Aplus Consulting and ACCA Cambodia Share Essential Updates to Help Business Grow

On March 17, 2022, Aplus Consulting and ACCA jointly organized an Annual Update 2022 Workshop in order to provide the participants with updated information on the developments in a business context.

The seminar also focused on the regulations that can help them seize new opportunities and conduct their business operations in a compliant and sustainable manner.

The workshop was held at Raffles Hotel Le Royal with a large number of participants and distinguished speakers such as:

-Dr. Sok Siphana, Founding Partner at SokSiphana&associates

-H.E. Dr. Taing Nguonly, Director of Techo Startup Center

-Mr. Som Chamnan, Managing Partner of NITEH Law Group (NLG)

-Mr. Matthew Rendall, Managing Partner at SokSiphana&associates

-Mr. Sim Chankiriroth, Founder and CEO at BanhJi

-Mr. Neou Ratna, Country Head of ACCA Cambodia

-Mr. Sar Kinal, Managing Director of Aplus Consulting

Key topics being discussed in the workshop included amendments to the Labor Law, the new framework on Digital Economy and Digital Finance, the new Law on Investment and the new trade deal between Cambodia and the Regional Comprehensive Economic Partnership (RCEP).

Mr. Sar Kinal, Managing Director of Aplus Consulting raised that “we have the intention of making this workshop an annual event, but COVID-19 has caused a two-year hiatus. Now that the COVID-19 situation has got better, we have decided to reorganize the event because we understand that this workshop is very important for business owners to have the opportunity to meet with distinguished speakers who are intellectuals, who are knowledgeable and highly experienced in their field of interests.”

In order for the participants to understand the status of the Labor Law, Mr. Som Chamnan introduced four important amendments, namely, shift work, public holidays, the arbitration council’s jurisdictional scope, and provided judicial police rehabilitation to the labor inspector. He also introduced the new online platform for Enterprise Opening in which the registration form connects from the Ministry of Commerce to the General Department of Taxation to the Ministry of Labour and Vocational Training automatically.

As for the new knowledge related to the Digital Economy, H.E Dr. Taing Nguonly, Director of Techo Startup Center said that the development of technology is very important for the business to keep up with the digital age. He raised an example of two big companies in the United States: Netflix and Blockbuster, where the introduction of technology could lead to the bankruptcy of Blockbuster but to the success of Netflix. With this in mind, the Royal Government of Cambodia has developed the Digital Economy Policy Framework to pave the way and encourage businesses to adapt to this new context and seize new business opportunities.

Mr. Matthew Rendall, Managing Director of the SokSiphana &associates also spoke about the new Law on Investment that the government has put in place to increase domestic investments. The key features of the new law are incentivizing businesses through a profit tax exemption period of three to nine years or special depreciation of specific expenses for up to nine years. The incentive schemes apply to various sectors such as high-tech industries, regional and global production chain supply, agriculture, tourism, manufacturing support industries, green energy, etc.

Meanwhile, Dr. Sok Siphana, Founding Partner of SokSiphana&associates mentioned that the procedure in doing business in the region will be easier by the implementation in Cambodia of the Regional Comprehensive Economic Partnership free trade agreement. He raised an example that​ “previously, to export goods from Cambodia to another country, business owners needed to fill out up to 20 forms, but with this new policy, business owners can fill out a single form but can export to all partner countries. This is to facilitate businesses in Cambodia, to increase production and to expand their business operations into the region as well.”

Overall, the key points that all the distinguished speakers mentioned were the development of technology and compliance with the laws in the country as a means to expand their business in an effective and sustainable manner.

About Aplus Consulting

Aplus Consulting was established in 2008 to support businesses to address Human Resources challenges through the provision of five main services: manpower outsourcing, recruitment, HR consulting, labor compliance, and payroll administration. Aplus Consulting’s vision is to achieve sustainable success for all, while the mission to bring together top talents to collaborate to achieve personal and organizational success.

About ACCA

ACCA is the Association of Chartered Certified Accountants – a global community of 233,000 members based in 178 countries. For over a century, ACCA has committed to being a force for the public good, and leading the global accountancy profession by creating opportunities. ACCA is here to uphold the accounting profession's highest standards and to improve societies through training members to think critically and strategically and define the future.

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