On general term the process is simple but preparation of documents and getting approval/permit from various authority is quite long and lengthy process. Following are the steps listing how to register a company under MFIL. Investors can also establish a joint-stock company, also known as a public limited company (PLC). 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. Myanmar Company Registration Services. For many foreign organizations, the standard way to conduct business activities in Myanmar is by means of a limited company. If your business does not have a significant capital investment, a potential impact on the environment and the local community, or fall under the restricted categories above, the general timeline for company incorporation is approximately two weeks. If one share is owned by a foreign partner, the company shall come under the definition of a foreign company, and shall apply and obtain a Permit before registration. To establish or register of branch in foreign company needs a lot of documents and permission from various authority. Representative offices can engage in liaison or marketing activities on behalf of the head office. In this article, we will give you an overview of the types of legal entities available to you as well as walk you through the, manufacturing of products for security and defense, arms and ammunition. Then pay applicable registration fees after which company can get incorporation certificate. Now let's have a discussion on each one of above-listed company registration procedure step by step. Outsourcing is a good market entry strategy that lets you penetrate the market before incorporation and helps you plan your resources wisely. Web Check-In Instructions: Enter your PNR and Last Name, and accept the Terms and Conditions listed below to continue. After all compliance, the applicant can obtain business commencement certificate from DICA. The judiciary is not independent, and judicial decisions are heavily influenced by the executive. Click here to do a search. You can register your business with a virtual office or a physical office. Myanmar’s Company Law also allows foreigners to set up branch offices with a minimum of 1 shareholder and an authorized company representative, which can be a foreigner. An exporter must also register with the Department of Trade, Ministry of Commerce. Also, note that PLCs are not required to list in Myanmar, but if you do want to be listed on the Yangon Stock Exchange, you need a minimum of US$500,000 capital. Table of contents #1 Strategic location#2 Myanmarâs growing population is becoming more affluent#3 One of the fastest economic expansions in Asia#4 Competitive labor costs#5 Increasing exports#6 Incentives to increase foreign investment in Myanmar#7 New companies law to facilitate investment#8 Many foreign companies are investing in Myanmar successfullyHow to reduce investment risks in Myanmar?Ready to invest […]. Thingangyun Tsp, Yangon, Myanmar. Hence it is advisable for investment in Myanmar. 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. Articles of Association 1. The latest news, articles, and resources, sent to your inbox weekly. Directors and Secretary You must register all your company’s directors and secretary (if any). There’s another alternative if you do not want to register a company in Myanmar or want to test the market first. By typing a term into the search box in the Companies Register, you can search directly for: 1. companies on the register — this includes: 1.1. current companies 1.2. companies incorporated in other countries and registered to do business in New Zealand 1.3. companies that have been removed or are in receivership 2. the previous names of those companies — although you can't do a specific search for these 3. directors of companies — including banned directors and prohibited managers 4. shareholders … Secondly, obtain company registration form at DICA and Pay stamp duty at one-stop service (OSS) or internal revenue department. 2021 ENTERSLICE FINTECH PRIVATE LIMITED . All Rights Reserved. DIRECTORATE OF INVESTMENT AND COMPANY ADMINISTRATION. Public Company by Myanmar Citizen 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. Print your Boarding Pass. A company with share contribution of the State shall be registered under the Special Company Act 1950 and the Myanmar Companies Act 1914. All companies formed in Myanmar is governed by Myanmar Companies Act, 1914. Myanmar Companies Online (MyCO) ... You understand that all submitted notices will be registered as prior notices of lease and the registration date of submitted notices will be set as the date and time of commencement of the registry. 5. © 2011-2021 Emerhub Limited. A company like this can be a foreign company registered in Myanmar or through a branch or representative office formed outside Myanmar. The 2 most common … It is principal legislation governing forms of business ownership and types of business permitted in Myanmar and the operation of Myanmar established companies. US$150,000 if you want to be listed in the Yangon Stock Exchange, *However, service companies need US$50,000 and manufacturing companies require US$150,000 of minimum capital. Then submit the completed and signed business commencement documents (and stock exchange approval) letter to DICA. 4. Burma's economy has undergone notable changes. Myanmar Company Registration. Private Company By Myanmar Citizen Myanmar has eased restrictions on foreign investment significantly over the past years, making the market more accessible to foreign investors. ), Submit a list of directors and shareholders, Register your tax and any employees for social security. Such a company could be a foreign company registered in Myanmar or by means of a branch office or representative office formed outside Myanmar. that lets you penetrate the market before incorporation and helps you plan your resources wisely. The benefits of starting a business in Myanmar. Web Check-In is only available for domestic flights from RGN, MDL and NYT airports. You can always approach Emerhub for help to get through the registration seamlessly. 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. This search is free of charge. Labor force is also economic and government support is there good enough to corporate for having their smooth running of business. For more extended periods, you need to seek further approval. What is Company Registration in Myanmar? All company registration and filing processes will re-commence on August 1 under the new system MyCO. 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. Note that Myanmar considers, The first step in company incorporation is to. However, company may be registered in one of the following forms:-. Outsourcing different services enables you to start operating in Myanmar before putting in any capital. However, keep in mind that the parent company is fully liable for the branch’s actions. Investors who want to apply for a MIC permit still need to submit a detailed business plan to MIC plus additional registration forms. 100% Confidentiality, Top 100 Most Innovative Companies in Asia - Red Herring. For foreign investors who are registering a company in Myanmar they have an option of registering with Foreign Investment Law (FIL) benefits or without FIL benefits. Company name check; Certificate of Incorporation; Company round stamp; Managing director stamp; aimmyanmar Contact us. No Sharing. Private Company by Myanmar Ci… 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. I. Submit complete and signed a form with required documents and pay registration fees at OSS. Fragile monetary stability largely reflects excessive money creation to fund fiscal deficits. If your business does not have a significant capital investment, a potential impact on the environment and the local community, or fall under the restricted categories above. Payment acceptance letter from OSS Copyright © Foreign Company 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. 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. Completed guide on Company Registration in Myanmar. A new banking and finance law that lays the foundations for more efficient licensing of financial institutions has been ratified. Finally, applicant receives notification from Ministry of Planning and Finance regarding incorporation which is also published in government gazette. Conclusion However, the guidelines and rules of company registration happen to be eased because of the new anticipation of foreign investment law in Myanmar. 6. here are the business structures you can consider. The information on MyCO is maintained electronically and is publicly accessible 24 hours a day, 7 days a week. This video is all about how to register a company in Myanmar through the online site. Associates/Non-Profit Organization 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. Now let's have a discussion on each one of above-listed company registration procedure step by step. The step-by-step process of company registration in Myanmar. Note that Myanmar considers companies with up to 35% of foreign ownership as local companies. Forbes 30 Under 30 in American business and industry figures Lists. The government intends & has planned effectively & efficiently to make public spending more efficient, improve budget transparency, and privatize some loss-making state-owned enterprises. 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. To register a foreign company in Myanmar, applicant should first need to apply for name check form in DICA. How long does it take to set up a company in Myanmar? Previously, the entire process of company registration in Myanmar like a foreign entity was lengthy and cumbersome. Emerhub offers an outsourced operations model that enables you to do business without company incorporation. Burma's economy has undergone notable changes. More importantly, companies registered in Myanmar have until January 31, 2019 to re-register on an electronic system once the new law and related regulations come into effect on August 1. However, service sector companies need at least US$50,000 and manufacturing companies require US$150,000 of minimum capital. Take a look at some of what we have to offer: Planning on registering your own business in Myanmar? Statement of company objectives. Business Form & Structure Established by DICA, MyCO acts as a public registry of all companies and entities registered under the Myanmar Companies Law (2017). 2. This is basically a Myanmar Branch of a company that has been Incorporated outside Myanmar. The regulatory system lacks transparency and clarity, and inconsistent enforcement of regulations injects uncertainty into business decision-making. Hello guys, Jack here again. The branch will be subject to a US$50,000 of minimum capital and the corporate tax rate of 35%, as opposed to the 25% tax rate applicable to companies incorporated in Myanmar. A step-by-step guide for starting a foreign-owned business in Myanmar . DIRECTORATE OF INVESTMENT AND COMPANY ADMINISTRATION. A 65%/35% JV company of this nature is considered to be a “local” Myanmar company under the new Myanmar Company Law. Created by … 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). 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. Myanmar offers two options to foreign investors who want to register a business entity in a nation blessed with rich natural resources and famed for its inexpensive skilled labour. Some business lines are totally closed to foreign investment whereas other activities require a local joint venture partner. Myanmar Companies Online (MyCO) ... You understand that all submitted notices will be registered as prior notices of lease and the registration date of submitted notices will be set as the date and time of commencement of the registry. Myanmar (also known as Burma), is an emerging economy. In Myanmar, joint ventures are also limited liability companies (LLCs), and you need a minimum of 2 shareholders, one foreign investor and one local shareholder in Myanmar. Limited Liability Partnership Registration, Conversion of LLP into a Private Limited Company, Asset Reconstruction Company Registration, Investment Advisors registration with SEBI, Registrar and Share Transfer Agent Registration, TP Planning, Documentation and assistance in Compliances, Goods and service tax (GST) Advisory Service, Climate Change and Sustainability Services, Enterprise and Strategic Risk Management Services, Foreign Direct Investment under the Approval Route, EPC Projects, O&M Accounting & Administration, End to end followed with Government Authority. 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. The budget process has become more open, but the government has not taken significant steps to curb rampant national and local corruption. Company incorporation is under the jurisdiction of the Directorate of Investment and Company Administration (DICA), a secretariat of the Myanmar Investment Commission (MIC). It does come with its own risks and investors who are registering a company in Myanmar need to develop a long-term business plan which will prepare the business well for the challenges that come with operating in Myanmar. During that time, company registration and filing processes will be temporarily suspended. Business form like sole proprietorship and partnership enterprise not required to register under DICA. Emerhub will help you, get in touch with us via the form below and our consultants will arrange the necessary paperwork on your behalf as well as assist you with choosing the best, General requirements for setting up a company in Myanmar, Legal entities available to foreign investors in Myanmar, The step-by-step process of company registration in Myanmar. After all compliance, the applicant can obtain business commencement certificate from DICA. Follow us Address: No.35(B), Wai Za Yan Tar Road. If one share is owned by a foreign partner, the company shall come under the definition of a foreign company, and shall apply and obtain a Permit before registration. Companies are registered by the Directorate of Investment and Company Administration (DICA). Situation of registered office form. DISCUSSION CAN BE CONDUCTED VIA ZOOM. However, its activities are limited to: It cannot operate in production or commercial related activities nor earn any income or issue any invoices. You must provide your proposed name of the company in English and optionally in Myanmar. 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. Myanmar company incorporation costs in Year 1 amount to US$20,825. Registrations fees ar e the same for all types . DICA is in charge of company registrations for local and foreign businesses under the Myanmar Companies Law 2017. Hire people in Myanmar without setting up your own company, Import products to Myanmar without acquiring any import licenses, Thorough market research before making any investments. Memorandum of Association. Myanmar has eased restrictions on foreign investment significantly over the past years, making the market more accessible to foreign investors. After deciding on the type of business you want to establish, you need to get ready a business name as well as a registered business address in Myanmar. Association/Not for Profit organization Legal compliance is very huge and cumbersome to complete as well. Private Company by Myanmar Citizen A new banking and finance law that lays the foundations for more efficient licensing of financial institutions has been ratified. Home » Blog » Myanmar » Company Registration in Myanmar: A Step-by-Step Guide, Table of contents General requirements for setting up a company in MyanmarLegal entities available to foreign investors in MyanmarThe step-by-step process of company registration in MyanmarHow long does it take to set up a company in Myanmar?Expand to Myanmar by outsourcingGetting started with company registration in MyanmarMyanmar has eased restrictions on foreign investment significantly over […]. The budget process has become more open, but the government has not taken significant steps to curb rampant national and local corruption. Shareholders can be either individuals or corporations, and you also need one resident director who must live in Myanmar for at least 183 days in a calendar year. Foreign-owned entities can rent a physical office for up to 2 years. If an … Such a company could be a foreign company registered in Myanmar or by means of a branch office or representative office formed outside Myanmar. To register a foreign company in Myanmar, applicant should first need to apply for name check form in DICA. Foreign Company Company Registration in Myanmar ... check and 5,100 kyats for the company r egistration. Furthermore, to establish a branch or a representative office in Myanmar, you need to have US$50,000 of minimum capital. Fragile monetary stability largely reflects excessive money creation to fund fiscal deficits. Myanmar (also known as Burma), is an emerging economy. Take note that an overseas corporation is not a limited liability entity. 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. Planning on registering your own business in Myanmar? Otherwise, the usual timeline for your business to become operational is 3 – 6 months for the appropriate process approvals by the Myanmar Investment Commission (MIC). 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. Company Contact Details You must provide contact information for your company, including registered office and principal place of business. All companies formed in Myanmar is governed by Myanmar Companies Act, 1914. Finally, applicant receives notification from Ministry of Planning and Finance regarding incorporation which is also published in government gazette. 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. Different Myanmar entity types Cost Draft invoice; LLC: US$20,825: View invoice PDF: PLC: US$21,825: View invoice PDF: Branch office: US$24,900: View invoice PDF: Rep office: US$21,500: View invoice PDF: Non-profit company: US$21,900: View invoice PDF: … As a foreign investor, you have some options for setting up a company in Myanmar, and here are the business structures you can consider. You can set up a PLC with at least seven shareholders and a minimum capital of US$50,000. 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. Process for Registering your Company in Myanmar. Arbitrary taxation policies and marginal enforcement of property rights have driven many enterprises into the informal sector. Posts about Company Registration in Myanmar written by S & F CONSULTING FIRM LIMITED Firstly applicant required to submit signed name check form to DICA then Submit Company Director Identification documents (for each director) to DICA. Once your company in Myanmar is set up, you need to complete the following activities: The process above is for normal company registration under the Myanmar Companies Act. Confirm your NRC (or Passport) and Nationality. Myanmar Company Registration. Unlike in the past, this sovereign state is now gradually but firmly opening to foreign investment and trade. Directors details . Joint Venture Company Here are the materials that you need to submit: All shareholders will also need to sign the incorporation application before a certified lawyer or accountant in Myanmar. No Spam. The parent company needs to deposit this from their equity. Economic sanctions have been eased or lifted, and the government has launched reforms to modernize the economic system. 2021©AIM Myanmar. 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.
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