The Kingdom of Cambodia is located in the southern part of the Indochina peninsula in Southeast Asia. With a 15 million population, this country has shown itself as one of the region's rising economy. From 2001 to 2010, Cambodia had annual average GDP growth of 7.7%, making it one of the world's top ten countries with the highest average yearly GDP growth.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole Proprietorship in Cambodia
A sole proprietorship is owned by one individual in charge of operating the business. The owner has all its capital and is entitled to all its profits. All obligations and liabilities of the sole proprietorship are the personal responsibility of the proprietor.
In case you are interested in establishing a sole proprietorship in Cambodia, this article will help you with additional information.
How to register a sole proprietorship
Registering a sole proprietorship in Cambodia is a straightforward process, and it lasts no longer than a week. To start this process, you should create an account at the Ministry of Commerce- Business Registration. When creating your account, you should provide the following information about your business:
- Proposed name
- Business activities
- Addresses and contact information
- Information about the owner
You can choose to operate under your name or choose a fictitious name for the business. You can check the name's availability and reserve it online by uploading your ID card or passport. The government fee can be paid online via ACLEDA Bank and offline via Foreign Trade Bank, Canadia Bank, and Acleda Bank.
You are obliged to register the sole proprietorship stamp, which must be following the formats provided in the Ministry of Commerce.
For business operations purposes, you are required to open a bank account in its name. The evidence of a registered bank account must be submitted to the Ministry of Commerce within one month after the proprietorship has obtained the certificate of incorporation.
Keep in mind: Depending on the industry type or business objective, it is necessary to acquire the corresponding license from the competent authorities. Each license is stipulated by the ministerial ordinance or notification issued by each of them.