Cambodia is a new, emerging market in Southeast Asia. Which industries or sectors you want to invest or launch your business? There are many options. Are you ready to take part in a growing economy in the region?
Are you now looking for vital information about starting and registering your new business in the Kingdom of Cambodia? In this article, we pull together only essential links to Internet sites where you can quickly get started.
A decade ago, it’s a different story when it comes to register your business in a country like Cambodia. Today, everything is less bureaucracy, but with the online service or Single Window Service.
According to Cambodian ministry of commerce, “starting a business in Cambodia is a fairly straightforward procedure. To do business legally, you must first register with MoC business registration. Now, the service is done online. You can start reserving a name before registering your business or start registering your business right away.”
This modern solution means that setting up and running a business is easier than the old day. Why? Cambodia also embraces the trend of Industry 4.0, which is another step on the road to the digital revolution. And when business is easy, business will grow. And probably Cambodia will likely depend more on taxation.
Now, let’s find out more.
First step (relevant ministries): Forefont government agencies: Ministry of Commerce, General Department of Taxation and Ministry of Labour and Vocational Training
Next step: Ministry of Interior allows CamDX to verify the data of Khmer National Identification with their own system. Ministry of Economy and Finance and Council for the Development of Cambodia.
The online business registration website, also known as the Single Portal, is developed by Ministry of Economy and Finance using Cambodia Data Exchange (CamDX) system.
CamDX stands for Cambodia Data eXchange, which adopts the model of X-Road of Estonia. CamDX is a unified yet decentralized data exchange layer between information systems that offers a standardized and secure way to provide and consume services. CamDX ensures confidentiality, integrity, and interoperability between a multitude of different data exchange parties.
Why do I need to register my Cambodia-based business? If you to integrate online payment platform like PayWay, you’ll need to have a business registration. Period.
Can a foreigner own a business in Cambodia? A foreigner can own a 100% business (not Cambodian land ownership, though).
Is Cambodia good for business? Yes, of course. See its GDP growth in the last decade.
Cambodia as an export market? The U.S. Embassy in Cambodia’s website provides comprehensive information: https://kh.usembassy.gov/business/
Cambodia’s main sectors? Construction Manufacturing (exports of garments and footwear) Services Tourism Agriculture Food and beverage Education
There is a [Cambodia Startup Handbook: Legal, Tax & IP Advice for Founders & Investors] you can get on (on Amazon. It’s one of a few books about about technology startups in Cambodia, addressing the host of legal, tax and intellectual property issues faced by founders and investors. The handbook also covers corporate, employment, finance, taxation, real estate and intellectual property law in Cambodia.
FAQ: Doing Business in Cambodia The American Chamber of Commerce in Cambodia (AmCham Cambodia) has most of the answers to doing business in the kingdom: https://amchamcambodia.net/faq-doing-business-in-cambodia/
Investors in Cambodia
There are some prominent local investor groups in Cambodia you should know:
Started since 2013, Cambodia Investor Club Association is one of the early groups of local business owners.
IDI Investors Hub is a fund management company that has over a hundred investors with nearly USD 2 million when it first started in early 2022.
How to Transfer Money from Cambodia to Abroad
If you’re curious about sending and receiving money in Cambodia, this blog post is all about this. This is based on my experience using these available money transfer services.
There are several services available you can check out. Some are more costly than the others. Trust and secure are what most people are looking for.
Money transfer through bank in Cambodia
While you can easily use any of Cambodian banks to transfer money in Cambodia, there are also easier to do that. It’s usually free of charge for same bank transfer. For example, if you’ve got an ACLEDA account, you can deposit your money for someone who has an ACLEDA account.
I’ve got an ABA account, so that I can easily swipe its smart phone application to transfer payment for my freelancers. If you and your recipient don’t have the same bank account, there is typically a small bank charge for the transfer service.
Bakong is also another great solution for mobile money transfer. With a registered account, you can easily and quickly send money from a local bank to another local bank.
Mobile money transfer services
Mobile money transfer services like Wing and TrueMoney allow people who have no bank account to receive money. All they need is a phone to get the money at the agents near their home.
Sending money to a foreign a country
Until now, Cambodia’s Paypal users can only send or transfer money. But they cannot receive money through their Paypal yet. While it’s usually safe and secure to transfer money from Cambodia to abroad through a bank, there is also a way that most Cambodians use.
For example, if you want to send your payment to your business partners in Thailand, you can use Bangkok Bank (Cambodia), which charges about $5 for the amount under $1000. You don’t event need a bank account with this Bangkok Bank branch of Thailand. However, the bank usually asks for all the details about your transfer.
Unofficial yet reliable, fast, and cheaper to send money abraod This is one of the cheapest ways to transfer money from Cambodia to some countries abroad.
Sending money from Cambodia to Thailand
Ly Hour Money Exchanger is the best place to send money to Thailand. Their service is fast, reliable and the service fee is reasonable.
There are many agents operating this money transfer services just around the Olympic market. These shop houses offer the services to market vendors and businesspeople in Phnom Penh. For the amount of under $1000, the agent charges just $3 for the service to send the money to your recipient with or without a bank account. Is it safe and secure? You get a receipt for your transaction. The transfer speed is fast. In less than 10 minutes, your recipient may be able to confirm receiving your payment.
Sending money from Cambodia to China It’s unbelievable that there is no service charge from money transfer to China from Phnom Penh.
More available methods and services to transfer money to and from Cambodia
- Western Union
- Skrill: Online payments & Money transfers
- Payoneer (preferred by Cambodia-based freelancers)