Starting A New Company in Myanmar
It is easy to start a new company in Myanmar. There are clear steps that are given to those who are interested to put up a business. If undergoing a foreign ownership of business in Myanmar, there are two options provided by the government. If your company requires big investments, such as hotels, resorts, construction, transportation, and the like, then it is a must that you list your company with foreign investment law. But for those who wish to register a small company, then it is required for you to go under MCA or Myanmar Companies Act.
Most business owners start with small companies in Myanmar. With that, they need to have at least $50,000 capital as per MCA. You will be advised to get a permit to trade as per MCA’s regulations. The validity of this permit is until two years, and if expires, it needs to be renewed. The entire process of registering a small company in Myanmar takes up to three months.
If you are a large business owner, then you have to go through the process of Foreign Investment Law. If you have a Myanmar local as a partner for the business, you have to own at least 35% stake of it. The least capital that is required as per the law is $500,000.Investment Commission Permit is to be requested as per foreign investment law. You are also required to apply for permit to trade just like with the small business owners. Before you are able to acquire this permit, you have to prepare your report of your economic activities, the approximate first year of consumption including your finances or bank records.
Once the permit is delivered, you have to send the minimum capital to their office so to complete the registration. The entire process of registration would take you up to six months and shall have a list of the shareholders from your end including information about the directors and the shareholders as well.
This may all be simple and easy for some but it is a good guide for everyone who intends to own a business or company in Myanmar. There are several unique places in this area that is why people love to explore and live permanently in Myanmar. Starting a new life in a new place is a daunting task but you will find yourself loving the place easily because of its environment.
If you would like to set up a business in Myanmar, I suggest you also read one of these books to help you learn about the country and how to do business in Myanmar:
Doing Business in Myanmar by Michael O’Kane
It is an essential book you need to have read if you plan on doing any business in Myanmar, it tackles in details the Foreign Investment Law, the Business structure, the Labor Law and even how to Start a business, but also several other subjects that will be useful for your success in the Golden Land of Myanmar.