In the Kingdom, women dominate the business ownership throne with a whopping 65% of business owners in Cambodia being female. However, only around 1% of them own formally registered businesses and this stems from the measured difficulty of starting up and registering a business.
As observed in a ranking done by the World Bank, Cambodia ranked an extremely low 180th out of a total of 189 countries when it comes to the ease of setting up businesses. This results in countless female business owners being held back from potential business expansion and accessing formal investment and financing. Furthermore, many of these business owners have also expressed that the primary barrier to further expanding their business was the lack of relevant information available.
And that’s how Ngeay Ngeay was born! Made possible by SHE Investments, a social enterprise which supports Cambodian female entrepreneurs to build up their business, along with support from USAID, Development Innovations and Ezecom; this business information platform was recently introduced in August to help ease the understanding of the business registration processes and is the first of its kind– especially for female entrepreneurs.
Translated as ‘Easy Easy’ in English, Ngeay Ngeay aims to readily provide up-to-date business registration information to female entrepreneurs in an easy and accessible manner. The platform will also help to provide relevant tools and information needed to overcome any barriers to entry and invite them to heighten their participation and contribution in Cambodia’s formal economy.
As of now, the business resources available on the website include:
Step-by-step Registration Information catered to different kinds of businesses ( i.e. sole proprietorship, partnership, limited liability company, foreign company); ranging from the documents required for companies, costs involved and even the approximate time taken to finish each step
Post Registration Information that outlines the important responsibilities of business owners such as tax rates, patents and accounting materials
Other resources like a list of service providers, registration tips and even relevant templates for payroll, employment details and declaration matters
Ngeay Ngeay plans to introduce more resources and materials on the website soon and future plans would include adding in more templates for business plans, cashflow forecasts and budgets, as well as a detailed direction sheet on how to go about monthly tax payments.
The website is free to access in both English and Khmer. For more information, you can visit their website here.