Phnom Penh: The Ministry of Economy and Finance has reported a significant milestone in Cambodia's business registration landscape. As of February 25, the Online Business Registration platform, known as the Single Portal Phase I, has successfully registered 33,986 businesses, amassing an investment capital of US$10.22 billion.

This innovative portal has also facilitated the reservation of 18,382 company names. However, it was noted that two company applications did not meet the criteria and were rejected. The sectors leading in investment through this phase include construction, which contributed 11.3 percent of the total investment, followed closely by real estate at 10.35 percent, accommodation services at 9.88 percent, consultant services at 5.87 percent, and manufacturing at 5.31 percent. The mixed sector commands the majority share, with 57.29 percent of the total investment.

An encouraging statistic from the report highlights that women manage 38 percent of the registered businesses, showcasing a significant stride towards gender equality in the business sector.

The Single Portal's establishment has markedly streamlined the business registration process, reducing the time, procedures, and costs associated with starting a legal business in the private sector in Cambodia. This platform, launched on June 15, 2020, integrates several essential services, including business registration with the Ministry of Commerce, tax registration with the General Department of Taxation, and the issuance of enterprise openings at the Ministry of Labour and Vocational Training.

Following the success of Phase I, the platform expanded with the official launch of Phase II on September 1, 2021, and further extended with Phase III in June 2023. These developments underscore Cambodia's commitment to fostering a more efficient, transparent, and accessible business environment, thereby attracting more investors to the country.