MEF approves nearly 40,000 online applications worth $11.13B in four years
MEF approves nearly 40,000 online applications worth $11.13B in four years
The Online Business Registration (OBR) service, an information technology nursery of the Ministry of Economy and Finance (MEF), approved 36,509 applications worth 46 trillion riels ($11.13 billion) in four years, of which 38 percent of the commercial owned by women, said a MEF release.
Celebrating the fourth anniversary of the OBR service on Sunday, the MEF issued a release to update the system productivity and capacity which has reached the third stage of its development, starting from the package business registration in the first and second phases until the platform was able to issue licenses, permits and certificates in the third phase.
OBR service was developed to facilitate and accelerate the business registration procedure aimed at improving the business environment in the country. Additionally, investors can get the Qualified Investment Project (QIP) on the online platform as well in less than eight business days if their operation reaches the standard and requirements.
From June 15, 2020 to May 31, 2024 OBR service has approved 36,509 applications of which 13,746 companies were owned by women entrepreneurs which account for 37.6 percent of all applications, making the total registration budget reach 46 trillion riels or approximately $11.13 billion.
Lor Vichet, Vice President of Cambodia Chinese Commerce Association (CCCA) said, “Businesses that meet the requirements will be able to attain the QIP certification, receiving special tax incentives from 3 to 9 years from the Royal Government of Cambodia (RGC) as the scope of investment and operations are in line with the priorities sectors set forth by RGC.”
“The contribution from women entrepreneurs up to 38 percent proved their understanding and application with regards to digital literacy which contributes significantly to socio-economic development, in line with the RGC policy of inclusive development.”
More importantly, the achievement of the OBR service showed that Cambodia has moved from an analogue registration system into a digital network platform, reducing bureaucracy and creating a fair, and transparent registration procedure for all investors regardless of race and nationality, CCCA Vice President told Khmer Times.
The overall capital came from the combination of six business industries such as 10.61 percent for construction, 10.12 percent for real estate, 9.20 percent spent on hospitality development, 5.55 percent injected into business consultant, 5.38 percent invested in the garment industry and 59.14 percent fall on other trade activities.
The project began on June 15, 2020, with the launch of the Single Portal system known as the National Single Window in the first phase, allowing businesses to connect with the Ministry of Commerce (MoC), the General Department of Taxation of MEF and the Ministry of Labour and Vocational Training (MLVT).
On September 1, 2021, the second phase of the system was implemented and the National Social Security Fund of the MLVT was added to the system, facilitating workers and staff to acquire job insurance from the government more conveniently than ever.
The third phase which is now under implementation was started on June 22 last year, allowing OBR service to issue legal licenses, permits and other certificates to business owners without the need to go to each relevant ministry and institution.
Today, there are 20 ministries and institutions with a total of 31 public services added to the OBR platform and more importantly, three main functions have been merged into the single portal.
