3 Factors that May Affect Your Profit in Cambodia this 2024

There are a lot of factors that affect a business's performance, especially this 2024. With the global economy taking a bit of a dip, it comes as no surprise that most companies are tightening their belts. Cambodia is not an exception. But, unlike most countries, there are positive factors in the Cambodian business environment that you may want to consider. 

Economic growth 
Cambodia has been one of the fastest-growing economies in Southeast Asia, with an average annual growth rate of 7.1% from 1994 to 2022. The country is expected to grow by 6.4% in 2024, driven by tourism and manufacturing sectors. This creates opportunities for businesses to tap into the expanding domestic and foreign markets, as well as benefit from the improved infrastructure and connectivity.

Rate of registrations of business 

Cambodia has made efforts to simplify and streamline the business registration process, with the introduction of the Online Business Registration system in 2020. This system allows businesses to register online within days, with reduced fees and transparent payments. According to the Ministry of Commerce, were 32,546 businesses approved online from June 2020 to January 2024, with most of them operating in the wholesale, real estate, and restaurant sectors.

Making It Easy has had a lot of success stories in terms of helping businesses register legally in Cambodia. Especially for expats. Fast, Easy, Reliable.  No hassles.  No frills. Our goal is to make it easy for you to do business in Cambodia. 

Ease of creating businesses
 Despite the improvements in the online registration system, Cambodia still needs to work on creating a conducive environment for businesses. According to the World Bank, Cambodia ranked 171st out of 190 economies in terms of ease of doing business in 2019, with low scores on starting a business and enforcing contracts. Some of the obstacles that businesses may encounter include complex procedures, high costs, corruption, lack of skilled labor, weak legal system, and poor governance.

This is one of the reasons why we created Making It Easy. We understand the complexities of starting up a business in Cambodia. And we acknowledge that there may be some obstacles along the way. Our years of experience will give you peace of mind as we can clear the path for your business to flourish in our wonderful country. Our success rate is top-notch. Our clientele of 80-90% foreigner- owned businesses will assure you that we can do the job for you.

Business growth and success is easy in Cambodia. Let us guide you and help you in your path to profitability this 2024. 
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