Every Legal Requirement That You Need to Have to Incorporate a Company in Cambodia
If you intend to incorporate a company in Cambodia start by putting all your legal documents in order right from start. The process of incorporating a company in Cambodia begins by first paying an initial capital of KHR 4,000,000 at an endorsed bank before registration. The bank will issue you with a bank statement approving the deposit, where the timeframe for you to pay the amount is not limited.
Registered Company
With that said, you have to verify the distinctiveness of your business name at the Department of Intellectual Property (DIP) under the Ministry of Commerce (MOC). Should you decide to register your business name, ensure that you have; a copy of the application for verification, three copies of the application presented for enterprise name registration in the commercial registry, three copies of your Identification card or passport, three photos of the single owner and a copy of the payment fee. The process is estimated to take two to seven days to complete with a related cost of US$10.
Every company must have a constitution that should be based on the enterprise form and consistent with the rules and regulations established by the Ministry of Commerce. You must have your Memorandum and Articles of Association ready and submit them in three sets together with the original copies. Take it upon yourself that the Memorandum and Articles of Association include; the objective of the company; a registered office, director(s) personal details and nationality; share transfer, amount of capital among others. After completion of the details above, you’ll be issued with a company seal and registration certification by the Ministry of Commerce within a day.
Registered Tax
When you intend to incorporate a company in Cambodia, the laws require that you register for tax compliance. This means that you’ll be required to have a Patent, TIN and VAT Tax registration. Upon certification of your documents such as the Memorandum and Article of Association, certificate of incorporation by the tax department is when now you’ll be tax compliance. Note that this process will take you approximately 30 days.
Hire Staff
Before you begin your operation, you must first notify the Ministry of Labor stating your intentions. This means that you must submit a written declaration to the MOL when recruiting or dismissing an employee within a fortnight of the date of recruiting or terminating. Again, you’ll be required to establish an internal regulation development that adapts general obligations of the labor code that include, health, working hours, in-kind benefits among others with agencies like National Social Security Fund (NSSF). Therefore, you’ll be required to maintain a payroll ledger, a statement of personnel and a book of the establishment. The law requires that you provide your local employees with a labor book the moment there’s the completion of the physical examination at the Labor-Health Center. A nominal administration fee of US$2.5 is chargeable to every employee the moment you plan to incorporate a company in Cambodia with the right documents at hand.
For more information and assistance on establishing a company in Cambodia, please contact us, 3E Accounting will provide you with the most accurate information and the best quality service.
