Online registration will soon lead the way for about five hundred thousand Cambodia small-and-medium sized enterprises (SMEs) to join the country’s official business records. In a Phnom Penh Post article earlier this week, it was stated that this initiative was confirmed by a ministry official, and will pilot later this year in Siem Reap and Sihanoukville.
This new digital arrangement for SMEs has been said to solve two pressing issues: time and the need for more transparency. Not only will it reduce the process of registration (previously up to 10 to 15 days starting from handing documents from ground level to the upper ministry sections, and now only two to three days!), it will also promote transparency because of the Internet’s capacity. “The online registration can (promote transparency) as the process is operated through Internet banking,” said Heng Sok Kong, the Secretary of State at the Ministry of Industry and Handicraft in the article, “There will be more transparency.”
The new software for web registration was built in partnership with the International Finance Corporation (IFC), and it will be launched with a three-month pilot project to teach businesses how to use it. The current fee for SMEs to use this platform has not been confirmed, but the prices will vary depending on a company’s start-up capital as per the country’s tradition.
What does this mean for the future of Cambodia’s business scene? This synchronizes with the country’s identity of an emerging market, and will ensure the efficient documentation of businesses. SMEs provide a strong backbone for the local market, and the impact of online content will result in a change of pace. With an accessible and completed record of services provided in the country, Cambodia will remain competitive with the ASEAN economic integration looming in 2015.
While there are challenges related to implementation and adaptation, we are sure that the introduction of this platform will advance the nation towards a modernized structure!
Source: Phnom Penh Post