New fees, political crisis mean fewer businesses
The number of new businesses registering in Cambodia continued to plummet through the third quarter of this year amid tightened rules for start-ups and waning investor confidence following the still-unresolved national elections.
Data from the Ministry of Commerce yesterday showed that 853 new businesses registered with the ministry from July to September, down 6.5 per cent from 912 in the 2012 quarter.
The numbers are part of a downward slide in the first nine months of the year, when there were 2,221 new business registrations, compared with 2,606 in the 2012 time frame, a fall of 14.7 per cent.
In the first nine months, foreign-owned company registrations stood at 1,118, down 8.8 per cent from 1,227 in the same period of 2012. New local businesses fell from 1,379 to 1,105, a decline of 19.9 per cent, according to the data.
Kong Putheara, spokesman for the Ministry of Commerce, blamed the performance on the post-election stalemate in which Cambodia National Rescue Party members have steadfastly refused to take their seats in protest over election results. …
The new data show that incorporating a company with the Business Registration Department in the Ministry of Commerce costs $400, as opposed to $105 in last year’s assessment. Also, having registration documents stamped and approved by the Phnom Penh Tax Department rose to $250 from $49. …
May Kunmakara
http://www.phnompenhpost.com/business/new-fees-political-crisis-mean-fewer-businesses
