Sole proprietorship registration: A sole proprietorship could be your ideal starting point. This business structure is characterized by its simplicity and is owned and operated by a single individual.
Benefits of Sole Proprietorship
(1) Simplicity and Control: As the sole owner, you have complete control over decision-making processes.
(2) Tax Advantages
Legal Formalities in Cambodia: Complete the necessary paperwork to make your business official. This often includes obtaining the required licenses and permits.
Tax Identification Number (TIN): Securing a Tax Identification Number is crucial for proper tax reporting. This unique identifier distinguishes your business in the eyes of the IRS.
Sole Proprietorship Challenges in Cambodia: With personal assets often tied to the business, securing external funding may be challenging.
Sole proprietorship registration lays the foundation for a flourishing entrepreneurial venture. By understanding the process, embracing challenges, and implementing effective strategies.