12 Feb 2019
LAOS: Business Incorporation Time Cut from 174 Days to Less Than 60
In a bid to streamline the paperwork required for the incorporation of a business, the number of required procedures has been cut from 10 to just four. Among the procedures that are no longer deemed necessary is the need to submit a certificate of enterprise location, provide a taxpayer identification number or to supply details related to an enterprise’s name. Additionally, it is no longer obligatory for a business to secure a company seal prior to commencing operations.
Overall, it is hoped that the changes will reduce the time taken to register a business from around 174 days to less than two months. The move comes as part of a government bid to improve the country’s ranking on the World Bank’s Doing Business Index.