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Company Incorporation in Myanmar

Myanmar company registration is difficult for foreign investors because of complex licensing procedures, and differences in local language and culture. That said, economic reforms and international integration are attracting foreign investors, export-orientated manufacturing industries. With an ample amount of cheap labor supply, Myanmar is a great option for investors who want to expand their business in Asian market.

With excellent consultant team, we are offering Myanmar company registration service for various industries.

Guideline for registration of a company in Myanmar:

Abbreviation:

FIL: Foreign Investment Law

DICA: Directorate of Investment and Company Administration

MIC: Ministry of Industry and Commerce

CRO: Company Registration Office

Step by Step to incorporate company in Myanmar

1. Obtain reference letter from the ward chief

Yangon is divided into 4 districts, and 33 townships. Each township is then divided into a certain number of wards, which is the smallest administrative unit grouping several households or ‘each block’. The ‘ward chief’ provides a letter confirming the address of the new business.

2. Obtain criminal history from the township police station

After obtaining the reference letter from the ward, the relevant township police station signs a letter containing your criminal history

3. Conduct a name check at CRO at DICA

On the first visit to the CRO at the Yangon DICA office, and after having obtained the letters from the ward and police station, the proposed name for the new business must be checked and cleared. There is an electronic database since October 2012 that makes it easier to check and to complete this procedure within the same day. The request is made and depending on the workload the check will be done in either a few minutes or a few hours at most, in the meantime the business owner or representative can wait in the office.

4. Request temporary business incorporation certificate

  • Once the name check is complete, the following documents are automatically generated based on the info provided on the application form and are checked for accuracy by the applicant:
  • Application form (company name, list of directors with ID# and addresses, start-up capital, address)
  • Memorandum of Association (for local company, only Burmese version is required, though for English there is also a standardized format available)
  • Business plan of activities
  • Photocopy of the family certificate for each director (includes dates of birth, relationship, occupation, ID#, ethnicity, citizenship, religion). This is a standard form which each family already has in possession.
  • Pledge of directors (affidavit)
  • Ward reference letter
  • Criminal history letter from the township police station

The applicant checks the accuracy of the generated documents, and goes back to the directors to obtain their signatures on the memorandum and articles of association

5. Obtain signature of the directors before a lawyer or certified public accountant

The memorandum and articles of association are signed before a lawyer or CPA. The cost of witnessing the signature of the memorandum and articles of association are about 40,000 Kyat.

6. Payment of registration fees

Payment of registration fees occurs at the accounts department in the same DICA building.

7. Obtain temporary certificate of incorporation

After making the payments, the applicant returns to the Company Registration Office to obtain the temporary certificate, which is generated automatically. It needs to be reviewed and signed by the Assistant Director and the Deputy Director of the CRO. This can be done in 1 day if all is ready and the directors are available, but usually takes a few more days. This temporary certificate allows entrepreneurs to begin operating the business immediately while waiting for the permanent certificate, and is valid for 6 months.

8. Obtain the permanent incorporation certificate

The Company Registration Office will carry out internal reviews in order to issue the permanent incorporation certificate. The file is sent to the Ministry of Home Affairs, where it is checked by the Bureau of Special Investigations (BSI) and the Police. The applicant is informed by the DICA when the definitive certificate is ready to be picked up. The applicant can follow up by phone on the status of the application. The certificate is valid for 5 years.

9. Pay the stamp duties for the permanent incorporation certificate

Before going back to pick up the permanent incorporation certificate, the applicant pays stamp duty on the Articles of Association, which must be shown at the DICA.

10. Obtain a seal or a rubber stamp

According to the law, a company seal is required for a newly constituted firm to operate. However, in practice a rubber stamp is used and accepted. It can be produced in shops in downtown Yangon for a cost of 2,000 kyat.

11. Register for commercial tax

Registration for commercial tax (similar to VAT): companies are obliged to register with the tax authorities one month before the start of their business if the business is expected to generate turnover subject to commercial tax (a broad array of products fall into this category, including manufactured goods). Furthermore, within 10 days of starting a business the tax authorities should also be informed.

DICA compiles a list of newly registered companies each month and sends this information to the relevant townships where the businesses are located.

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Viettonkin Myanmar
Viettonkin Consulting - Myanmar
No. (97-B), Wadan Street, Lanmadaw Township, Yangon, Myanmar

Phone/Fax: (+95) 9 26138 2778/ 9261382779
Hotline: +84 945086038

E-mail: info@viettonkinmyanmar.com

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