Myanmar is an economic gateway to a huge market in Southeast Asia. Unlike in the past, this sovereign state is now gradually but firmly opening to foreign investment and trade. For many foreign organizations, the standard way to conduct business activities in Myanmar is by means of a limited company. This اقامة مستثمر في دبي may be an overseas company registered in Myanmar or a representative office set up outside Myanmar. If you are a foreign investor considering conducting activities business in Myanmar, company registration in this country is a lot easier and faster.
A company in Myanmar is deemed as a foreign company if one share is owned by a foreign associate. In the past, the process of company registration in Myanmar as a foreign entity was long and cumbersome. However, the rules and regulations of company registration have been eased thanks to the new anticipation of foreign investment law in Myanmar. An investor planning to do business activities in Myanmar can register their company in accordance with the Myanmar Companies Act and obtain permit to trade. This is irrespective of whether the company is fully owned by the foreigner or a joint venture operating through a representative office. However, a company belonging to local citizen has no foreign director or shareholder.
There are some main stages for company registration in Myanmar under the MFIL (Myanmar Foreign Investment Law). Firstly, a company under this law should apply for a permit from the MIC (Myanmar Investment Commission). Once you find the most suitable regulatory ministry for your particular kind of business, you need to consult Myanmar Investment Commission, obtain their approval, and set suitable terms and conditions. You will get your approval within 7 days, after which you will be issued with a permit. This permit is approved for a long-term and doesn’t need to be renewed periodically.
In addition, all foreign companies are required to obtain a ‘Permit to Trade’ before they can proceed with their business activities in Myanmar. The Permit to Trade is usually applied for at the registration office and requires authorization by MIC. The application for Permit should be accompanied by a number of documents including Form A of the Myanmar Companies Regulation, passport copy of each shareholder, duly completed questionnaire form, intended activities to be performed, financial credibility of the company, among others. Permits to Trade in Myanmar are usually renewable after every three years.
Once the registration process is complete, an application for incorporation of the company is submitted along with a copy of the trade permit. After 4-6 months, the period required for company incorporation, a certificate of company incorporation 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 incorporation process, the private company may now commence its business activities. The same procedure usually applies to the registration of public companies.