Myanmar is a country located in Southeast Asia. From a business perspective, it is known for its business and financial incentives. If you’re planning to do business in Myanmar then reach out to our team of experts at Enterslice to avail of quick and hassle-free expert services.
Strategic Location Competitive Labour Costs Increasing Exports One of the fastest-growing Asian economy Incentives to attract foreign investment New Companies Law Natural Resources Double Tax Agreements Special Economic Zones (SEZ) The following are the types of business structures available for doing business in Myanmar: A sole proprietorship is usually adopted by small businesses. It has less formal regulations and requires only one owner. The liability of the owner is unlimited towards the debts and liabilities of the business. Further, there is no minimum capital requirement. This type of business structure is the most preferred business structure in Myanmar. This type of company is registered under the Myanmar Companies Act 2017. The Act distinguishes between a Myanmar company and a foreign company. A foreign company is one where an overseas corporation or a foreign entity owns and controls the ownership interest of more than 35%, either directly or indirectly. In a public limited company, the shares are offered to the public for trading purposes. This type of business structure comprises at least 3 directors out of this one should be a citizen of Myanmar, ordinarily resident in Myanmar. Public limited companies are listed on the stock exchange and governed by the Securities Exchange of Yangon. A branch office is easy to establish and allows foreign companies to directly get involved in the decision-making process of the branch office in Myanmar. A branch office does not enjoy a separate legal entity and the foreign company is responsible for the business’s liabilities in Myanmar. In Myanmar, a branch office can carry out revenue generation activities too. However, it has to do elaborate filings with the State Departments. A representative office is similar to a branch office. It is an extension of its foreign entity and does not enjoy a separate legal entity. It is also not permitted to carry out business activities in Myanmar. Partnerships are formed by agreement between the parties. It does have a legal personality of its own therefore, its partners are liable for the business activities of the partnership. In Myanmar, the partnerships are governed by the Partnership Act of 1932. The purpose of a partnership is to earn profits generated from the economic activities of a partnership. Acquisition of shares means a foreign company acquiring the shares of Myanmar incorporated entity. There is a requirement to inform the DICA, if the acquisition crosses the mark of 35% of the total shares of the Myanmar company. A subsidiary is a unit of a foreign company where the foreign company has 51-100% control or ownership. Most foreign companies prefer to set up their subsidiaries in the form of a private company limited by shares. Joint Venture is also a preferred form of business in Myanmar. Foreign investors set up their businesses with local companies. A joint venture can comprise both incorporated as well as contractual entities. Foreign companies can have access to the Myanmar market by entering into a contract with distributors or franchisees to sell their products in Myanmar. However, if a foreign company wants to enter into the trading business, it has to take approval from the Ministry of Commerce. Corporate Income Tax Capital Gains Tax Commercial Tax Specific Goods Tax Enterslice is a market-leading management consultancy firm that offers end-to-end business set-up services, taxation, financial planning, regulatory, legal, and advisory services to entrepreneurs, young start-ups, and large corporate houses across the globe Our Myanmar Entry Strategy Service involves the following services:Benefits of Doing Business in Myanmar
Different Types of Business Structures in Myanmar
Sole Proprietorship
Private Company limited by shares
Public Company limited by shares
Branch Office
Representative Office
Partnership
Acquisition of shares
Subsidiaries
Joint Ventures
Franchisee or Distribution
Different Types of Taxes in Myanmar
About our Services
Our Myanmar Entry Strategy is classified into the following: Business Structures available in Myanmar are Sole Proprietorship, Private Companies limited by shares, Public companies limited by shares, Branch office, Representative office, Partnership, Subsidiary, Joint Venture, acquisition of shares and franchisee or distribution. Enterslice advises businesses on the type of business structure to opt for while setting up a business in Myanmar. Our team will also guide you in selecting the most suitable business structure for the business. We help in the registration process, opening a bank account for the business, and in post-registration compliance. Our consultants formulate a strategic plan for establishing and operating the business depending on your business needs. We formulate a budget and develop cash flows for your business. We also review internal control processes and conduct business reviews. We provide advisory for issues related to the management of the business. Our legal experts provide legal advice on business operations, finances, IP protection, etc. We also draft legal Documents for your business and compile the required Paper works. We also ensure that all legal and regulatory compliance are duly complied with. In Myanmar, the compilation of financial statements is done by Myanmar Accounting Standards (MAS) and the Myanmar Financial Reporting Standards. Our experts at Enterslice are committed to offer the best accounting services customized as per the demands of your business. Our team members have expert accounting and audit knowledge along with practical experience which will help your business in meeting its industry-specific accounting challenges and financial reporting requirement. Enterslice advises on tax-related compliances. We also provide advisory on tax policies. We assist in the calculation and filing of taxes. Our tax experts create plans to reduce potential tax liabilities while assuring adherence to the changing tax laws. We offer tailor-made solutions suitable to your demands and advice on handling various tax disputes, if any. Our IP Experts assist in IP Compliance. We assist in getting IP registration by filling out applications for registration and compiling relevant Documents. Our team of IP experts also advice on IP compliance and IP Protection. We also assist in enforcing IP rights against any infringement. Myanmar is located right between India and China. Two of the largest markets in the world. The country has maintained a healthy growth rate. The wage rate is comparatively lower in Myanmar making it an attractive destination for foreign companies to invest. It is rich in resources and is opening up the economy for foreign investments by providing incentives to foreign investors and reducing barriers to trade. Following are the sectors which have been thriving in Myanmar. Myanmar Government is also offering incentives to foreign companies to set up their business in these sectors: i. Oil & Gas. ii. Mining and refining of precious metals such as copper and gold. iii. Forestry. iv. Forestry and timber products. v. Manufacturing. DICA stands for Directorate of Investment and Company Administration. DICA is a central authority that’s looks into company formation in Myanmar along with Myanmar Investment Commission (MIC). The benefits of opting for Enterslice for your business set-up in Myanmar are as follows: i. Professional Support ii. 24*7 Customer Support iii. Highly Integrated IT Team iv. Competent Team of Lawyers, CAs, Cost Accountants, CSs, and CPAs. v. All-inclusive solution for our clients. 24x7 Client relationship support desk. Tech-enabled service delivery platform. Dedicated foreign Investment desk. 50,000+ Network of Lawyers/Attorney’s/CA/CPA/CFA. Strong team of Inhouse Lawyers/Attorney’s/CA/CPA/CFA Individual and Dedicated professionals on every assignment. We register 100+ Companies every Month If you have any queries related to the Process, feel free to contact us. We will provideAbout Myanmar Entry Strategy
Business Setup Services
Consultancy on Managing the Business
Legal Advisory Services
Accounting and Audit Advisory Services
Tax Advisory Services
Intellectual Property Advisory Services
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