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Cambodia: Over 6,000 businesses used MEFF online registration system during its first year
The state-run online business registration system recorded a total of 6,164 businesses, representing the investment of $2.631 billion, during its first year of operation since launching on June 15.
A total of 6,974 business applications were made through the system with 6,164 applications being approved according to the Ministry of Economy and Finance. Another 810 applications are in the approval stage as of now.
By sector, auto export-import and auto repairs accounted for 38.11 percent of total business applications. Real estate businesses followed at 10.29 percent. Manufacturing made up 8.53 percent with accommodation and food ventures registering 8.47 percent. Vocational, science, and technical activities generated 7.06 percent with other sectors making up the balance of 27.55 percent.
In terms of the amount of investment by sector, construction contributed 27.27 percent of the total registered investment. This was followed by the real estate sector at 15.52 percent, the auto export-import and auto repair industry at 15.40 percent, with manufacturing contributing 13.75 percent, financial and insurance businesses accounting for 8.94 percent and other sectors making up the balance of 19.12 percent.
The online business registration system is aimed at facilitating and encouraging business registration for all companies and to support companies desiring to register to access credit from the government’s special fund.
New businesses can register at www.registrationservices. gov.kh. Business and tax certificates as well as all other documents will be provided and received in digital form. Through this platform, complex procedures, repetitive information, time lost and costs incurred under the old process will be minimized.
All registrations are automatically shared with the information systems of relevant ministries and institutions for review and approval.
Source: https://www.khmertimeskh.com/50875217/over-6000-businesses-used-meff-online-registration-system-during-its-first-year/