Cambodian Legal Update: Commercial Law – New Rules on AssociationsApril 3, 2018
On 7 March 2018, the Ministry of Commerce (“MOC”) issued Prakas No. 088 MOC (“Prakas 088”) regarding the filing of business association statutes.
According to Prakas 088, as part of ongoing obligations after registration with the government authorities, all business associations must file their statutes with the MOC. The filing must include their statutes as well as other required documentation, such as, among others, general meeting minutes to establish the association, specimen of stamp and signature of the association’s president, and registration approvals. Business associations are also required to submit a report of their work activities annually to the provincial/municipal department of commerce where the association is located. They can also suspend their activities by notifying the MOC.
This filing requirement applies to all business associations, including foreign chambers of commerce, in Cambodia. Failure to file statutes with the MOC could result in the non-recognition of the association.
If there is any change in a business association’s corporate information, such as amendment of the statutes, change of registered address, or change of governing board structure, written notification must be provided to the MOC within 30 days of the change.
To avoid any rejection of legal recognition, all business associations are urged to file their statutes, submit annual reports of their activities, and notify the MOC of any changes as mentioned above.
If you have any questions regarding this legal update, or would like us to assist with filing your association’s statutes, notifying the MOC of any changes, or submitting an annual report, please contact me ([email protected]) or Mr. Alex Larkin ([email protected]).
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