Registrations increase for foreign business

via CAAI

Wednesday, 29 December 2010 15:00 May Kunmakara

FOREIGN business registrations rose 59 percent in the first 11 months of 2010 compared with the same period last year, according to official statistics from the Ministry of Commerce.

The figures, obtained yesterday by The Post, showed a total 2,629 businesses registered between January and November this year, compared with last year’s 11-month total of 1,850.

Foreign registrations accounted for almost half of the total with 1,161 registrations – a 59 percent increase on last year.

The remaining 1,468 registrations were Cambodian companies – an increase of about 31 percent from last year.

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Those business people and investors trust the government's policy

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Commerce officials said the increase in registrations could be attributed to the government’s encouragement of a good business climate and political stability, giving investors and business owners more confidence.

“Those business people and investors trust the government’s policy on keeping the country stable as well as improving the economy – that’s why they are more confident to do business here,” said Tous Sapha, deputy chief of business registration bureau of the MoC.

The figures also showed that a total 1,940 companies have had amendments to their name during this period, while a further 33 companies have been dissolved completely.

The foreign businesses registering were primarily from Vietnam, South Korea, China, Malaysia, Singapore, and Taiwan.

Most of the foreign companies registered for businesses operating in the agriculture industry, especially rubber plantations and processing plants. Other notable industries popular with foreign companies were construction, securities and import-export and services industries, Tous Sapha said.

“With the government’s policies on keeping political stability and encouraging economic growth, I hope that the number of both local and foreign business registration will continue to get even better and better,” he said.