Opening a Corporate Bank Account in Cambodia

A company in Cambodia cannot operate for long without a corporate bank account. Salaries, tax payments, supplier transfers and customer receipts all route through one, and several registrations effectively require it. Opening the account is usually straightforward — provided the company's paperwork is complete and consistent before you walk in.

This guide covers the documents, the timeline, the costs and the snags.

Before you apply

Banks apply know-your-customer rules rigorously. The account officer is not being difficult; the file either demonstrates who owns and controls the company or it does not.

Company documents:

• Certificate of incorporation from the Ministry of Commerce
• Company extract or articles of association
• VAT registration certificate (VAT patent) and tax registration
• Valid business licence for the activity, where one is required
• Registered office address evidence — lease or ownership document
• Company stamp

People documents:

• Passport or national ID for every director and authorised signatory
• Shareholder identification, including the ownership chain if a foreign parent holds shares
• Proof of residential address for signatories
• Board resolution naming the account signatories and their limits

A foreign parent company means additional documents: its certificate of incorporation, its shareholder register, and often a notarised or apostilled copy translated into English or Khmer.

The process in practice

What it costs

Corporate accounts in Cambodia are not expensive to hold, but they are not free.

Compare on the cost of the transfers you will actually make. A company paying five overseas suppliers a month cares about outgoing wire fees and FX spreads, not monthly maintenance.

Practical points that surprise new companies

US dollars dominate. Most business is transacted in USD, and KHR accounts exist alongside. A dual-currency account is normal and useful, especially for paying salaries and local suppliers who quote in riel.

Cash is still significant. Many local suppliers, landlords and service providers expect cash or a local transfer. Plan for cash handling and keep the receipts — the tax authority expects supporting documents for expenses.

Incoming wires get scrutinised. A first transfer from an unknown overseas company may be held for explanation. Tell your bank in advance what to expect, from whom, and for what.

Signatory changes take time. Name the right people at the start, and give the bank a board resolution covering limits and approvals so you are not back in the branch a month later.

Remote opening is rarely possible. Almost every bank requires the directors or authorised signatories to appear in person, at least once. Plan a trip rather than assuming a digital process.

Multiple accounts are common. Operating account, payroll account, and sometimes a separate tax payment account. Some companies open accounts at two banks to avoid a single point of failure.

Documents that stall applications

A sensible sequence

1. Incorporate and obtain the certificate and VAT patent.
2. Obtain any activity licence the business requires.
3. Approach two or three banks with the full file and ask for their schedule of charges.
4. Open the account and set internet banking limits appropriate to your payment sizes.
5. Make the first inbound transfer small and well documented, then scale up.

If you are still at the registration stage, start with registering a company in Cambodia and keep the bank in mind as you choose a registered address — a lease in the company's name from day one saves a delay later.