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Business Emigration of Cambodia

Business Emigration of Cambodia
January 11, 2017 at 1:22 pm by admin2.
Cambodia is becoming an attractive destination for Russians to launch their own business due to the strong economic growth of the country in recent years, the presence of a large number of new niches for business and the low cost of launching projects. Many foreigners, confronted with the prospects of the local market, decide to open a business in Cambodia.
Even the most experienced entrepreneur should remain discreet and try to do business in Cambodia as honestly as in recent years informal enterprises have faced problems, and many of them have been closed by local authorities.
If you initially will not regret the time to get a legal status, then in the future you can face troubles.
What characterizes the business in Cambodia for Russians?
Most often Russian entrepreneurs decide to open limited liability companies, in which shareholders and directors are not responsible for the company's debts. A Cambodian limited liability company may have from one to 30 shareholders. An individual enterprise belongs to one person and is managed by it. One owner owns all the capital and makes a profit. From this article you will find out where to invest money earned in Russia or abroad.
A private entrepreneur can conduct business independently and without any registration, however, all responsibility will rest solely on him.
Also, a foreigner can open a branch or representative office of a foreign company that will act already under Cambodian law.
According to the requirements of the Cambodian Ministry of Trade, you must open an account with a local bank, which will have at least $ 1000. Be sure to take a certificate from the bank, which will confirm that you have a deposit.
Obligatory conditions for business.
New companies must choose a brand for themselves and register a name. An incorrectly chosen name can cause trouble, since if you have to change it, you will need to register the business again.
Before registering a trademark, please file a request with the Intellectual Property Department and check for matches.
The Cambodian Ministry of Economy and Finance, as well as the Taxes and Duties Department, require that every businessman, within 14 days of opening up business in Cambodia, register with the tax authorities and receive an individual taxpayer number.
Companies are required to pay an annual registration fee, a profit tax, an NTD of 10%, a salary tax for employees that can be up to 20%, and a number of other payments.
To open a business in the country, a Russian citizen must apply to the Ministry of Labor. It is necessary to provide a special Declaration on starting a business. Also, when hiring or firing a regular employee, it is necessary to apply to the local labor inspector within seven calendar days to register changes in the staff.

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