Business Objectives are what the company are actually doing. If they are importing products, their business objectives should be “import and export.” If they are producing noodle, their business objectives should be “manufacturing”.
Unlike other countries, which require the company to register only one specific business objective at once, a company can register many business activities at once in Cambodia. Having said so, why does a company need to change their objective? The fact is that there are thousands of business objectives which you can not include all in your registration document (e.g. in the Articles of Incorporation). Among the ones they selected earlier, there are sometimes not the one they prefer later.
Some business objectives, which are quite exceptional, cannot be included in your initial startup, unless you obtained a specific business license from the other authorities. For instance, if investors are investing in banking sector, first they shall obtain the Banking Licence from the National Bank of Cambodia, without which the commercial registrar will not allow the ‘banking business’ objective to be included in the Articles of Incorporation. There are many several other business objectives of this sort which was not written but implemented.
Should you find it hard to understand the matters concerning the “business objective”, we would like to invite you to stop by our office and we would explain you in detail. Thank you!