INTRODUCTION AND BRIEF REGISTRATION PROCEDURES Business Registration and the resulting business registries perform a crucial role in a market economy, provided they contain legally valid, reliable and up-to-date information on businesses and function in an efficient manner. In Cambodia, the business registration system has already made significant progress in streamlining and simplifying. A number of burdensome requirements for registration have been removed or made less onerous for registering company. Business registration is the step taken by its owner(s) to establish a business as a legal entity, following a standard procedure that all businesses must complete. It covers both the formal establishment of new enterprises as well as the formalization of amendments in existing enterprise, such as relocation of the business, changes in ownership structure and dissolution. The act of registration into the business registry means that the legally valid information is available on the business venture that is also publicly accessible through THE REGISTRY. It is considered an instrument for ensuring good corporate governance practices and standards that combine rights, obligations and opportunities for business. Both the private and public sector including the public at large benefit from business registration for a number of reasons: 1. Relevance for market access and enterprise development Legally valid information on the business is required for basic business operations and is also important for contract enforcement Registration implies the protection of the rights of workers Formal establishment is usually a precondition for accessing business support incentives; 2. Relevance for the business community Business registries are a source of information to find potential business partners They allow for verification of both historical and current information on business, thereby reducing the risks and costs of business partnerships; Financial and business service providers can use THE REGISTRY to find potential clients; 3. Relevance for public sector at large Business registration provides the basis for tax collection and also broadens the tax base; Business registries are important for statistical purposes as they are a source of knowledge on the private sector important for informed public decision making; Business registries also function as a pillar used by other fields, such as credit information systems, social security, land registries, secured transaction registries and the courts. ​Registered private enterprises constitute what is referred to as the formal private sector. To date in Cambodia, there are more than 30,000 enterprises registered with the Ministry of Commerce. In the very near future the Ministry of Commerce of Cambodia will unveil an efficient online registration system is found to offer in particular the following: Single interface: consolidating procedures into a single point registration for business, tax and other permits, using one common form; A unique enterprise ID recognized by the different institutions involved; A national computerized business registry offering the same standardized service country-wide; On-line registration to further reduce time involved in the process of registration or of formalization of amendments; E-based information Services for other businesses, the authorities or the general public to use the legally valid enterprise data compiled in the business registry. This business registration automated process aims to reduce the number of steps, application forms and number of signatories needed in business registration and permit applications. It is a high priority program to improve the business climate in the country.

• published: 02 Jan 2016
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