Business formation timeline in Cambodia
Do you have the readiness to achieve your dreams of becoming a business owner? Going through the process of setting up a company is crucial for a successful start, and Cambodia provides a good setting for business activities. This detailed guide takes you from idea to official company setup, providing approximate timelines and helpful advice to help you make well-informed decisions.
A step-by-step guide
We have outlined the essential procedures for starting a business, including an approximation of the time needed and our comprehensive strategies to simplify the process for you. It is important to note that the timeframe for creating a company may differ greatly, as each company’s registration process is distinct and dependent on its specific circumstances and criteria.
Define your business plan (1-2 weeks)
Before beginning with the formalities, it is crucial to have a well-defined strategy in place. Our team of experts can provide professional guidance to help you develop a comprehensive corporate plan tailored to your goals and objectives. Schedule a consultation with us to kickstart the process.
Reserve your company name (1-2 days)
Choosing a unique and enduring business name is a crucial aspect of the marketing strategy. Our fast and convenient name reservation services ensure that your desired name is available and secured promptly, giving you the peace of mind to move forward confidently.
Draft and sign the articles of association (1-2 weeks)
Our legal experts help you create and review the essential documents known as the Articles of Association, which establish the legal structure, purpose, and internal rules of your company in accordance with Cambodia’s laws and regulations.
Opening a business bank account (1-2 weeks)
In order to facilitate financial transactions for your company, it is necessary to establish a business bank account. Documents such as identity papers, evidence of firm registration, and other relevant paperwork may be required. Typically, this process takes about one to two weeks.
Deposit share capital (1-2 weeks)
In Cambodia, companies are required to deposit a minimum share capital based on their chosen legal structure. Our team will help you prepare the necessary documentation and guide you in depositing the required funds into your newly established bank account to ensure compliance with legal requirements.
Register your business (1-2 weeks)
Enrolling your business in the Trade and Companies Register is a crucial part of starting the business. Our experienced team takes care of the paperwork, communicates with the authorities, and speeds up the registration process, which helps you save time and energy.
Obtain necessary permits and licenses
Your company’s specific business activities in Cambodia may necessitate particular permits or licenses for legal operation. Our team of regulatory specialists will help navigate the intricate regulatory environment, determine the required permits, and facilitate their efficient acquisition. The timeframe for obtaining the necessary permit will depend on the type of license.
Tax registration (2-3 weeks)
Registering for taxes is a crucial step in establishing a business as it involves obtaining a distinct tax identification number, which can take anywhere from two to three weeks to complete.
Set up payroll and employment contracts (1-2 weeks)
When considering bringing on new staff, it is essential to have proper payroll and employment agreements in place. Our team of HR experts can help you create payroll procedures, develop employment contracts, and follow all legal guidelines so that you can concentrate on assembling a skilled workforce.
Establish accounting and bookkeeping practices (2-4 weeks)
Keeping precise financial records is crucial for every business. Our team of accountants assists you in implementing strong accounting and bookkeeping procedures to guarantee adherence to Cambodia accounting regulations.
Starting operations
Once all necessary regulatory procedures are completed, your company is ready to commence operations. The timing of this step may vary depending on factors such as your company’s nature, market conditions, and readiness for market entry.
Form a company with us
Are you ready to begin your business venture in Cambodia? Contact us now for a consultation and allow our experienced staff to assist you at every stage. We collaborate to achieve your corporate objectives.