In fact, all companies and businesses operating business in Cambodia and other countries in the world are obliged to register their business in accordance with the laws of each country.
In connection with this issue, our friends have asked the question, what are the benefits of business registration? And what are the risks to the company as well as the unregistered business in its business process?
To solve the above question, we will bring you to listen to the interpretation of Mr. Seur Vannak, an expert and CEO of Dynamic Accounting Services, who has worked in the field of tax accounting and registration for more than 10 years.
Seur Vannak stated that registration provides benefits to business owners, such as:
Opportunity to expand quickly and openly in accordance with the laws of the country
No legal risk and in accordance with the law
To give confidence to business partners of all kinds, including customers, suppliers, investment partners and banks ….
Fulfill duties and responsibilities as a taxpayer
And remember that there is not a single big company in the world that does not register.
In particular, for business owners who are not registered, Mr. Seur Vannak stated that there will be risks such as:
- There are legal risks such as fines or can be closed by law …
- Lack of trust in big business partners
- There is no opportunity to expand for a long time and so on.
- He added that those who do not register for a short time is not a problem, but in the long run, if you want to grow your business, there is no legal risk, you need to register, on the other hand, business without registration does not exist. Great opportunities to expand your business by partnering with standardized companies, and from a legal standpoint can also face fines or closure caused by doing business without a license or permit.
In addition to highlighting the benefits and risks of the above registration, Mr. Seur Vannak also presented some documents and information that new business owners as well as unregistered business owners need to know and have on hand to make a request. Also registered. He stated the following:
Required documents must include:
- 5 copies of ID card of all shareholders and signed (more than 1 person)
- 5 4×6 photos per white area
- Office property rental tax (if any)
For required information
- Company Name
- Registered capital (no deposit required)
- Percentage of shares of one shareholder (Chairman and Governor)
- Business activities
- Phone number
- Mark the location on the Map
Number of female and male employees and salary
He added that the location of registration for small businesses can go to work at the OWSO or at the Ministry of Commerce. However, for medium and large businesses, only the Ministry of Commerce is required to register.
At the same time, Mr. Ser Vannak also mentioned that the business registration, if the business owner is not clear about the registration, should use the services of a private company to work instead. Because it is not as complicated as self-registration, because the registration agency has clear skills on these things.