From Registration to Compliance: Make Your Business Simple

Starting a business is exciting, but it comes with responsibilities, especially around registration and compliance. Whether you’re a new entrepreneur or transitioning from a sole proprietorship, here’s a simple guide to help you navigate the process after your business registration.
​

1. Business License Registration
After registering your business with the Ministry of Commerce (MOC), General Department of Taxation (GDT), Ministry of Labour and Vocational Training (MLVT), and National Security Fund (NSSF), including setting up a corporate bank account, some business types require a business license or permit from relevant authorities.

2. Corporate Accounting Compliance
Managing your finances is crucial for business success:

•  Corporate Bank Account : Open a separate bank account to keep personal and business finances apart. This helps with tracking income and expenses and is necessary for tax purposes and avoiding penalties.
• Monthly Bookkeeping: Maintain detailed records of all financial transactions, including sales, purchases, expenses, and payroll. Accurate bookkeeping helps monitor your business's financial health and is essential for tax filing and avoiding penalties.
• Annual Financial Statement Reporting: At the end of each financial year, prepare financial statements, including:
  • Statement of profit and loss
  • Statement of financial position
  • Statement of cash flow
  • Statement of changes in equity
  • Notes to financial statements
  These reports provide insights into your business's performance and are often required by authorities or investors.

3. Corporate Tax ComplianceStaying compliant with taxes is essential:

• Monthly Tax Returns: Depending on your business structure and location, you may need to file monthly tax returns for sales tax, payroll taxes, etc. Timely and accurate filing (within 25 days after the last monthly tax payment) helps avoid penalties.
• Annual Tax Return on Income: At the end of each calendar year, file an annual tax on income return. Accurate filing and submitting before the deadline is crucial to avoid legal issues and penalties.

Conclusion
Registering and maintaining compliance involves obtaining the necessary licenses, managing finances, and filing taxes. While it may seem complicated, staying organized and seeking professional help when needed can make the process smoother and ensure your business’s long-term success. Compliance is about protecting your business and building a strong foundation for growth.

Arrange Your Expert Consultation Today!
Telephone: (+855) 012914201 | 070914201 | 085914201
Quick Customer Service: Making It Easy
Whatsapp: Mr. Kimsophat KONG
Email: [email protected]

Updates on DOING BUSINESS in Cambodia
Newsletter: Doing Business In Cambodia
​Telegram Channel: Doing Business in Cambodia