Company Registration in Myanmar
If the investor wishes to have a business plan in Myanmar, the most important thing to do is establish a company. Investors can proceed with company registration with our
CHOEGO LAW & ACCOUNTING FIRM(https://www.choego.net/), and we can provide to run your business in Myanmar properly such as Tax processes, hiring staff, prepare documents for bank account opening, accounting and etc.
Investors can set up the following legal entity under Myanmar Company Law:
Private Company Limited by Shares
Public Company Limited by Shares
Company Limited by Guarantee
Public Company Limited by Shares (under the Special Company Act 1950)
Private Company Limited by Shares (under the Special Company Act 1950)
The following entities are the most common types which are registered by investors.
1. Private Company whose liability is limited by share
for commercial or for profit
can set – up only one director and one shareholder
number of shareholders is restricted up to 50 members
sole director can also be the sole shareholder of a private company
depend on the type of business, need to get business license or business permit from various ministries
there is no minimum capital requirement
2. Overseas Corporation
It’s basically Myanmar branch office of a company that is incorporated outside the Union.
3. Public Company Limited by Shares
at least three directors and one of them must be Myanmar citizen
the liability of members is limited to the share
the shares of company can be freely traded on a stock exchange in line with the standards and criteria set out by the stock exchange
Some Activities need after setting up company
1. Annual Return of a company
According to section 97 of the Myanmar Company Law, every company must report within 2 months of its incorporation and once at least every year (but no later than 1 month after the anniversary of its incorporation) files a return of its particulars with the Registrar.
2. Open bank Account
Company can open bank accounts (MMK and USD) in the name of the company and also can apply Mobile banking that makes your financial transaction easier.
3. Tax Assessment Registration
After establishing company, we must report and register as a Tax payer at Internal Revenue Department.
We suggest you to read more information about accounting and tax here: Accounting and Tax Service
4. Applying for Business License or Permit
Most business in Myanmar can’t operate after establishing company. We must apply business license or permit from various Myanmar Ministries under the company’s name or representative person’s name.
5. Changes of company details including directors and share capital matters
While running a business, sometimes need to change company details that are related to directors, share capital and embers, company address, and other activities.
Conclusion about company registration
Thank you for taking the time to read our explanation about company registration. If you have any questions or want to get the above services from us, please feel free to contact our firm. So we would like to be a part of running a business in Myanmar.
Accounting and Tax Service
Accounting and Tax is a necessary process for every company, and it’s a system where we can manage our expenses, profits, and loss.
Every company or other entity like a branch office, or representative office needs a professional account and tax service to prepare bookkeeping, tax assessment and payment, and Annual Return.
We are deemed to serve you with our qualified accounting and tax team.
We can provide you the following account and tax services:
Tax Assessment Registration
Capital Income Tax process
Share Transfer process (if have)
E – Filing and E – Payment system
Form – 2 (KATHAKHA – 2)
Monthly and Quarterly Payment
Quarterly and Annual Return
Consult for monthly income/ expense transaction
MIC is a government-appointed body with the aim of responsible investment development; protect the investors and their investments in accordance with the Myanmar Investment Law 2016. Moreover, MIC has the power to issue necessary notifications including the stipulation of investment promoted sectors and the types of restricted or prohibited investment activities, and permit or endorsement to investors.
According to the Myanmar Investment Law in 2016 (MIL), there are two categories of investment approval procedures which are:
MIC permit and,
Before Myanmar Investment law, any investor had to submit a proposal to MIC permit if they intend to get benefit fromMIC incentives.
According to the MIL, far fewer proposals will be screened and permitted by the MIC. Investors shall submit aproposal to the Commission and invest after receiving the permit for the following investment activities (according toSection 36 of the MIL) stipulated in the rules;
(a) Investment activities those are essential to the national strategy;
(b) Large capital intensive investment projects;
(c) Projects which are likely to cause a large impact on the environment and the local community;
(d) Investment activities which use state owned land and buildings;
(e) Investment activities which are designated by the Government.
And if the investment amount is over 5 million, investors need to apply for a MIC permit. Even though the investment amount is lower than 5 million but still the investment activities are related to Section 36, they must apply for MIC permit.
In addition to Myanmar Investment Commission (MIC) Permits, the Union Government has introduced 'Endorsements' as a fast-track way to doing business in Myanmar. If the investment amount is lower than 5 million or investors are not inthe category of investment activities which are described above (according to Section 36 of the MIL), investors arenot required to submit a permit proposal to the MIC.
However, in order to enjoy the right to use land under Chapter XII, and one or more of the exemptions and reliefsunder sections 75, 77 and 78 of the law, the investors should undergo an investment endorsement application process.
Business License or Permit
Base on the business type, we have to obtain business license or permit from different ministries. For example, if the company is planning to do trading business in Myanmar, the first thing needs to do is to be a Trade net Membership. After being a member, should apply Export/Import Registration Certificate and Trading License.