PHNOM PENH: As many as 32,417 businesses with a total of US$9.63 billion in investment capital have been registered as of Jan. 7 this year in the first phase of the Online Business Registration System known as Single Portal under the Ministry of Economy and Finance (MEF).

An official report showed that in terms of investment value, the construction sector took the lead with an investment of more than US$1.13 billion, followed by accommodation service and real estate at US$1 billion each.

Other sectors include management consultant activities, manufacturing, financial, and insurance activities, the report said.

The single portal has contributed to easing business opening processes, said Mr. Lim Heng, Vice President of the Cambodia Chamber of Commerce.

“Registering businesses online saves time and money and reduces travel time and cost,” he said.

MEF launched the first phase of the Online Business Registration platform on June 15, 2020, and the second phase on Sept. 15, 2021.

The third phase of the registration system, integrating the service of issuing licenses, certificates, professional licenses, and other relevant documents from 12 ministries and institutions, was launched last month.

The establishment of the Online Business Registration System has so far contributed to reducing procedures and saving time and cost in business registration and provided convenience in setting up private sector businesses in Cambodia.

According to MEF, the system cuts down complex procedures and repetition of information and saves time and cost.

All registrations are automatically shared with the relevant ministries and institutions for review and approval, ensuring that all departments are kept in the loop.