Understand the Jurisdictions Setup Requirement Before Proceed Your Myanmar Company Registration
Each country’s Company Act aims at governing the running and formation of a company. Myanmar company registration is under particular provisions that are more flexible to Foreign Direct Investment (FDI) leading to an influx of foreign investors.
3E Accounting can assist you with the procedures needed for company registration in Myanmar. Having been in business for several years, 3E Accounting has created less paperwork process with the minimum schedule in a most cost-effective manner. The services cut-across several business solutions from:
- Business setup
- Auditing and accounting services
- Taxation and legal services
- Business advisory and corporate secretarial
Please get in touch with 3E Accounting anytime you need to get clarification about incorporation procedures.
Prerequisites of Incorporation
Now, Myanmar company registration is under the Myanmar Investment Commission (MIC). According to a recently revised Myanmar’s Company Act, foreigners are eligible to take up to 35 percent stake in a local company. A foreigner can own 100 percent of the company, and there is no official minimum paid-up capital required. However, for the service sector, you’re eligible to pay up a minimum of USD 50, 000 whereas for a manufacturing company at least USD150, 000.
In case you’re planning to set up a Representative Office in Myanmar, you’re eligible to pay up at least USD50, 000 whereby the mother company has to deposit it at their equity.
Besides the share capital, it is the prerequisite that you register an office/address before legitimizing your company. For foreigners, you can rent for a physical office eligible for only two years subject to renewal after the expiry of the tenure.
When it comes to Myanmar company registration, the Directorate of Investment and Company Administration (DICA) is responsible for the registration of both local and foreign businesses. But in case you’re into investment proposal application the process is under the jurisdiction of Myanmar Investment Commission’s approval.
Set of Requirements to Accomplish
Once you’ve settled on the type of business you want to set up, the next thing is to formulate a suitable business name. When seeking a business Incorporation Certificate from the DICA, you must submit the following documents:
- Form A of the Myanmar Companies regulation.
- A draft of your Memorandum and Articles of Associations
- The Board of Directors resolution
- The company’s financial credibility
From here is when you’re issued with a temporary trading permit before submitting another set of documents.
- Two copies of Memorandum and Articles of Association suitably stamped and printed in both English and Myanmar.
- A Declaration of the legitimate and official version of the documents
- Listing of both Directors and person(s) accredited to accept services of procedure and notice in Myanmar on Behalf of your company.
- A declaration of incorporation.
The process of Myanmar company registration goes further by depositing at least 50 percent of capital into your business. Again, you must ensure that you obtain a company seal. You must also register for a tax identification number for tax compliance purposes.
According to the Employment Act, you must register your employees for Social Security Services.
The opportunities are there — you only need to get more clarification from 3E Accounting and get started. Contact us for an initial consultation.