Myanmar is an economic gateway to a huge market in Southeast Asia. Unlike in the past, this sovereign state is now gradually but open to foreign investment and trade. For many foreign organizations, the standard way to do business in Myanmar is through a limited company. This company may be a foreign company registered in Myanmar or a representative office established outside of Myanmar. If you are a foreign investor considering doing business in Myanmar, company registration in Myanmar is much easier and faster.
rules and regulations
A company in Myanmar is considered a foreign company if a share is owned by a foreign associate. In the past, the process of registering a business in Myanmar as a foreign entity was long and cumbersome. However, the company registration rules and regulations have been eased thanks to the new anticipation of the foreign investment law in Myanmar.
An investor who plans to do business in Myanmar can register his company under the Myanmar Company Law and obtain a permit to trade. This is regardless of whether the company is wholly owned by the foreigner or is a joint venture operating through a representative office. However, a company owned by a local citizen does not have a foreign director or shareholder.
Foreign Investment Law
There are a few main stages for company registration in Myanmar under the MFIL (Myanmar Foreign Investment Law). First of all, a company under this law must apply for a permit from the MIC (Myanmar Investment Commission). Once you find the most suitable regulatory ministry for your particular type of business, you need to consult the Myanmar Investment Commission, get its approval and set the appropriate terms and conditions. You will get your approval within 7 days, after which you will be granted a permit. This permit is approved long-term and does not need to be renewed periodically.
In addition, all foreign companies must obtain a ‘Permit to Trade’ before they can continue to do business in Myanmar. The Trade Permit is generally requested at the registry office and requires the authorization of the MIC.
The Permit application must be accompanied by a series of documents, including Myanmar Company Regulation Form A, passport copy of each shareholder, duly completed questionnaire form, planned activities to be carried out, financial credibility of the company, etc. others. Permits to trade in Myanmar are usually renewable every three years.
Company incorporation in Myanmar
Once the registration process is complete, a business incorporation application is submitted along with a copy of the business permit. After 4 to 6 months, the period required for company incorporation, a company incorporation certificate is issued. The incorporation of a foreign company in Myanmar is also subject to the requirements and procedures stipulated in the Companies Act. After the constitution process, the private company can already start its commercial activities. The same procedure is usually applied to the registration of public companies.
Company registration in Myanmar has become an attractive application for many investors. It goes without saying that if you want to get a piece of this great opportunity, you should consider investing in Myanmar today.
