How to Set Up a Business in Cambodia
Cambodia - often known as the home to temples and an abode of histories and cultures - is a land that dates back to the Khmer Empire. Tourists from across the globe flock to the land to get immersed in its magnificent beauty and stories. But is that all? Does Cambodia have nothing more to offer?
Well, the country is home to approximately 100,000 expatriates, thus making it suitable for businesses. And as a citizen of another country, if you are interested in setting up a business there, the first step is to apply online for a Cambodian visa for business.
Taking a detour from the usual tourist-y route, you can now explore the prospect of making money in a foreign land. Cambodia is offering several opportunities to foreigners who are eager to conduct business here. From attending business conferences to signing important agreements to making and cracking lucrative deals, a lot gets done only if you hold a Cambodian visa for business.
The eVisa will act as a permit into the land but comes with a certain validity period. You can tailor this as per your specific requirements. If you are indeed interested in going to this foreign land and engaging in business activities, apply for the visa well in advance. Once you are through with the application process, there is no looking back! You are to have a business set up in Cambodia, marking a high point in your career!
What Makes Cambodia an Attractive Option for Businesses?
The time between 1998 and 2018 saw Cambodia as one of the rising economies of the world, with an 8% growth rate on average. Even when hit by the pandemic, the country got back on its feet in no time. This has made the land a resilient economy, with a population filled with young people who are tech-savvy and eager to learn new things. A competitive workforce and a strategic location have made Cambodia one of the best choices for individuals wanting to conduct business in a foreign land.
But without holding a visa, no matter how lucrative the prospects may seem, your dream cannot turn into a reality. The land with abundant resources awaits your trip there, but you have to take the right steps. Know if you are eligible for applying for a Cambodian visa for business, and proceed with the right documents if you are.
Applying for the Business eVisa
The Cambodian visa for business is a subtype under the category of Ordinary Visa. And you have to hold this visa to gain entry into the country and then get your business operations in order.
Eligible candidates from eligible countries must have:
- A passport with at least six months validity remaining from the date of your departure
- A passport-sized photograph in line with the requirements
- Proof that shows your intent to visit the country
Once the documents are assembled in place, you have to follow a number of simple steps to get your visa application done and approved.
Fill up the application: Fill in your personal details in the application form and make sure that every information is true to the best of your knowledge. Also, mention ‘Business’ while selecting the Entry purpose sector.
Upload documents: Upload a digital photograph of yours and also a digital print of your valid passport.
Hit submit: Once all details are filled in the application form, submit after double- and triple-checking the information.
Make payment: Make the payment for the visa application by using a debit or credit card suitable for international transactions.
eVisa gets approved within a very short span. You can track progress by using the unique ID you will receive when you start the application. Keep on checking your email, and you will receive the Cambodian visa for business in no time.
And once the eVisa is in your hand, you can now fly off to the country to test your business acumen in a foreign land.
Starting a Business in Cambodia
Once the Cambodian visa for business is approved, you have to consider several other factors to set up your business here. As you proceed, make sure to gain relevant ideas about the country’s local laws and regulations. This way, entrepreneurs can eliminate potential risks and fines.
Setting up a business in a foreign land may seem daunting, but we are here to guide you.
Choosing the Right Business Entity
No matter whether your business idea is large or small scale, the very first step is to select the business entity that must be registered. You can choose from partnership, sole proprietorship, private or public or limited liability company, representative office, foreign branch office, or a subsidiary. But be mindful of the requirements for shareholders and directors.
Take Help From a Registered Agent
It is understandable that you might not be aware of all the Cambodian rules and regulations. The best way to tackle this situation is by appointing a registered agent who is not only competent but also a citizen of the country. This person will be your point of contact and must have the authority to receive all legal documents and important court papers on the company’s behalf.
Locate a Registered Office
Without registering your business office address with the local municipality, you are not complying with regulations. Non-compliance can have dire consequences, and your business operations may get hampered. You may also be levied hefty fines or penalties. For registration, submit a few documents such as an application form, a copy of the registration certificate, a passport photocopy of the one who signed the application, etc.
Consolidate Articles of Incorporation
Focus on the creation of Articles of Incorporation so as to properly govern the company’s procedures and operations. The content of the Articles of Association is set at the time of the statutory meeting and then revised later at the Shareholder’s meeting. However, the Articles of Incorporation may vary based on the differing types of business entities. Have a legal professional on board to navigate the complexities.
Get in Touch with the Business Registration Department
Cambodia requires you to register the company via Online Registration Services as available on CamDX or the Cambodia Data Exchange system under MEF or the Ministry of Economy and Finance. To start off the registration process, create an account and fill in the correct details. You could be charged a registration fee for the company reservation. At the end of it all, you will receive a Certificate of Registration.
Post-registration
There remain a few steps left after the completion of your company registration. You have to obtain company seals, get registered with the National Social Security Fund, and consider opening an account in a corporate bank. Follow MOC guidelines to maintain the seal’s format. Make sure that the Certificate of Incorporation and the Articles of Incorporation are stamped by the Department of Administration and General Affairs.
All Set to Launch Your Company Successfully in Cambodia?
The path of conducting business operations in Cambodia can be maneuvered easily only if you adhere to the right guidelines. Taking the decision to set up a business in Cambodia calls for an online application for a Cambodian visa for business. Apply well in advance so that the procedure goes smoothly and that you do not face any hassle. Once done, you are now well eligible to attend business meets and conferences in Cambodia and set up an office there.
If you have any queries regarding the Cambodia eVisa application, we are here to help.
Check Eligibility for Cambodia e-Visa and apply for Cambodia e-Visa 5 days prior to your scheduled flight to Cambodia.