Cambodia has launched the third phase of online business registration by including an additional 12 relevant ministries and institutions to facilitate business procedures in Cambodia.

On Thursday, the third phase of online business registration was made available by the Ministry of Economy and Finance (MEF) in an effort to facilitate business operations by reducing time, expense, and complicated processes.

Aun Pornmoniroth, MEF Minister, said that the government is aware that Cambodia’s economic growth has been stalled since the nation faced Covid-19 and global crises. Therefore, in the uncertain present and future, the Kingdom must improve its socioeconomic resilience and competitiveness to adapt to any future crises.

“The government has prioritized digitalization and digital transformation in order to promote the development of new economic models, capacity building across all sectors, and ensuring overall economic growth,” he said.

“In this spirit, the government has set out two policies, including the Cambodian Digital Economic and Social Policy Framework 2021–2035, with the goal of establishing an intelligent and dynamic digital economic and social governance.”

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He said that the development of online business registration is a crucial change in order to advance the government's economy and society.

He added that this is a third-phase new addition to the Online Business Registration System, in which up to 12 ministries and institutions participate. Seven of these ministries and institutes' technological systems are presently active, and five more will be by the end of July.

“The online business registration system has always reduced processes, costs, and time in order to offer the utmost ease for the establishment of a legitimate private sector,” he said.

“In this spirit, the government continuously streamlines and expands technology, particularly those features that allow investors and company owners to report issues and offer helpful criticism.”

He added that the online business registration in all three phases is already on Cambodia Data Exchange – CamDX.

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On June 15, 2020, the first part of the online business registration was launched to facilitate business procedures in Cambodia. With the expansion, the second phase started on September 1, 2021. Currently, there are 19 relevant ministries and institutions in the third phase.