Company Registration in Myanmar

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What is Company Registration in Myanmar?

Myanmar (also known as Burma), is an emerging economy. Burma's economy has undergone notable changes. Economic sanctions have been eased or lifted, and the government has launched reforms to modernize the economic system. A new banking and finance law that lays the foundations for more efficient licensing of financial institutions has been ratified. Country has faced long-standing structural problems include poor public finance management and underdeveloped legal and regulatory frameworks. Fragile monetary stability largely reflects excessive money creation to fund fiscal deficits. Arbitrary taxation policies and marginal enforcement of property rights have driven many enterprises into the informal sector. The judiciary is not independent, and judicial decisions are heavily influenced by the executive. The budget process has become more open, but the government has not taken significant steps to curb rampant national and local corruption. The top individual income tax rate is 20 percent, and the top corporate tax rate is 30 percent. Other taxes include commercial and capital gains taxes. The regulatory system lacks transparency and clarity, and inconsistent enforcement of regulations injects uncertainty into business decision-making. The labor market lacks flexibility, and informal-sector employment is substantial. The government intends & has planned effectively & efficiently to make public spending more efficient, improve budget transparency, and privatize some loss-making state-owned enterprises. Several sectors, including land ownership, are closed to foreign investment, and state-owned enterprises significantly distort the economy.

Business Form & Structure

The government of Myanmar has been making numerous efforts and strong plan to make doing business in Myanmar easier are more comfortable to obtain maximum investment and infrastructural growth. Companies are registered by the Directorate of Investment and Company Administration (DICA). Business form like sole proprietorship and partnership enterprise not required to register under DICA.

However, company may be registered in one of the following forms:-

  1. Private Company by Myanmar Citizen
  2. Public Company by Myanmar Citizen
  3. Foreign Company
  4. Branch of Foreign Company
  5. Joint Venture Company
  6. Association/Not for Profit organization

All companies formed in Myanmar is governed by Myanmar Companies Act, 1914. It is principal legislation governing forms of business ownership and types of business permitted in Myanmar and the operation of Myanmar established companies.

Registration Procedure

Now let's have a discussion on each one of above-listed company registration procedure step by step.

  1. Private Company By Myanmar Citizen
  2. Firstly applicant required to submit signed name check form to DICA then Submit Company Director Identification documents (for each director) to DICA. Applicant has to submit a copy of national registration card.

    Secondly, obtain company registration form at DICA and Pay stamp duty at one-stop service (OSS) or internal revenue department. The department required application cover letter, declaration of registration (FORM 1), the situation of registered office, statement of company objectives, Directors details (FORM 26) and Memorandum of Association (MOA) & Article of Association (AOA).

    Thirdly Submit completed and signed company registration forms at DICA and pay company registration fees at OSS.

    Last but not the least applicant can obtain company incorporation certificate from DICA after which applicant has to confirm the registered office address within one month of registration.

    It will be worthy to note that the other applicable laws and commercial laws permits/license and registration is duly obtained for doing trade/business, if applicable.

  3. Public Company by Myanmar Citizen
  4. For this kind of company, in addition to above applicant has to publish newspaper advertisement, prepare company prospectus and submit to the stock exchange for approval, open a bank account, prepare documents for an initial share issue. Then submit the completed and signed business commencement documents (and stock exchange approval) letter to DICA. After all compliance, the applicant can obtain business commencement certificate from DICA.

  5. Foreign Company
  6. To register a foreign company in Myanmar, applicant should first need to apply for name check form in DICA. Then obtain company registration FORM 2 from DICA or through the DICA website along with payment of stamp duty on OSS or Internal revenue Department. Submit complete and signed a form with required documents and pay registration fees at OSS. After all, this, obtain temporary incorporation certificate and a temporary permit from DICA (if required), confirm registered office address within one month of registration, submit proof of minimum capital transfer and signed conditions letter to DICA. Finally, then the company can obtain permanent incorporation certificate and permanent permit to trade from DICA       so that this sort of entity can do trade/business in Myanmar.

  7. Branch of Foreign Company
  8. To establish or register of branch in foreign company needs a lot of documents and permission from various authority. Legal compliance is very huge and cumbersome to complete as well. On general term the process is simple but preparation of documents and getting approval/permit from various authority is quite long and lengthy process. On simple stake to register branch, applicant has to follow the process start from application document from DICA or its website, submit complete and signed documents to DICA, pay stamp duty and registration fees at OSS, obtain temporary incorporation certificate and temporary permit from DICA (if desired), submit evidence of minimum share capital transfer and signed conditions letter to DICA (the requirement of capital is USD 50,000 for Service Companies and for other, the minimum capital requirement is USD 1,50,000) and on last step to be met applicant can obtain permanent incorporation certificate and permanent permit to trade from DICA.

  9. Joint Venture Company
  10. For the most, applicant has to go with checking of availability of name at DICA and obtain Joint Venture (JV) Company registration form and fill the documents duly signed by concerned person along with required documents and fees as per applicable law. Then pay applicable registration fees after which company can get incorporation certificate. Finally, applicant receives notification from Ministry of Planning and Finance regarding incorporation which is also published in government gazette.

  11. Associates/Non-Profit Organization
  12. Check the name availability in DICA by filling form and obtain association registration form, fill and duly signed them along with required documents to DICA. After all this, applicant should get a recommendation letter from relevant ministry and organization, receive approval then onwards submit to executive committee meeting of the Ministry of National Planning and Economic Development and receive approval from Ministry of Executive Committee. After all this step is followed and completed then applicant is required to make prescribed fees payment to DICA then applicant can obtain registration certificate issued by DICA and Registration Licensed issued by DICA after due compliance and condition met by applicant.

Conclusion

Myanmar is very promising country and foreigner across the global so much interested to have investment in country not because of only resources but also the increasing government effective and efficient implementation of law and regulation. Labor force is also economic and government support is there good enough to corporate for having their smooth running of business. Hence it is advisable for investment in Myanmar.

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