Myanmar Company Registration
Extrovert Consulting helps with the incorporation of local businesses, the establishment of operations under the 2014 Myanmar Foreign Investment Law, the submission of foreign investment proposals, liaising with offices of the Government of Myanmar such as the Directorate of Investment and Company Administration and the Myanmar Investment Commission (MIC).
- Myanmar Company Incorporation – Myanmar Companies Act MCA
- FIL Incorporation – Foreign Investment Law FIL
- Service Company
- Branch Office/ Representative
- Joint Venture /Partnership
- Trading company registration (Myanmar)
- FIL Incorporation – Foreign Investment Law FIL
In 2012 the Foreign Investment Law (FIL) was passed, Article 11. Applications are submitted to and supplied by the Myanmar Investment Commission (MIC). The Chairman of the MIC is a member of The Government.
All applications must also apply for a Permit to Trade (PTT) whether 100% owned or a joint venture and also a company’s registry office certificate. This is provided by the Companies Registration Office (CRO).
The Directorate of Investment and Company Administration (DICA) acts as the Secretariat of the MIC. DICA is mandated to encourage local and foreign investment in Myanmar.
For our clients we work closely with the seven departments that are within DICA: Investment Administration Department, The Special Economic Zone Department, The Legal Department, The Foreign Affairs Department, The Company Registration Department, The Administration and The Accounts Department.
Please note that all foreign investment requires approval from the MIC.
Companies registered under FIL Incorporation may be eligible for some tax exemptions and other benefits. These were introduced to encourage further company registration in Myanmar. Typical sectors of activity applicable to FIL registration include activities associated with high levels of investment: Construction, Manufacturing, Mining, Hotels, Transport and Agriculture.
You should plan for a registration timescale of six months or possibly longer if additional permits are required. For example if lease agreements are required the MIC will provide a MIC Investment Permit if the other element of the application are accepted.
We can help you with all these procedures.
To help you understand the priorities of the MIC we enclose below part of the statement published in the FIL.
- Support the national economic development plan;
- Promote the development of international banking standards;
- Promote employment opportunities for Myanmar citizens;
- Promote the education of Myanmar’s citizens;
- Promote the modernization of public infrastructure;
- Promote the exploration and development of natural resources;
- Promote environmental conservation and protection.
We can provide you will comprehensive detail relating to these initiatives.
Myanmar Company Incorporation – Myanmar Companies Act MCA
Myanmar Company Incorporation is governed by the Myanmar Companies Act (1914 with amendments) MCA.
The forms of incorporation include; Registered branches of foreign companies, Joint Venture, Sole Proprietorship, Partnership, Limited Liability Company.
We work with you and your application to the Myanmar Company Registration Office (CRO) and The Directorate of Investment and Company Administration (DICA).
An overseas company can only invest via a company incorporated in Myanmar and in which they are the controlling shareholders with Directors registered at the CRO in accordance with the MCA.
Under section 27A of the MCA, a foreign company, whether 100% owned or a joint-venture is required to obtain a Permit to Trade (PTT) and a Registration Permit.
Extrovert Consulting & Business Development Services supports company registration services.
- Company Incorporation Services.
- Application for permit to trade.
- Application for incorporation certificate.
- Both application to be submitted to MIC
- Permit to trade and certification of MIC to be issued within one or two months.
The governing law for the limited companies is the Myanmar Companies Act 1914. Under section 27A of the Act, a foreign company, whether a hundred percent owned or a joint venture and a branch /representative office is required to obtain Permit and Registration. A company with share contribution of the State shall be registered under the Special Companies Act 1950 and the Myanmar Companies Act 1914. A Joint-Venture with the State equity formed under Special Companies Act is exempted from obtaining a Registration.
For Myanmar company registration with DICA without MIC permit under Foreign Investment Law, the minimum capital to be brought in Myanmar through bank transfer is as follows:
Industrial, Hotel and Construction Company – US $ 150,000.
Services, Travels and Tours Company, Bank Representative Office and Insurance Representative Office – US $50,000.
What is required from you are:
A copy of the passport and national registration card of the 2 shareholders. Both shareholders can be foreign national.
A copy of both your bank statement certified by your banks, showing that you have sufficient fund to meet the minimum capital requirements:US$50,000 for service company or branch office US$150,000 for manufacturing company
You need to remit half the capital upon incorporation and the other half at the end of the 4th year when your business license is due for renewal.
After you submit these documents, and obtain your temporary permit to trade, you’ll need to submit another set of forms to register your company. To clarify: First get a permit to trade. With your permit to trade you can then register your company. These are the documents you’ll need to register the company (also at the CRO):
Two sets of Memorandum and Articles of Association duly stamped and printed both in Myanmar and English
- Declaration of registration
- Declaration of legal and official version of the documents
- Declaration of the situation of registered office
- Translation certificate by a competent translator
- List of Directors
List of person(s) authorized to accept services of process and notice in Myanmar on behalf of the company (i.e. for a branch office of a foreign company.)
After registration you will need to inject the required amount of capital into the business (this differs depending on what kind of company you are setting up)
The above process is for a normal company under the Myanmar Companies Act. Investors wishing to apply for a Myanmar Investment Commission (MIC) Permit will need to submit a detailed business plan and financial model to the MIC, as well as fill out additional forms. If you want to apply for an MIC permit, it’s a good idea to have a local company help you with the process.
Extrovert is welcome to discuss your particular needs at a time of your convenience. Simply send us an E-mail or give us a call to set-up a meeting time.