QIP refers to an investment project that has received a registration certificate from the Council for the Development of Cambodia or a Municipal-Provincial Investment Sub-Committee.
Under new Law on Investment, a QIP is defined as an investment project which has received a registration certificate from the Council for the Development of Cambodia (CDC) or a Municipal-Provincial Investment Sub-Committee. QIP is issued to a project, not to an investor or investing enterprise. QIP is entitled to certain investment incentives, one of which is tax exemption or special depreciation.
The procedure of investment applications under the new law is simplified as the following:
The Investor must submit the investment project application directly to CDC or Provincial/Municipal Investment Subcommittee (PMIS) or via an online portal.
The investment application shall be reviewed and decided via One-Stop-Service mechanism which is conducted by the representatives of the ministries or institutions seconded to the CDC according to the appointment and assignment of authority from the head of relevant ministries and institutions under the coordination of CDC.
CDC shall issue the Certificate of Registration within 20 working days upon the receipt of the application. The date of issuance of the CR shall be the commencement date of the QIP. However, CR does not exempt that project from receiving permits or approval from the relevant ministries or institutions as required by the law and regulations.
- Does the New Investment Law Impact Existing QIP Projects?
The New Investment Law states that investment projects that receive investment incentives and guarantees from the CDC/PMIS under the Former Investment Law shall be considered as QIPs or an IGP under the New Investment Law and related Sub-Decrees. The New Investment Law clarifies that existing QIPs which receive tax on income exemption prior to the adoption of this law shall continue to receive profit tax exemption for the remaining period.