On 26th July 2018, the Ministry of Commerce (“MOC”) issued the Newsletter No. 2/2018 on the Standard Operation Procedure (“SOP”) for 100% foreign owned companies (“FOC”), joint venture companies between Myanmar nationals and foreigners (“JVC”) and Myanmar local companies (“MLC”) to set out the framework for obtaining a license for wholesale business (“WSL”) and/or a… Read More
On 23rd July 2018, the Ministry of Planning and Finance issued its Notification No. 66/2018 called the Myanmar Companies Regulations 2018 (“MCR”) under Section 462(1)(a) of the Myanmar Companies Law 2017 (“MCL”) to regulate company registration and compliance procedures. Some of the major provisions of the MCR include:- 1. An electronic registry system called “MyCo”… Read More
On 26th July 2018, the Ministry of Commerce of Myanmar (“MOC”) issued its Newsletter No. 3/2018 to list goods permitted for wholesale and retail sale businesses of foreigners or Myanmar-foreigner joint ventures (“List”) pursuant to the MOC Notification No. 25/2018 dated 9th May 2018. The permitted goods consist of 24 groups including: 1. consumer goods… Read More
On 18th June 2018, the Ministry of Planning and Finance (“MOPF”) issued the Notification No. 47/2018 to replace the Notification No. 51/2017 on Types and Rates of Withholding Tax (“WHT”) effective from 1st July 2018. The new rates of the WHT are as follows:- The minimum amount for deduction of the WHT has been changed… Read More
On 12th June 2018, the Myanmar Investment Commission (“MIC”) issued its Announcement on Submissions of Annual Performance Report by Companies Operating Businesses with MIC Permits and Endorsements (“Investors”) as follows:- 1. Each Investor must submit an Annual Performance Report to the MIC in a prescribed form within 3 months from the end of the fiscal… Read More
On 22nd June 2018, the Directorate of Investment and Company Administration (“DICA”) issued an announcement to require all existing companies and legal entities established under the Myanmar Companies Act 1914 and the Special Company Act 1950 to be re-registered with DICA through the Myanmar Companies Online (“MyCo”) system. MyCo system is a new online registration… Read More