Experience • Insight • Local Knowledge • International Standards
Registered Companies have until 31 March 2016 to Re-Register Online
By Steve Goddard
Recently, the Ministry of Commerce of Cambodia (MOC) introduced a significant change for business through a newly automated online business registration system. This online system provides easy access and transparency for both local and foreign investors by streamlining the incorporation process.
All companies incorporated in Cambodia must re-register through the automated system. Failure of a company to do so by the date(s) referred to below may carry adverse consequences for such company.
The new online system is the subject of two parkas (regulations):
- Under Prakas No. 299 on Business Registration through Automated System, all newly incorporated companies in Cambodia are obligated to upload all relevant documents that are required by the MOC onto the online system.
- Under Prakas No.300 on Commercial Re-registration Online, the MOC requires that existing companies in Cambodia complete their re-registrations online by 31 March 2016. If a company fails to re-register within this period, it must re-reserve its company name and complete its re-registration no later than 30 June 2016. In this case, the company will be subject to pay the same official fees as those payable for registering a new company. Failure to re-register before 30 June 2016 may lead to the company incurring further fines in accordance with the relevant laws. It is unclear whether in such a case, the company can re-reserve its name and the potential liabilities for a company in such a case are not made clear by Prakas No. 300.
Should you require our assistance with respect to the above or have any other queries, please feel free to contact us.
Sciaroni & Associates, one of Southeast Asia’s leading professional services and investment advisory firms, has been providing skilled counsel and knowledgeable business insights for over two decades. Based in Cambodia with legal offices in Laos and Myanmar, wour experienced team of advisors brings considerable general and sector-specific expertise to the challenges confronting companies doing business in emerging markets. We are proud that our clients comprise many of the world’s premier companies, banks, financial institutions, governments and global development organizations.
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Sciaroni & Associates is a leading professional and investment advisory firm doing business in Southeast Asia since 1993. Based in Cambodia with legal offices in Laos and Myanmar, we provide experienced advice and business insights to many of the world’s leading companies, governments, economic think tanks, global development funds, international NGOs and the Royal Government of Cambodia in accordance with strict international standards.
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