Single portal registers business worth $21B

Single portal registers business worth $21B

The surge in businesses shows the confidence of the private sector and the government’s success in simplifying administrative procedures using digital technology.

The Online Business Registration (OBR), or Single Portal, has registered 52,498 businesses with $21 billion in capital as of November this year, according to an official report issued yesterday.

The report stated that several categories, including restaurant and mobile food services, specialised wholesale, household equipment sales and construction, are in the list of businesses.

The data stated a strong presence of women entrepreneurs, with 36 percent of all registered businesses owned by women, and added that 25,923 other business names are reserved.

Lim Heng, Vice President of the Cambodia Chamber of Commerce, said that the increase showed the confidence of the private sector and the government’s success in simplifying administrative procedures using digital technology.

Speaking with Khmer Times, Heng said, “The increase in business registration shows the confidence of businessmen and investors in Cambodia’s peace, political stability, and favourable opportunities for doing business in the country.”

The more business and investment contribute to socio-economic development under the effective government’s policies, he added.

MEF launched the first phase of the OBR portal on June 15, 2020, the second phase on September 15, 2021, and the third phase in 2024, to cut down complex procedures and repetition of information and save time and cost.

Cambodia has recognised the immense potential of digital technology to transform its economy and improve public services. By creating an integrated digital ecosystem, the government hopes to streamline operations and foster a more favourable business environment.

Currently, as many as 33 public services provided by 21 ministries and institutions are available on the single portal system.

The government continues to prioritise expanding the OBR system, integrating more ministries and services to create a comprehensive national single window for business transactions, which aims to further increase transparency and attract more domestic and foreign direct investment.

khmertimeskh