ATTORNEY-AT-LAW
Mak Dane
Attorney-at-Law
Mak Dane is widely regarded as one of Cambodia’s most valued female lawyers, distinguished by her rare combination of rigorous legal expertise and deep practical insight into financial and commercial matters. As Attorney-at-Law at MLV Law Group, she advises clients at the critical intersection of private law, notarial formality, and sophisticated financial transactions—delivering precise, commercially grounded counsel that protects both legal integrity and economic value.
PROFILE
Biography
Ms. Mak holds a Master of Laws in Private Law from the Royal University of Law and Economics and is advancing specialised notarial studies at the Royal Academy for Justice of Cambodia. Her earlier service as Court Clerk Assistant at the Phnom Penh Court of First Instance, Deputy Prosecutor Assistant in Kandal, and lawyer’s assistant provided her with intimate knowledge of civil and criminal procedure, judgment drafting, case management, and the operational realities of Cambodian courts. This institutional foundation enables her to structure and document complex commercial and financial arrangements with a clear understanding of how those instruments will perform under judicial scrutiny.
At MLV Law Group, Ms. Mak is particularly sought after for matters that require simultaneous mastery of legal formality and financial substance. She supports clients in real-estate and property investment projects, corporate and investment structuring, banking and financial services documentation, succession and family-wealth arrangements, and the authentication of high-value instruments. Her approach is marked by meticulous attention to statutory requirements, commercial realism, and the practical need to ensure that every document is both enforceable and commercially effective.
Clients—ranging from local entrepreneurs and family offices to investors and financial institutions—value her ability to translate sophisticated financial objectives into clear, compliant legal structures while safeguarding the formal validity required under Cambodian law.
KNOWLEDGE & PERSPECTIVES
Insights by Mak Dane
FATCA in Cambodia: Six Conditions to Keep IRS Relief for Accounts Without a US TIN
Cambodia's General Department of Taxation (GDT) has issued Notification No. 37531 dated 28 October 2026, setting out six conditions that financial institutions must meet to keep US relief for reporting pre-existing accounts that lack a US taxpayer identification number (US TIN) for 2025, 2026 and 2027. Any 2025 report that falls short must be corrected or supplemented by 31 December 2026.
Cambodian Law Basics for French Speaking Investors
Pegged to the 20th Francophonie Summit taking place in Phnom Penh on 15–16 November 2026, this neutral educational note summarises Cambodian legal and business fundamentals for French-speaking investors. Based strictly on official Cambodian and OIF sources, it reviews language rules under Constitution Article 5 and company naming statutes, Qualified Investment Project (QIP) registration and tax guarantees under the Law on Investment 2021 and Sub-Decree No. 139, commercial enterprise setup routes (private limited company, branch, and representative office) via the MoC single portal, and official visa and temporary long-term stay permissions confirmed by the CDC and MFAIC.
Foreigners and Land in Cambodia: What the Law Allows
Cambodia’s land and investment rules draw a clear line between ownership of land and other rights that allow a person or company to use land or to own certain private units in a building. This legal guide sets out what the principal statutes and sub-decrees provide: constitutional and Land Law rules limiting land ownership to Khmer nationals, majority Khmer ownership requirements for Cambodian companies, private units in co-owned buildings from the 1st floor up under the 2010 Law and Sub-Decree No. 82 (70% cap), perpetual lease (15–50 years) and usufruct under the Civil Code, land use for investment projects under the Law on Investment 2021, economic land concessions (ELCs), trust mechanisms under the 2019 Law on Trusts, and arrangements the Land Law treats as void or punishable.
No VAT on EV Charging Until End-2028: What Prakas No. 715 Means for Charging Investors
On 13 October 2026, the Ministry of Economy and Finance (MEF) signed Prakas No. 715 MEF.Prk.GDT on the suspension of value added tax (VAT) on electric vehicle (EV) charging services until the end of 2028. Operators must not charge VAT to users and cannot credit input VAT on station-related imports and local purchases. This note examines the statutory trade-off, financial impact on capex and opex, operator scenarios, and key compliance considerations.
Who can represent you in Cambodia after the 2026 amendment to the Law on the Bar
Cambodia has amended its 1995 Law on the Statute of Lawyers (often called the Law on the Bar). The amending law was promulgated by Royal Kram NS/RKM/1026/019, signed on 8 October 2026 and declared urgent. This note explains what the changes mean for foreign investors and businesses: who can appear for you, what to check before you engage someone, and how law firms must now be set up.
Between Subscription and Listing Day: Reading Cambodia's IPO Timeline Through the Borey Vimean Samnang Offering
Closing the subscription book does not finish a Cambodian IPO. After the money is in, the issuer still needs the Securities and Exchange Regulator of Cambodia (SERC) to approve the offering result, its shares deposited with the Cambodia Securities Exchange (CSX) depository, and the CSX to admit the shares to the official list. Until then, subscribers hold an allotment, not tradable shares. Borey Vimean Samnang Plc (BVS) shows how long that stage can run. Its subscription closed on 15 September 2026, the SERC approved the final result on 30 September 2026, and listing was scheduled for 5 October 2026. On 15 October 2026 the company announced that listing is now expected in mid-November 2026, while it completes legal procedures with the relevant authorities. No date has been fixed.
SERC's 2026–2028 Rolling Action Plan: What Cambodia's Securities Regulator Plans Next
The Securities and Exchange Regulator of Cambodia (SERC) has published its Three-Year Rolling Action Plan 2026–2028, putting into effect the Securities Sector Development Strategy 2025–2035. Endorsed by the Non-Bank Financial Services Authority (FSA) Council, the roadmap outlines key regulatory initiatives across three pillars: strengthening, expanding, and supporting the securities market. For 2026, SERC's agenda prioritises public offerings of ETF units, sustainability-linked bond guidelines, REIT listing rules, cross-border trading licences, intermediary financial soundness rules, technology and cyber-risk supervision, and enhanced oversight of listed companies.
Cambodia's Capital Markets in 2026: New Rules, New Listings and a Futures Market on the Horizon
Over the past year, Cambodia's securities market has moved on several fronts. The Ministry of Economy and Finance (MEF) has widened tax incentives for securities investors. The Securities and Exchange Regulator of Cambodia (SERC) has licensed new categories of intermediary and is consulting on infrastructure bonds, sustainability disclosure and, most recently, a futures market. The Cambodia Securities Exchange (CSX) has listed the country's first guaranteed sustainability bond, and a property developer has completed an IPO process. The government's 2026 bond programme was close to fully issued by August. In September 2026, the SERC and the National Bank of Cambodia (NBC) also set out a joint framework for virtual-asset service providers.
2027 Garment Sector Minimum Wage Set at US$212: What Foreign-Owned Factories Should Do Before 1 January
The minimum wage for workers in the textile, garment, footwear, travel-goods and bag industries will be US$212 per month from 1 January 2027, up from US$210 in 2026. The National Council for Minimum Wage voted for US$210 on 30 September 2026. Prime Minister Hun Manet then added US$2. The Ministry of Labour and Vocational Training (MLVT) Prakas setting the new rate was published on 6 October 2026.
Paying CDC Fees from 26 October 2026: What the New Digital Invoice Means for QIPs and Investors
On 25 September 2026, the Council for the Development of Cambodia (CDC) issued Instruction No. 1707/26 on the use of CDC digital invoices for paying CDC public service fees, together with Notification No. 1708/26 on its implementation. From 26 October 2026, fees for all applications to the CDC, including the registration and amendment of Qualified Investment Projects (QIPs), must be invoiced and paid through a single CDC digital invoice. This applies to services at the CDC counter and through the CDC's digital systems. Paying the responsible CDC unit directly against a paper receipt will no longer be possible.
Cambodia Creates a Single Window for SMEs: What the New SME Facilitation Unit Means for Foreign-Owned Businesses
Cambodia has legally established a Small and Medium Enterprise Facilitation Unit (in Khmer, អង្គភាពសម្របសម្រួលសហគ្រាសធុនតូចនិងមធ្យម, abbreviated អ.ស.ត.ម.). It will act as a single window for SME applications for registration, for the issuance or renewal of licences and permits, and for monitoring the incentives SMEs receive through it. It was created by a Royal Decree signed on 26 September 2026 and published by Fresh News on 2 October 2026. On 4 October 2026, Prime Minister Hun Manet reported that he had inspected preparations for the unit. On 5 October 2026, the Prime Minister signed the sub-decree that sets up the unit's working structure.
Buying a Cambodian Company? Who Inherits the Tax Bill Under Prakas No. 584
On 29 July 2026, the Ministry of Economy and Finance (MEF) issued Prakas No. 584 on Tax Debt Liability for Business Transfers, Share Transfers, and Enterprise Mergers. It sets out how tax debts are allocated between sellers, buyers, incoming shareholders and surviving entities when a Cambodian business changes hands. Before this, Article 215 of the Law on Taxation stated only the broad principle that tax debts may pass to new owners, shareholders or surviving enterprises. The parties must notify the General Department of Taxation (GDT) within 15 working days. Incoming shareholders are liable in proportion to their shares, a merged entity takes on all tax debts, and a business transfer avoids 10% VAT only if the conditions are met.
Use It or Lose It: CDC's Three-Year Deadline for Manufacturing QIPs to Invest Their Minimum Capital
On 27 August 2026, the Cambodian Investment Board (CIB) of the Council for the Development of Cambodia (CDC) issued Instruction No. 1555/26 CIB, referred to in some English translations as a Guideline. It requires every Qualified Investment Project (QIP) in the manufacturing sector to actually invest capital at least equal to the minimum set for its activity in the Negative List (Annex 1) of Sub-Decree No. 139 on the Implementation of the Law on Investment. The investment must be made within three years. Land value and working capital do not count. Projects that fall short risk losing their incentives and, according to some published summaries, their QIP Registration Certificate.
Virtual Assets after the 23 September 2026 Joint Statement — who needs a licence before serving Cambodia
On 23 September 2026, the Securities and Exchange Regulator of Cambodia (SERC) and the National Bank of Cambodia (NBC) issued a milestone Joint Statement defining the regulatory perimeter for Virtual Assets and Virtual Asset Service Providers (VASPs). It clarifies who falls within Cambodia's oversight framework, but is not itself an operating licence. Commercial banks require prior NBC authorisation before offering virtual asset services, while all other entities and platforms require a prior SERC licence. The framework applies to services operated from Cambodia or offered to persons and entities inside Cambodia, regardless of where a foreign platform is incorporated. Licensed operators become mandatory Reporting Entities to the Cambodia Financial Intelligence Unit (CAFIU). Virtual Assets remain non-legal tender without state guarantees. Pure network infrastructure providers without customer-facing activities remain outside the framework.
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