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Incorporate a Company in Myanmar

Updated:2018-10-29 18:19:41    Source:www.tannet-group.comViews:28

Incorporate a company in Myanmar is carried out by Directorate of Investment and Company Administration (DICA) in accordance with the provisions of Myanmar Companies Law (2017) and investment proposal applications are subjected to Myanmar Investment Commission (DICA is MIC secretariat). DICA shall issue the certificate of company incorporation and then MIC’s approval will subject to investment project.

Types of Company in Myanmar
The Myanmar Companies Act of 1914 provide for several types of entities to conduct business in Myanmar. When the shares of company are owned by government, it must be incorporated under 1950 Special Companies Act. There are two main types of companies in Myanmar: private limited liability companies and public limited-liability companies.

Companies may be registered in one of the following forms:
• As a private company (Myanmar citizens only);
• As a public company (Myanmar citizens only);
• As a foreign company;
• As a branch or representative office of a foreign company;
• As a joint venture company in which a Myanmar Government entity holds shares;
• As an association.

Legal Requirements on Myanmar Company Formation
The legal requirements for the companies to comply under the mar Companies Act 1914 are as follows:

1. Company Name
The name of the company shall be painted or affixed on the outside of its registered office and every place of business. It must also be engraved in legible characters on its seal and mentioned in all letterheads, notices, advertisements and other official publications, etc.

2. Registered Address
Every company must have a registered office in Myanmar to which all communications and notices may be addressed. A notice of situation of the initial registered office must be filed in the incorporation documents.

3. Directors and Shareholders
Every private company is required to have at least one director and one shareholder.

4. Registered Capital
The minimum investment required for a foreign service company under the MCA is USD 50,000.

Document Requirements for Foreign Companies
1. Specific business activities of the company;
2. A list of directors/shareholders;
3. Audited financial statements;
4. Credit advice relating to any capital brought in;
5. A copy of the permit issued by the Myanmar Investment Commission for the foreign company licensed by MIC;
6. A certified copy of the income tax clearance from the Internal Revenue Department.

Myanmar is well located to cater the western continents countries, and between the forthcoming economic giants - India and China. Recently, Tannet has received quite a lot inquiries on company formation in Myanmar. To better serve the potential investors, we have established closed relationship with the local associates who have rich experience in corporate services. Our legal and accounting professionals are ready to discuss your business needs and give you a tailor-made solution.

Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

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