Cambodia employment visas in 2021
After Cambodia company formation, foreigners can be eligible for work in Cambodia but need to apply for a visa for such purpose. Healy Consultants will prepare the visa application on behalf of our Clients and submit them to the Cambodian embassy. Different applicable visa options are as follows:
- Entrepreneurs initially will apply for an Ordinary Visa to form a business in Cambodia. This visa is valid for 30 days, but can be extended indefinitely;
- Entrepreneurs can apply for an extension of more than 3 months and convert their ordinary visa into a Multiple Entry Visa;
- Documents required will be i) receipt for paid visa fee ii) completed application form iii) valid passport iv) one recent passport sized photograph and v) supporting business documentation such as local business sponsor letter or business license or evidence of previous business activity;
- Employees will apply for an Ordinary Visa in order to enter Cambodia for work. This visa can later be converted into a Multiple Entry Visa which is valid indefinitely;
- Documents required will be i) receipt for paid visa fee ii) completed application form iii) valid passport iv) one recent passport sized photograph and v) sponsorship letter from the employer and vi) employment letter;
Business and tourism visa
- This short-term visa is valid for 30 days and cannot be extended;
- Documents required will be i) receipt for paid visa fee ii) completed application form iii) valid passport iv) one recent passport sized photograph (4×6 cm) v) return or onward ticket and vi) proof of sufficient funds for the stay.
Cambodia corporate bank account in 2021
Healy Consultants Group PLC and our dedicated team assists our Clients to seamlessly open a corporate bank account in Cambodia without personal travel.
During the engagement, our experienced banking team will lead communication with your preferred bank on your behalf and submit a quality corporate bank account opening application, negating personal involvement as much as possible. Where applicable, we will also attend KYC interviews on your behalf.
Press the link headings below to find out more about business banking in Cambodia.
The financial sector in Cambodia
- In late 2017, Cambodia’s banking and financial sector is considered stable led by the continued economic growth, averaging 7% per annum;
- While the country is poorly ranked by its soundness of banks by WEF, Cambodia is still ranked before India, Russia and Serbia;
- The sector’s solvency ratio of 23% and liquidity ratio of 120% positively are above the regulatory required minimums. This said, the non-performing loans are on the rise since 2011;
- Cambodia is very poorly ranked by WEF for its affordability of financial services. To increase the probability of securing credit facilities, local businesses need to prepare: i) quality feasibility study, ii) ensure sufficient collateral assets, iii) have fit and proper management.
Cambodia corporate banking
- In early 2017, the Cambodian banking system comprised of a total of i) 37 commercial banks, ii) 15 specialized banks and iii) 7 micro finance deposit-taking institutions;
- The banking sector is predominantly foreign owned with just 7 banks fully owned by locals;
- Consequently, we recommend our foreign Clients to open their business bank account in Cambodia with a bank with which they already have a bank account in another country, for example ANZ bank;
- Because the banking sector is still developing, we recommend our Clients to consider foreign recognized banks, such as: i) Bank of China and ii) Maybank;
- Alternatively, there are suitable local Cambodia banks that offer quality facilities, including i) Cambodia Asia Bank, ii) TSB bank and iii) ABA Bank;
- A complete list of local and international banks licensed in Cambodia can be found in this list;
- The Cambodian currency, the Riel, was initially issued on 1953, but following the civil war, the country had no monetary system between 1975-1980. The current riel was issued on 20th of March 1980, with highest denomination of KHR100,000.
Steps required to open a Cambodian resident corporate bank account
To secure a resident corporate bank account for a local company, Healy Consultants will follow these steps:
- In the beginning, our team will communicate with the Client to establish a business plan and determine the optimal bank option in the country, minimizing compliance burdens;
- Thereafter, Healy Consultants will secure a confirmation of interest from our Client’s preferred bank, without personal travel of the bank signatory;
- Once the new resident company is registered, Healy Consultants will prepare a quality and complete corporate bank account opening application, translated in Khmer;
- Where required, our team will represent the Client by i) attending personal or Skype interviews ii) certify and translate a tailored Power of Attorney;
- Following successful online banking activation, Healy Consultants’ dedicated relationship officer will collect the online banking kit and token device, and courier to our Client.
Exchange controls and other regulations
- Funds transfers over US$10,000 need to be supported with relevant proof of funds and declared to the National bank of Cambodia;
- Favourably, Cambodia has implemented a liberal policy towards foreign exchange controls. Consequently, there are no restrictions on the transfer of capital, profits, dividends, royalties or interest by locals and non-residents;
- International funds transfers can be processed only by authorised banks with active license by the National Bank.