Mandatory Re-Registration Of Existing Cambodian Subsidiaries.
Legal News & Analysis – Asia Pacific - Cambodia - Regulatory & Compliance
17 January, 2016
On January 4, 2016, the Cambodian Ministry of Commerce (MOC) launched its online portal for business registration and re-registration with a sleek new website. This marks a significant step forward for the MOC’s registration process, as the online portal uses modern technology and provides more transparent procedures.
Supplementary to the launch of this new portal, the Royal Government of the Kingdom of Cambodia issued several Prakas (regulations) requiring all Cambodian companies that were established with the MOC before January 4, 2016, to re-register using the online portal.
From now through March 31, 2016, those businesses can re-register their company without incurring government fees. If, for any reason, a business cannot re-register before March 31, it is advised by the MOC to at least reserve its business name through the online portal before this date. This reservation will be valid for three months.
In the event a business does not re-register before March 31, it will be required to re-register as if it were a new business and pay the official government fee, while also having to conduct a new name search for reservation.
According to the new Prakas, if a business fails to re-register before June 30, 2016, the MOC will issue a letter to the Ministry of Economy and Finance to liquidate all taxes. It will subsequently send a letter to the competent courts of Cambodia to enforce compliance with the new laws.
For further information, please contact:
John King, Partner, Tilleke & Gibbins