to register for tax. Registering your Cambodia business with The MoC is an easier task if you know the take. It doesn’t really have many requirements. Foreign investors need to make sure one of their shareholders have $1300 in their local bank account. Also, the person should have a good moral character and a clean police report.
General Department of Tax
Remember that we said the minimum financial requirement for registering a business in Cambodia is $1300? Well, that was in the case of the Ministry of Commerce. However, the general department of tax needs it to be at least $5,000. During the previous stage of incorporation, the ministry of commerce will have issued you a Company incorporation certificate. You will need to produce that along with the Memorandum and Articles of Association when registering with the General Department of tax. You will also need other crucial documents such as the bank account information, ID or password, office rental agreement, etc.
Ministry of Labor and Vocational Training
Given that you have more than eight employees, you will also need to register with the Ministry and provide your company employee rules. The process might take some time. 3E Accounting recommends it to be done as soon as the registration with the department of tax is complete.
Every business incorporation requires contacting the ministry of labour and vocational training to ensure that the business is fair to the workforce. A labour inspector is going to visit your business office once. Company registration in Cambodia is a long process, but it doesn’t necessarily need to come with a lot of hassle. Contact us; we have experts used to registering companies in Cambodia. At very little cost, we will do the job for you in no time.