Amendment on the Law on Commercial Rules & Register 2022
Overview
Law on the Amendment of the Law on Commercial Rules and Register was promulgated on 29 January 2022 through the Royal Kram No. NS/RKM/0122/002 (the “Amendment on the LCRR”).
This is the second amendment after the
Law on Commercial Enterprises 1995 (the “Law”) was first amended on 18 November 1999.
A total of 5 (five) articles were amended under the Amendment on the LCRR. These articles include article 11 (new), article 14 (new), article 17 (new), article 26 (new), and article 47.
Declaration for Commercial Registration
- The merchant as a natural person: the amendment requires additional information such as personal contact number and/or the electronic communication address, and the business objective according to Cambodia Standard Industrial Classification (CSIC) as stated in article 14 new (2).
- The merchant as a company: the amendment requires additional information such as the company member’s contact number and/or the electronic communication address, and the business objective according to CSIC. The signature of the member or the third party authorised to act on behalf of the company, the company’s stamp model, and the bank letter confirming the deposit of the capital are removed as stated in article 17 new (2).
Other Amendments
The Amendment on the LCRR also modifies three other articles:
- Documents for commercial court: the Ministry of Commerce must deliver a set of commercial registration lists and relevant documents to the commercial court as reference for its jurisdiction as stated in article 11 new (2).
- Registration number: registration officer must provide the certificate of incorporation and company extract with the registration number which is the only identity number for the company to operate in Cambodia as stated in article 26 new (2).
- Accounting and auditing compliance: all merchants or the head of the company are required to comply with Law on Accounting and Auditing as stated in article 47 (new).
Conclusion
In conclusion, the Amendment on the LCRR is made with respect to the changes of the business environment as well as the changes in the related law and regulations.
Authors
Mr. HOUN Vannak
Managing Partner
RHTLaw Cambodia
M +(855) 12 737 123
T +(855) 23 886 616
E vannak.houn@rhtlawcambodia.com
Mr. SAT Sokvisal
Senior Associate
RHTLaw Cambodia
M (855) 60 333 161
T +(855) 23 886 616
E sat.sokvisal@rhtlawcambodia.com