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Understand the Jurisdictions Setup Requirement Before Proceed Your Myanmar Company Incorporation Services
Myanmar, officially known as the Republic of the Union of Myanmar (also known as Burma) is a sovereign state located in Southeast Asia bordered by Bangladesh, India, China, Laos and Thailand.
Previously during its years of international isolation, Myanmar was heavily reliant on its northern neighbour, China, which remains a key source of trade and investment. In 2015, Myanmar has voted in its first democratically government in over half a century, together with the lifting of economic sanction, the world is rushing to do their business here. Hence, Myanmar would be a good choice for you to set up the company.
There are a few choices of entities available for foreign investment/trade-in Myanmar (Burma). The common entities recognized and available are an entity with 100% foreign equity, joint venture and agency or distribution arrangements.
Entity With 100% Foreign Equity
- Incorporate in Myanmar (Burma) a 100% foreign-owned company
- Establish and operate as a registered branch of a company incorporated outside of Myanmar (Burma)
- The FIL, Foreign Investment Law, generally allows 100% foreign ownership of investments, if an individual establishes and operates as a sole proprietor, as may prescribed by the government.
- Incorporate in Myanmar a joint venture company
- Establish and operate under a contractual/unincorporated joint venture (i.e. a partnership)
Agency or Distribution Arrangements
- Appoint a business representative/enter into an agency arrangement with a Myanmar citizen or 100% Myanmar owned company
- Sell to or buy from a Myanmar citizen/company
Requirements for Foreign Investors
A Foreign Company incorporated in Myanmar (Burma) must:
- Appoint an external auditor soon after incorporation
- Hold its first annual general meeting within 18 months of incorporation
- File an annual return with the Office of the Registrar of Companies Registration within 21 days of the company’s annual general meeting, which is to include:
- a list of members and directors
- details of anymortgages over the company’s property
- details of the capital structure of the company
- a certificate to the effect that the company has not issued any invitation to the public to subscribe for shares
- Keep proper books of account and statutory records (such as a register of members, shareholders, share transfers, directors, mortgages, charges, etc.)
- Present the company’s audited financial statements (in the prescribed form) for each accounting period to the members at the company’s annual general meeting
We Understand Your Need
In 3E Accounting, we understand your need and challenges you faced in setting up business in Myanmar. There are lots of procedure and requirements in registering a new company in Myanmar. That is why we are here to provide you help and support. At 3E Accounting, we have a strong professional team ready to give their expertise to clients in order to make their business venture successful.
If you require assistance or consultation, please feel free to look for us at email@example.com and we will promptly reply you within 24 hours.