Why Set Up Your Business in Cambodia?
Cambodia has witness commendable growth since 2015, as far as new startups are concerned. Recently, it has become the hub of business people. More and more entrepreneurs are visiting the country in order to see what the place has to offer for entrepreneurship. The environment of the region, combined with low startup costs, untapped markets, and chances of economic growth are pulling many new entrepreneurs to the area.
The idea of taking this virgin land for their own setups is taking the world business people by storm. Here are all the reasons why Cambodia is the place to start your organization as well.
The Rapid Growth and Change
What was once considered a third-world country, is now changing rapidly. From being an unpopular and relatively unknown place, Cambodia is now turning into one of those countries who are opening their land for business people from all over the world. More and more people who come to visit seem to find opportunities that are otherwise not available in developed parts of the world. What’s more, Cambodia is also part of the Asia Free Trade Area, which means that the state becomes highly attractive for businessmen. Cambodia also has access to some of the richest markets of the world for some products.
Easy to Deal with Government Policies
The government of Cambodia is more than eager to have business people from all over the world to come and make investments. This is the reason why government laws are not that difficult to deal with. There are still some things that will only be possible through aid of bribery but if you find the right people, setting up startups will not at all be difficult.
Tourism rates are constantly increasing in Cambodia and this is perfect for all business owners, especially if they are centered on tourism. Investments in hotels, restaurants, golf courses, and spas are some of the best here because of the niche of tourism offered. Since the government understands how important tourism is to the country, they are making sure that setting up businesses in Cambodia easy for foreign investors.
When it comes to hiring, wages in Cambodia are lower than most markets around the world. This means that you will not have difficulty finding labor nor will you have to worry too much about paying them high wages. Low wages allow foreign investors to secure heavy profits and revenues in Cambodia.
Rise in Agricultural Opportunities
Agriculture is still a dominant sector in Cambodia which means that investments in this sector are lucrative and beneficial. The land is fertile and water is plentiful. Wages for labor are low which means that investing in land would mean high revenues for all kinds of foreign investors. Keep in mind that land cannot be purchased but they can get hands on 99-year leases and even partial ownership with local residents.
These are enough reasons for you to consider setting up business in Cambodia. For further information and guidance regarding the procedures, send an email to [email protected] or visit V Chartered Accountants’s Website.