What kind of information should foreign investors pay attention to when investing in Cambodia? What are the applicable laws and regulations for foreign direct investment in Cambodia? What documents and materials are required for preparation?
Please note that the translation provided is a more polished version for readability.
With the continuous advancement of globalization, Cambodia has become an increasingly attractive destination for international investors and businesses. In this land full of business opportunities, understanding the local policies on foreign investment and mergers and acquisitions is of utmost importance. This article aims to provide you with a comprehensive guide to foreign investment and M&A in Cambodia, covering key regulations, investment steps, and practical advice, to help you smoothly conduct your business activities in Cambodia.
1. Foreign Direct Investment (Greenfield Investment)
01. What are the main laws and regulations applicable to foreign direct investment in Cambodia? Are there any specific provisions for certain foreign investors, such as state-owned enterprises?
In Cambodia, foreign direct investment is primarily governed by the following laws and regulations:
- 《The Law on Commercial Enterprises (LCE) dated June 19, 2005.
- The Law on Commercial Regulations and Commercial Registration (LCR), dated June 26, 1995, as amended by the Amendment to the Law on Commercial Regulations and Commercial Registration on November 18, 1999.
- The Law on Investment (LOI), dated October 15, 2021.
Cambodia maintains an open and liberal attitude towards foreign investment. With few restrictions, apart from prohibiting foreign individuals from owning land in Cambodia, there are generally no specific laws or regulations targeting foreign investors. In general, all foreign investors, including state-owned enterprises, who invest in Cambodia are required to abide by Cambodian laws, which are the same as those applicable to local investors.
02. Is government and regulatory approval required for foreign direct investment? If so, please provide a brief explanation (such as triggering conditions, competent authorities, and time requirements).
A. Foreign direct investment may require approval from the government and regulatory authorities in specific circumstances.
When applying for certain investment incentive policies, foreign direct investment requires government approval. According to Chapter 5 of the Investment Law, investors can enjoy partial investment protection, such as protection against nationality discrimination and asset nationalization. However, to benefit from specific investment incentives like tax exemptions, investors need to apply to the Council for the Development of Cambodia (CDC) or Provincial/Municipal Investment Sub-Committees (PMIS), depending on the investment project type and registered capital, to register the investment project as a ‘Qualified Investment Project’ (QIP).
B. Regulatory Scope and Different Types of Qualified Investment Projects.
PMIS is responsible for regulating investment projects below 2 million USD, while CDC is responsible for regulating investment projects spanning across two or more provinces or economic zones and exceeding 2 million USD. The types of Qualified Investment Projects (QIP) include:
- Export-Qualified Investment Projects
- Key Sector-Qualified Investment Projects
- Domestic Market-Oriented Qualified Investment Projects
- Expansion Industry-Qualified Investment Projects
QIPs become effective after the enterprise obtains the Certificate of Registration. To qualify for investment incentives, all QIPs are required to obtain a Compliance Certificate (CoC) from the CDC annually. This certificate indicates that the QIP complies with all tax laws and investment regulations in Cambodia.
C. Automatic Approval System and Special Licensing Requirements
Unless involving illegal sectors, politically sensitive issues, or national interests, CDC or PMIS should complete the approval process within 31 working days upon receiving an investment proposal. Certain investment projects under special circumstances need to be submitted to the Council of Ministers for approval, such as those with a capital investment of 50 million USD or above, involving politically sensitive matters, exploration and development of minerals and natural resources, potential negative environmental impacts, long-term development strategies, and infrastructure projects based on BOT, BOOT, BOO, or BLT models.
Some investment projects in certain industries require special permits from relevant government departments before applying to become QIPs. These industries include travel agencies, cigarette manufacturing, alcohol production, film production, publishing, printing, broadcasting, pawnbroking, and pharmaceutical imports.
03. Overview of Foreign Investment Restrictions in Specific Industry Sectors
Cambodia imposes restrictions on foreign investment primarily in the following areas:
A. Areas where investment is completely prohibited
Cambodia prohibits all foreign and domestic investors from engaging in the following investment activities:
- The production or processing of psychotropic drugs and narcotics.
- The production of toxic chemicals, agricultural pesticides/insecticides, and other goods that adversely affect public health and the environment using chemicals prohibited by international regulations or the World Health Organization.
- The processing and production of electricity using imported waste materials.
- Forestry development and operation activities prohibited by the Forestry Law.
B. Restricted Areas for Foreign Investment
- Real Estate Sector: Foreign individuals are prohibited from owning land in Cambodia, but they are allowed to acquire land usage rights through concessions, long-term leases, or limited short-term leases. They are also permitted to own strata-titled apartments or units on the first floor or above in co-owned properties.
- Business and Financial Services Sector: Enterprises must register with the Ministry of Commerce and the General Department of Taxation. Banking projects are subject to regulation by the National Bank.
- Other Industries: Investors may need to obtain additional licenses from relevant departments, such as factory licenses, mining licenses, agricultural licenses and concessions, environmental permits, construction permits, and real estate developer licenses, among others.
In conclusion, foreign investment in certain sectors in Cambodia is subject to restrictions. Investors should thoroughly understand the relevant regulations to ensure compliance with Cambodia’s investment policies and requirements before making investments.
04. Are there any provisions regarding government ownership in specific industry sectors?
According to Cambodian law, there are no specific provisions regarding government ownership in foreign direct investment.
05. Are there any localization requirements for foreign direct investment (such as the ratio of local employees, minimum local procurement ratio, etc.)?
Cambodian law does not impose a specific minimum requirement for the ratio of local employees in companies. However, there is a maximum limit on the ratio of foreign employees, which states that the number of foreign employees in a company should not exceed 10% of the total workforce. If a company plans to hire foreign employees exceeding this threshold, they must apply for an annual quota permit from the Ministry of Labor and Vocational Training (MLVT).
According to the regulation No. 277/20, known as ‘Prakas 277/20,’ issued in August 2020 regarding special conditions for employment of foreigners, if a company cannot hire a sufficient number of Cambodian nationals due to skill or qualification reasons, they can apply for an increase in the quota for foreign employees and provide relevant justifications. Prior to hiring foreign employees, investors must prioritize the recruitment and training of existing local employees. Both Cambodian citizens and foreigners must adhere to the relevant provisions of the Cambodian Labor Law. Additionally, foreign employees must hold valid business visas and work permits issued by the Ministry of Labor and Vocational Training (MLVT) while working in Cambodia.
06. Are there any foreign exchange control restrictions on remittance of funds, profits, and dividends?
In general, Cambodia has relatively relaxed foreign exchange control regulations and does not impose significant restrictions on the remittance of funds, profits, and dividends. However, foreign investors are still required to comply with the Foreign Exchange Law, Anti-Money Laundering and Combating the Financing of Terrorism Law, and relevant regulations when conducting such transactions. They must ensure that funds have a legitimate source and be remitted through legal channels.
Here are some considerations to keep in mind when remitting funds, profits, and dividends:
- Transact through authorized banks: When remitting funds in Cambodia, ensure to choose authorized banks holding licenses from the National Bank of Cambodia to conduct the transactions.
- Report high-value transactions: If the remittance or settlement amount is equal to or exceeds 100,000 USD, be aware that the bank will report this transaction to the National Bank of Cambodia.
- Comply with anti-money laundering regulations: When conducting high-value transactions, it is necessary to adhere to the relevant provisions of the Anti-Money Laundering and Combating the Financing of Terrorism Law to ensure the legitimacy of the funds’ sources.
- Declare cross-border cash: If the amount of cash brought into or taken out of Cambodia is equal to or exceeds 10,000 USD, it is necessary to declare it to the customs authorities at the border checkpoints upon arrival or departure from Cambodia.
By adhering to the aforementioned regulations, foreign investors can facilitate the process of remitting funds in Cambodia. When engaging in fund remittance, it is advisable to seek advice from experienced lawyers or financial advisors to ensure compliance with local laws and regulations.
07. What are the common types of legal entities established for foreign direct investment?
Foreign investors have the option to directly establish companies in Cambodia. Common forms of companies include:
- Limited Liability Company (LLC)
- Partnership Enterprise
- Sole Proprietorship Limited Company
- Limited Liability Company (LLC)
Limited Liability Company
The most common form of company in Cambodia is the Limited Liability Company. This type of company is formed by one or more shareholders, whose liability is limited to the extent of their investment in the company. The company must have at least one director, who can be either a Cambodian or a foreign national. There is no minimum capital requirement specified by Cambodian law.
The Limited Liability Company is divided into two types: Private Limited Company and Public Limited Company. A Public Limited Company is allowed to issue securities to the public and requires a minimum of three directors (as per Article 118 of the Law on Commercial Enterprises).
The Private Limited Company is often the preferred legal entity for foreign investors. The minimum registered capital requirement for this type of company is 4 million Riels (Cambodia’s official currency, approximately 1 USD based on the exchange rate). The number of shareholders must range from 2 to 30, and at least one director is required (as per Articles 86 and 118 of the Law on Commercial Enterprises). A Private Limited Company is not allowed to issue shares or other securities to the public, but it can raise funds through existing shareholders, family members, and management (as per Article 86(C) of the Law on Commercial Enterprises). For foreign investors, it is advisable to consider establishing a Private Limited Company, as it limits the liability of shareholders to their invested capital.
Internal Governance Structure:
The internal governance structure of a Limited Liability Company includes the Shareholders’ General Meeting and the Board of Directors. The Shareholders’ General Meeting serves as the highest authority of the company, responsible for setting company policies, making decisions, and overseeing the work of the Board of Directors. The Board of Directors is responsible for the day-to-day operations and management of the company.
Partnership Enterprise
A Partnership Enterprise is a company formed by two or more partners who contribute capital. It can be either a Limited Partnership or a General Partnership. In a Limited Partnership, the liability of limited partners is limited to their investment in the company, while general partners have unlimited liability for the company’s debts. A Partnership Enterprise must have at least one Cambodian citizen as a partner.
Internal Governance Structure:
The internal governance structure of a Partnership Enterprise comprises the Partners’ Meeting and the Management Committee. The Partners’ Meeting functions as the highest governing body of the enterprise, responsible for establishing company policies, making decisions, and supervising the work of the Management Committee. The Management Committee is responsible for the day-to-day operations and management of the company.
Sole Proprietorship Limited Company
A Sole Proprietorship Limited Company is a company exclusively owned by an individual or a legal entity. The owner of the company assumes limited liability for its debts. This type of company is commonly suitable for small-scale businesses and startup ventures.
Internal Governance Structure:
The internal governance structure of a Sole Proprietorship Limited Company is relatively simple. The company owner is responsible for formulating company policies and decisions, as well as handling the day-to-day operations and management of the company.
In summary, foreign investors have the option to register a foreign enterprise or establish a company directly in Cambodia. Common forms of companies include representative offices, branch offices, subsidiaries, limited liability companies, partnership enterprises, and sole proprietorship limited companies. When selecting a company form, factors such as business requirements, investment scale, and risk tolerance should be taken into consideration. It is advisable to consult with professional lawyers or consultants when establishing a company to ensure compliance with Cambodian laws and regulations, and to choose the most suitable company form that aligns with the business needs.
| Type of company | Features and uses |
|---|---|
| Private limited company | Applicable to foreign direct investment, the capital requirement is at least 4 million riels, and the number of shareholders is between 2 and 30. The liability of shareholders is limited to the amount of their capital contributions, and securities cannot be issued to the public. A private limited company established in Cambodia is the preferred entity form for foreign investors. |
| Representative office | It is mainly used for market research, providing information and marketing and promoting the products and services of the offshore parent company in Cambodia. It cannot buy or sell goods, provide services or engage in manufacturing, processing or construction work in Cambodia. Applicable to foreign companies without actual business operations. |
| Branch office | The same entity as the foreign parent company that can buy and sell goods, provide services and engage in manufacturing, processing and construction. The foreign parent company will be legally liable for the obligations, losses and debts of the branch. Applicable to businesses established in Cambodia and directly related to the parent company. |
| Subsidiary | A company incorporated in Cambodia by a foreign parent company holding at least 51% of its registered share capital. It has independent legal personality and can be established as a partnership or limited liability company. A subsidiary cannot own land, but can conduct business similar to a local company. Applicable to businesses established in Cambodia and indirectly related to the parent company. |
08. Steps for company registration:
- Choose a company name and do a name check with the Ministry of Commerce (MOC).
- Prepare articles of association and other relevant documents, such as list of shareholders and directors, proof of registered address, etc.
- Submit the Articles of Association and related documents to the Commercial Registration Office of Cambodia (MOC) for company registration.
- Apply for a tax number from the General Department of Taxation (GDT).
- Enroll company employees in social security and health insurance, if applicable.
Please note that Cambodia’s policies and regulations are subject to change. Therefore, before setting up a company, it is recommended that you consult a local lawyer or professional advisor to ensure that your company complies with local laws and regulations, and to understand the latest policies and procedures.
In addition, the Cambodian government has implemented a series of preferential policies to encourage foreign investment. According to the Cambodian Law on Investment (Law on Investment), qualified investment projects can enjoy various tax incentives and other incentives, such as applicable duty relief, tax holidays, tax incentives for reinvestment of profits, etc. Foreign investors can apply for these preferential policies from the Council for the Development of Cambodia (CDC) according to their own business needs and project types.
| Company registration steps | Specific description |
|---|---|
| Register at MAC | Register the company with the Ministry of Commerce (MOC) of Cambodia, and submit the company name, address, shareholder information, director information, registered capital and other relevant materials. Complete the online registration application and pay the associated fees. After passing the audit, a company registration certificate will be obtained. Company registration is required in Khmer or English and the name will be reserved for two weeks upon receipt of the company reservation application. It can be extended once, and the extended company name can be retained for another two weeks. |
| Tax Registration | Tax registration with the General Department of Taxation (GDT) of Cambodia. Submit the company registration certificate, director’s identity certificate, articles of association and other documents. After completing the tax registration, you will get a tax registration certificate and a tax ID number. The GDT application form needs to be completed within four days. After registration, the GDT will be equipped with the taxpayer’s alias, and the company will receive the taxpayer’s ID, VAT certificate and patent tax certificate. |
| Report to MLVT | Report employee information to the Cambodian Ministry of Labor and Vocational Training (MLVT). Submit employee roster, payroll, company articles of association, tax registration certificate and other materials. After completing the declaration, a certificate of employee registration will be obtained. Any company with more than eight employees must submit a written declaration to MLVT before starting operations. The company must formulate internal norms that comply with the general provisions of the Cambodian Labor Law, which should be submitted within three months after the company is established. |
09. What documents and materials do foreign investors need to prepare? Is notarization or authentication required?
| Type of company | Required documents and information |
|---|---|
| Private limited company | 1. Company name pre-approval 2. Company policy 3. Shareholders, directors and company secretary information 4. Company registered address 5. Registered capital and equity distribution 6. Business license application form 7. Other relevant documents (such as the identity certificate of the legal representative, etc.) Passport of shareholder is required, if the shareholder is a company, certificate of incorporation, English and Khmer bilingual articles of association (must be submitted to MOC in paper form), proof of registered office address, details of registered agent , the detailed information of the directors of the company and the signature of each director’s passport information page. |
| Representative Office, Branch Office, Subsidiary | 1. Parent company registration certificate 2. Articles of Association of the parent company 3. Parent company board resolution 4. Cambodia office or branch name pre-approval 5. Information on Designated Representatives or Heads of Branch Offices 6. Registered address in Cambodia 7. Business license application form 8. Other relevant documents (such as the identity certificate of the legal representative, etc.) A copy of the registration certificate and articles of association of the foreign parent company, a letter of appointment issued by an unauthorized person of the foreign parent company, a copy of the passport, signature and address of each director of the foreign parent company, a copy of the passport, signature and address of the authorized person of the representative office, The main business activities in Cambodia, a recent white background photo of the authorized personnel (taken within three months) and details of the company’s operating premises. |
10. How long does the entire registration and establishment process usually take?
As mentioned in Part 9 above, the registration and registration of the company should be done through the Online Single Portal Service (Online Single Portal Service) to complete the company registration with the Ministry of Commerce (MOC) and tax registration with the General Directorate of Taxation (GDT) And complete the business opening registration with the Ministry of Labor and Vocational Training (MLVT). Although the application approval period is usually 8 working days, in practice, it may take about 3 to 4 weeks to set up a new company.
2. M&A Laws and Regulations and Regulatory Approval
01. What are the main laws and regulations applicable to mergers and acquisitions of listed companies and non-listed companies in Cambodia?
The main laws and regulations related to M&A transactions of listed companies and non-listed companies in Cambodia and the main issues involved are as follows:
A. Applicable laws and regulations:
- “Competition Act” (5 October 2021)
- “Commercial Enterprises Act “(June 19, 2005)
- “Commercial Regulations and Commercial Registration Act” (June 26, 1995, revised November 18, 1999)
- “Investment Law” (October 15, 2021)
- “Non-Government Securities Issuance and Exchange Act” (October 19, 2007)
- “Cambodia Stock Exchange Listing Rules” (June 10, 2015)
- “Cambodia Stock Exchange Securities Market Operation Rules” (January 10, 2018)
- “Listing Rules Implementation Notice” (May 3, 2011)
- “Notice on the Implementation of Securities Market Operation Rules” (May 3, 2011)
- “Notice No. 005 on the Public Offering of Stock Securities” (September 10, 2015)
- “Sub-Decree No. 37 on the Organization and Operation of the Competition Commission of Cambodia”
B. Main issues involved:
- The “Commercial Enterprise Law” mainly regulates the procedures of corporate mergers and acquisitions, including the resolution and approval procedures of the board of directors and shareholders. Section 241 allows two or more companies to merge into one company, or to form a new company.
- The “Competition Law” mainly regulates anti-competitive mergers and acquisitions that obviously prevent, restrict or distort market competition. A business combination is defined in Section 3.3 of the Act as: (i) the acquisition of control or voting rights by one entity through the acquisition of shares or assets from another entity; (ii) the merger of two or more entities to obtain an existing Joint ownership of legal entities or formation of new legal entities.
- Mergers and acquisitions of listed companies should comply with the laws and regulations of the Securities and Exchange Regulatory Agency of Cambodia (SERC) or the Cambodia Securities Exchange (CSX), including the Law on the Issuance and Exchange of Non-Government Securities and relevant listing rules. These rules involve the protection of information disclosure, approval procedures, and shareholder rights and interests of M&A transactions.
02. Is there any foreign investment review for foreign buyers?
Typically, foreign investors are not subject to special review or regulatory procedures in Cambodian M&A transactions. Under the Investment Law, foreign investors and domestic investors are treated the same in most cases, except for some restrictions related to land ownership and specific industries such as tourism. Although business mergers and acquisitions in different industries may require approval from the relevant government authorities, these approvals apply to both domestic and foreign buyers. It is important to note that if a merger or acquisition reduces the Cambodian shareholder’s shareholding in the entity to below 51%, the entity will lose its eligibility to own land (or the first floor of a high-rise building) in Cambodia.
03. Is anti-monopoly declaration required?
Under section 11 of the Competition Act, anti-competitive business combinations that have the effect of preventing, restricting or distorting competition are prohibited unless exempted. The Competition Commission of Cambodia (CCC) is responsible for examining the impact of business mergers on competition in the Cambodian market and the extent to which mergers hinder, restrict or distort competition.
For mergers and acquisitions of Joint Venture Investment Projects (QIPs), if the merger, acquisition or equity transfer results in the recipient holding 20% or more of the QIP shares, the new entity must notify the Cambodian Development Council (CDC) within 10 working days prior to the merger or equity transfer CDC) or Investment Project Management and Services (PMIS) to submit an application and obtain written approval in order to enjoy the QIP investment incentives.
Enterprises can apply to the CCC for exemption before investing, if the investment meets the following four conditions stipulated in Article 12 of the Competition Law:
- Have demonstrable significant technical, economic or social benefits.
- Without this investment, these benefits would disappear.
- These benefits clearly outweigh the effects of preventing, restricting or distorting competition.
- The investment does not affect competition in significant respects for the goods or services.
The CCC is responsible for judging whether the above conditions are met and can determine the validity period of the exemption. Businesses will face penalties if they do not apply for an exemption and breach the Competition Act.
04. Do foreign buyers need to obtain other government and regulatory approvals in M&A?
Mergers and acquisitions in certain regulated industries must be approved by the relevant government agencies, but there are no rules specific to foreign buyers. For example, the merger of companies in the telecommunications industry requires the approval of the Cambodian Telecommunications Regulatory Authority (TRC); the merger or share transfer of the banking industry needs to be carried out in accordance with the National Bank of Cambodia (NBC) No. B7-01-187 “Bank Share Transfer” regulations; the insurance industry The merger is regulated by the Ministry of Economy and Finance (MEF) and the Cambodian insurance regulator.
3. Mergers and acquisitions of listed companies
The main acquisition methods of listed companies include: the merger of two or more companies into one company or the independent establishment of a new company (regulated by LCE), or the acquisition of all or most of the existing shares/assets of the company (regulated by Article 3.3 of the LOC) ). Cambodian law does not set a minimum offering price for CSX-listed shares, nor does it provide for a percentage threshold for mandatory takeover bids.
Trading CSX-listed stocks is subject to operating rules such as base prices and daily price limits. Investors do not need to go through a qualification process or obtain prior regulatory approval, but must trade through a CSX-licensed securities firm.
The board of directors of the target company has some influence over the proposed acquisition. Under section 119 of the LCE, the board’s powers include proposing to shareholders a merger between the company and another person, and proposing to shareholders the sale of all or substantially all of the company’s assets. The board of directors needs to approve the merger agreement, unless the articles of incorporation provide otherwise. After the board of directors approves the merger, shareholders of each company are entitled to vote on the merger. The merger is subject to the approval of a special resolution of two-thirds of the shareholders of each company to be merged and the filing of a merger registration application with the MOC. Although the LCE does not have clear regulations on acquisition transactions, the board and shareholder approval process is likely to apply to the acquisition process.
During the acquisition process, the core documents involved usually include:
- Non-Disclosure Agreement (NDA): Before starting due diligence, the buyer and the seller sign a non-disclosure agreement to clarify the handling and commitment of both parties to confidential information throughout the transaction process.
- Legal and financial due diligence report: The buyer conducts legal and financial due diligence on the seller to understand the seller’s operating conditions and potential risks.
- Transaction documents: including merger agreements, share purchase or subscription agreements, and asset transfer agreements, etc., specifying the rights and obligations of both parties in the transaction.
Typically, acquisition documents do not require pre-approval from regulators before they are published. However, depending on the specific circumstances of the target company’s industry and sector, these documents may need to be submitted together with the registration and approval application from the competent authority.
4. Mergers and acquisitions of non-listed companies
A: Are there any special rules for business transfer?
Compared with equity acquisition or asset acquisition, Cambodian law has no special regulations on business transfer. In an asset transfer agreement, the various parts of the business will be considered as the assets to be transferred, so there is no distinction between assets and business transfers.
B. Role of Labor Organizations, Unions and Other Stakeholders in M&A:
In Cambodia, labor laws do not require companies to negotiate with employees or obtain their consent during the M&A process. The equity transfer does not affect the employment relationship between the employer and the existing employees. However, in an asset transfer the employees are not automatically transferred to the buyer and the employment contracts of these employees need to be terminated or assigned by contractual arrangement. In addition, some agreements signed by the target company may have restrictions on the change of control, in which case, prior consent of the counterparty is required.
C. The main rights granted to minority shareholders by law:
For private limited companies, Cambodian law does not clearly provide for the protection of minority shareholders. However, the LCE lists rights that apply to all shareholders, including rights to inspect corporate records, receive notices of general meetings and share certificates issued by the company, among other rights.
While large shareholders generally have the advantage of greater voting rights and control of the company, certain administrative requirements require the cooperation of minority shareholders. For example, any amendment to the company’s articles of association needs to submit a written resolution signed by all shareholders and apply for registration with the Ministry of Commerce. These administrative requirements provide a degree of protection for minority shareholders.
Conclusion
The Manhattan Special Economic Zone is the largest special economic zone in Cambodia, and its main business is land development and factory construction. As an investment hotspot in Cambodia, this article comprehensively introduces the regulations, procedures and practical suggestions for foreign investment and mergers and acquisitions in Cambodia, so that readers can better understand the investment environment in Cambodia.
In terms of foreign direct investment, the article mentions Cambodian laws and regulations applicable to foreign direct investment, restrictions on foreign investment, localization requirements, steps and required documents for company registration, etc. In terms of mergers and acquisitions, articles cover regulations for listed and unlisted companies, foreign investment review, antitrust filings, and other government and regulatory approvals. In addition, the article also introduces related issues in the mergers and acquisitions of listed companies and non-listed companies.
In the investment environment in Cambodia, the Manhattan Special Economic Zone offers many advantages to investors. With a good transportation network and infrastructure, the special zone also enjoys the policy support and attractiveness of the Cambodian government, providing a stable and safe investment environment.
To sum up, the Manhattan Special Economic Zone provides foreign investors with rich investment opportunities and advantages. The article provides a comprehensive introduction, which will help readers better understand Cambodia’s investment environment and investment methods, plan and implement its investment and mergers and acquisitions plan.
References
- Chang, W. (2021, Feb. 19). A Guide to Foreign Investment and M&A in Cambodia: Key Regulations, Procedures and Practical Tips. Cambodia tax and investment legal services. https://www.ctils.com/articles/8088
- World Bank. (2021). Doing Business 2021: Cambodia. excerpt form.
https://mfaic.gov.kh/files/uploads/PDFDoingBussinessForCambodia/2_Legal_Framework_for_Doing_B.pdf - Rosenfeld, M. (2021, Feb. 26). Mergers and Acquisitions in Cambodia: An Overview. practical law. Thomson Reuters. excerpt from.
https://uk.practicallaw.thomsonreuters.com/3-524-4317?transitionType=Default&contextData=(sc.Default)
