yangon · cro company registration office ... legal framework the myanmar companies act of 1914 and...
TRANSCRIPT
Realize the potential
- Yangon -December 2015
This handbook was updated in December 2015.
Please check www.dica.gov.mm for further update.
Contents
Abbreviations......................................................................................................................................2
Preface..............................................................................................................................................2
I. Company Registration in Myanmar................................................................................................3
1. Legal Framework................................................................................................................3
2. Types of Companies............................................................................................................3
II. Guide Maps on Company Registration Procedures in Myanmar....................................................4
1. Registration of Myanmar Private Companies......................................................................4
2. Registration of Myanmar Public Companies.......................................................................6
3. Registration of Foreign Companies.....................................................................................8
4.RegistrationofBranchesorRepresentativeOfficesofForeignCompanies.....................10
5. Registration of Joint Venture Companies..........................................................................12
6. Registration of Business Associations..............................................................................14
III. Compliance with Legal Requirements upon Successful Registration........................................16
IV.EssentialDocumentstoBeSubmittedforCompanyRegistrationCertificateRenewal.............17
1.DocumentRequirementsforCompaniesRunbyCitizensofMyanmar.............................17
2.DocumentRequirementsforForeignCompanies.............................................................17
3.DocumentRequirementsforBranchesandRepresentativeOfficesofForeignCompanies...18
V. Frequently Asked Questions.........................................................................................................19
VI. Useful Contacts...........................................................................................................................22
Imprint.............................................................................................................................................23
Abbreviations
ADB Asian Development Bank
AEC ASEAN Economic Community
AOA Articles of Association
BOD Board of Directors
CRO CompanyRegistrationOffice
GDP Gross Domestic Product
GIZ Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
MIC Myanmar Investment Commission
MOA Memorandum of Association
NRC National Registration Card
OSS One Stop Service
OSSC One Stop Service Centre
SECM Security and Exchange Commission of Myanmar
Preface
A wide range of economic reforms have been introduced in Myanmar in the past few years. The economy has been gradually liberalized and has increasingly opened its doors to foreign investment and trade. Domestic entrepreneurship has been strongly promoted to stimulate investment in the economy.Asa result,Myanmar’seconomygrewby7.8% in2014, andaccording toADB’sAsianDevelopment Outlook, it is on track to achieve the same growth rate in 2015. Growth has been supportedbyincreasinginvestment,whichinturnhasbeenfueledbyimprovedbusinessconfidence,exports, increasing production of natural gas, thriving tourism, and credit growth – all of which have been complemented by the government’s ambitious structural reform program.
Myanmar is a member of the ASEAN Economic Community (AEC), which will begin operations in late 2015. Given its favorable strategic geographic position, Myanmar has a high potential to become a vital trade hub and production base in the region comprising ASEAN, China, and India. In addition, the country’s aim is to achieve the highest GDP growth rate in Southeast Asia in the coming years.
The government of Myanmar has been making numerous efforts to achieve this objective and to makedoingbusinessinMyanmareasier.Registeringyourcompanyisthefirststepthatyouwillhave to take before you can make any investments in the country. This brochure has been prepared to make registering a company a transparent, easy-to-understand, and cost-effective process for local and foreign companies. It has been developed by the Directorate of Investment and Company Administration (DICA) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), which are currently planning to also prepare guidelines on the processes involved in obtaining investment permits. More initiatives will soon be launched to further reform the company registration and investment permit issuance processes in order to facilitate stronger investment in Myanmar and to restore Myanmar’s economy to prosperity.
2
I. Company Registration in Myanmar
1. Legal Framework
The Myanmar Companies Act of 1914 and the Special Companies Act of 1950 are the two fundamental pieces of legislation that govern company registration in Myanmar. These two laws describe how companies in Myanmar are formed and managed. They contain provisions on key matters such ascompanyregistration,companymanagement,financialreportingandaudit requirements forcompanies, share capital and capital raising, duties of directors, and the winding up of companies.
Registrationisthefirststepabusinesspersonwillberequiredtotakebeforestartingabusinessor making an investment in Myanmar, whether that person is a citizen of Myanmar or a foreigner. Companies register with the Directorate of Investment and Company Administration (DICA), which was established under the aegis of the Ministry of National Planning and Economic Development in 1993. In addition to registering companies, DICA is also responsible for monitoring and reporting on the operation of registered and authorized companies.
2. Types of company
In accordance with the Myanmar Companies Act of 1914 and the Special Companies Act of 1950, a company may be registered in one of the following forms:
• As a private company by Myanmar citizens (under the Myanmar Companies Act of 1914),• As a public company by Myanmar citizens (under the Myanmar Companies Act of 1914),• As a foreign company (under the Myanmar Companies Act of 1914),• Asabranchorrepresentativeofficeofaforeigncompany(undertheMyanmarCompanies Act of 1914),• As a joint venture company with the government of Myanmar (under the Special Companies Act of 1950), or• Asanassociation/nonprofitorganization(undertheMyanmarCompaniesActof1914).
Entrepreneurs and investors are advised to register their company in the form most appropriate to their own needs and the needs of their business. Foreigners may register their company as a foreign company or as a branch of a foreign company. For some economic activities, foreigners may need to form a joint venture with a business owned by a citizen of Myanmar or with an institution based in Myanmar.
The guide maps in the following section provide detailed yet straightforward and easy-to-understand step-by-step instructions on how to register a company in Myanmar, each concerning a different type of company. The guide maps describe the steps required for registration, the documents that must be submitted during each of these steps, and the fees required for each step.
1 A list of economic activities in which foreign investors may invest only in the form of a joint venture with a local partner, a local company, or citizens of Myanmar is provided in Notification No. 49/2014 under the Foreign Investment Law of 2012, which was issued by the Myanmar Investment Commission on August 14, 2014.
3
II. G
UID
E M
AP
S O
N T
HE
PR
OCE
DU
RES
TO
REG
ISTE
R C
OM
PAN
IES
IN M
YAN
MA
R1.
REG
ISTR
ATIO
N O
F M
YAN
MA
R P
RIV
ATE
COM
PAN
IES
Chec
k av
aila
bili
ty
of c
ompa
ny n
ame
at D
ICA
Obt
ain
com
pany
re
gist
rati
on fo
rms
at
DIC
A a
nd p
ayst
amp
duty
Subm
it s
igne
d co
mpa
ny
regi
stra
tion
form
s
at D
ICA
and
pay
re
gist
rati
on fe
es
Subm
it s
igne
d na
me
chec
k fo
rm to
DIC
A1 2 3 54 6
1. N
ame-
chec
k fo
rm (b
ough
t fro
m D
ICA
o
r do
wnl
oade
d fr
om D
ICA
web
site
)
+ 10
00 k
yat
+ 51
00 k
yat
+ 1.
000.
000
kyat
1. C
opy
of n
atio
nal r
egis
trat
ion
card
v
1. A
pplic
atio
n co
ver
lett
er2.
Dec
lara
tion
of r
egis
trat
ion
(For
m 1
)3.Situa
tion
ofreg
isteredofficeform
4. S
tate
men
t of c
ompa
ny o
bjec
tive
s5.
Dir
ecto
rs’ d
etai
ls (F
orm
26)
6. M
emor
andu
m o
f Ass
ocia
tion
7.ArticlesofAssociation
1. A
pplic
atio
n co
ver
lett
er
2. D
ecla
rati
on o
f reg
istr
atio
n (F
orm
1)
3.Situa
tion
ofreg
isteredofficeform
4.
Sta
tem
ent o
f com
pany
obj
ecti
ves
5. D
irec
tors
’ det
ails
(For
m 2
6)6.
Mem
oran
dum
of A
ssoc
iati
on7.ArticlesofAssociation
1. P
aym
ent a
ccep
tanc
e le
tter
from
OSS
Subm
itcom
panydirectoriden
tificationdo
cumen
ts
(for
eac
h di
rect
or) t
o D
ICA
Obt
ain
com
pany
reg
istr
atio
n fo
rms
at D
ICA
Subm
it c
ompl
eted
and
sig
ned
com
pany
re
gist
rati
on fo
rms
to D
ICA
Pay
sta
mp
duty
at O
ne S
top
Serv
ice
(OSS
) or
Inte
rnal
Rev
enue
Dep
artm
ent
Pay
com
pany
reg
istr
atio
n fe
e at
OSS
Step
1
Step
2
Step
3
4
7
Obt
ain
com
pany
in
corp
orat
ion
ce
rtif
icat
e
Step
4
7O
btai
n co
mpa
ny in
corp
orat
ion
certificatefrom
DICA
Con
firmreg
isteredofficead
dress
(wit
hin
one
mon
th o
f reg
istr
atio
n)
1.Com
panyin
corporationcertificate
issu
ed b
y D
ICA
2.Letterfrom
DICAreq
uestingconfi
r
mationofreg
isteredofficead
dress
3.Sub
mitcon
firmationfrom
towns
hip
office
5
2. R
EGIS
TRAT
ION
OF
MYA
NM
AR
PU
BLI
C CO
MPA
NIE
S
Chec
k av
aila
bili
ty o
f co
mpa
ny n
ame
at
DIC
A
Subm
it s
igne
d na
me
chec
k fo
rm to
DIC
A1
Step
1
2Su
bmitdirectoriden
tificationdo
cumen
ts
(for
eac
h di
rect
or) t
o D
ICA
1. N
ame-
chec
k fo
rm (b
ough
t fro
m D
ICA
or
dow
nloa
ded
from
DIC
A w
ebsi
te)
+ 10
00 k
yat
1. C
opy
of n
atio
nal r
egis
trat
ion
card
Obt
ain
com
pany
re
gist
rati
on fo
rms
at
DIC
A (o
r on
line
) an
d pa
y st
amp
duty
Subm
it s
igne
d co
mpa
ny
regi
stra
tion
form
s
at D
ICA
and
pay
re
gist
rati
on fe
e
3 54 6
+ 51
00 k
yat
+ 1.
000.
000
kyat
1. A
pplic
atio
n co
ver
lett
er
2. D
ecla
rati
on o
f reg
istr
atio
n (F
orm
1)
3.Situa
tion
ofreg
isteredofficeform
4.
Sta
tem
ent o
f com
pany
obj
ecti
ves
5. D
irec
tors
’ det
ails
(For
m 2
6)6.
Dir
ecto
rs’ c
onta
ct d
etai
ls fo
rm7.Mem
oran
dumofA
ssociation
8. A
rtic
les
of A
ssoc
iati
on
1. A
pplic
atio
n co
ver
lett
er
2. D
ecla
rati
on o
f reg
istr
atio
n (F
orm
1)
3.Situa
tion
ofreg
isteredofficeform
4.
Sta
tem
ent o
f com
pany
obj
ecti
ves
5. D
irec
tors
’ det
ails
(For
m 2
6)6.
Dir
ecto
rs’ c
onta
ct d
etai
ls fo
rm7.Mem
oran
dumofA
ssociation
8. A
rtic
les
of A
ssoc
iati
on
1. P
aym
ent a
ccep
tanc
e le
tter
from
OSS
Obt
ain
com
pany
reg
istr
atio
n fo
rms
from
DIC
A
or th
roug
h th
e D
ICA
web
site
Subm
it c
ompl
eted
and
sig
ned
com
pany
re
gist
rati
on fo
rms
to D
ICA
Pay
sta
mp
duty
at O
ne S
top
Serv
ice
(OSS
) or
Inte
rnal
Rev
enue
Dep
artm
ent
Pay
com
pany
reg
istr
atio
n fe
e at
OSS
Step
2
Step
3
6
Inco
rpor
atio
nce
rtif
icat
e
Pre
pare
for
busi
ness
com
men
cem
ent
Subm
it d
ocum
ents
for
Bus
ines
sCo
mm
ence
men
tCe
rtif
icat
e
Bus
ines
sCo
mm
ence
men
tCe
rtif
icat
e
Step
4
Step
5
Step
6
Step
7
Obtaincompa
nyin
corporationcertificatefrom
DICA
Con
firmreg
isteredofficead
dress(withinon
e
mon
th o
f reg
istr
atio
n)
Pub
lish
new
spap
er a
dver
tise
men
ts
Pre
pare
com
pany
pro
spec
tus
and
subm
it to
SEC
M
for
appr
oval
Ope
n ba
nk a
ccou
nt
Pre
pare
doc
umen
ts fo
r in
itia
l sha
re is
sue
7 8 9 10 11 12 13 14
Subm
it c
ompl
eted
and
sig
ned
busi
ness
com
men
cem
ent d
ocu-
men
ts (a
nd S
ECM
app
rova
l let
ter)
to D
ICA
Obtainbu
sine
sscom
men
cemen
tcertificatefrom
DICA
1.Com
panyin
corporationcertificateissu
ed
by D
ICA
1. F
orm
s 6
and
262.
Boa
rd o
f Dir
ecto
rs’ r
esol
utio
n
1.Letterfrom
DICAreq
uestingconfi
rmation
ofreg
isteredofficead
dress
2.Sub
mitcon
firmationfrom
towns
hipoffice
1. A
pplic
atio
n co
ver
lett
er
2. A
pplic
atio
n fo
rm (F
orm
1)
3.Certifie
dde
clarationforcommen
cemen
tofb
usiness
4. C
onse
nt to
act
form
(sig
ned
by a
ll d
irec
tors
) (Fo
rm 2
)5.Directors’agreemen
ttobu
ysharequ
alificatio
n(Form25)
6. C
ompa
ny b
roch
ure
7.Cop
yofnew
spap
eradvertisemen
ts8.
Ban
k ac
coun
t sta
tem
ent (
min
imum
dep
osit
)9.
For
ms
6 an
d 26
(for
init
ial s
hare
issu
e) w
ith
Boa
rd o
f
Dir
ecto
rs’ r
esol
utio
n (f
or in
itia
l sha
re is
sue)
1.Bus
inesscommen
cemen
tcertificate
is
sued
by
DIC
A
+ 50
,000
,000
kya
t min
imum
dep
osit
7
3. R
EGIS
TRAT
ION
OF
FOR
EIG
N C
OM
PAN
IES
Chec
k av
aila
bili
ty
of c
ompa
ny n
ame
Subm
it s
igne
d na
me
chec
k fo
rm to
DIC
A1
Step
11.
Nam
e-ch
eck
form
(bou
ght f
rom
DIC
A
or
dow
nloa
ded
from
DIC
A w
ebsi
te)
+ 10
00 k
yat
Obt
ain
com
pany
re
gist
rati
on fo
rms
fr
om D
ICA
or
thro
ugh
the
DIC
A w
ebsi
te
Subm
it s
igne
d co
mpa
ny r
egis
trat
ion
docu
men
ts to
DIC
A
21.
App
licat
ion
cove
r le
tter
2.
Dec
lara
tion
of r
egis
trat
ion
(For
m 1
)3.
Situationofreg
isteredofficeform
4.
Dec
lara
tion
of L
egal
Ver
sion
5. CertificateofTrans
lation
6.
Dir
ecto
rs’ d
etai
ls (F
orm
26)
7.
Mem
oran
dum
of A
ssoc
iati
on8.
A
rtic
les
of A
ssoc
iati
on9.
A
pplic
atio
n fo
rm fo
r pe
rmit
(For
m A
)10
. Sta
tem
ent o
f com
pany
obj
ecti
ves
and
un
dert
akin
g no
t to
cond
uct t
radi
ng a
ctiv
itie
s
Oth
er d
ocum
ents
to b
e pr
ovid
ed b
y ap
plic
ants
:-
Cop
y of
pas
spor
t of s
hare
hold
er (i
f an
indi
vid
ua
l) o
r di
rect
ors’
res
olut
ion
(if a
com
pany
)-
Cop
y of
pas
spor
t of f
orei
gn d
irec
tors
or
copy
of
th
e N
RC
for
loca
l dir
ecto
rs.
1.
App
licat
ion
cove
r le
tter
2.
D
ecla
rati
on o
f reg
istr
atio
n (F
orm
1)
3. Situationofreg
isteredofficeform
4.
D
ecla
rati
on o
f Leg
al V
ersi
on5.
CertificateofTrans
lation
6.
Stat
emen
t of c
ompa
ny o
bjec
tive
s an
d
unde
rtak
ing
not t
o co
nduc
t tra
ding
7.
Dir
ecto
rs d
etai
ls (F
orm
26)
8.
Mem
oran
dum
of A
ssoc
iati
on9.
A
rtic
les
of A
ssoc
iati
on
10. A
pplic
atio
n fo
rm fo
r pe
rmit
(For
m A
)11
. Cop
y of
pas
spor
t of s
hare
hold
er a
nd
dire
ctor
s’ r
esol
utio
n12
. Cop
y of
pas
spor
t of f
orei
gn d
irec
tors
or
cop
y of
the
NR
C fo
r lo
cal d
irec
tors
Obt
ain
com
pany
reg
istr
atio
n fo
rms
from
DIC
A
or th
roug
h th
e D
ICA
web
site
Step
2
Step
3
3 4
Pay
sta
mp
duty
at O
ne S
top
Serv
ice
(OSS
) or
Inte
rnal
Rev
enue
Dep
artm
ent
Subm
it c
ompl
eted
and
sig
ned
form
s to
DIC
A
+ 51
00 k
yat
8
Pay
reg
istr
atio
n fe
e
Obt
ain
tem
pora
ry
regi
stra
tion
an
d P
erm
it to
Tra
de
(if d
esir
ed)
Tran
sfer
min
imum
cap
ital
and
su
bmit
oth
er
docu
men
ts
Per
man
ent
inco
rpor
atio
n ce
rtif
icat
e an
d pe
rmit
Step
4
Step
5
Step
6
Step
7
5 6
Pay
reg
istr
atio
n fe
e at
OSS
Obtaintempo
raryin
corporationcertificateand
te
mpo
rary
per
mit
from
DIC
A (i
f des
ired
)
1. P
aym
ent a
ccep
tanc
e le
tter
issu
ed
by
OSS
1. L
ette
r re
gard
ing
perm
it c
ondi
tion
s is
sued
by
DIC
A2.
Con
diti
ons
lett
er is
sued
by
DIC
A3.Tem
poraryin
corporationcertifi
c
ate
issu
ed b
y D
ICA
4. T
empo
rary
Per
mit
to T
rade
issu
ed
by
DIC
A
1.Credita
dviceconfi
rmingtran
sfer
of m
inim
um c
apita
l req
uire
d2.
Sub
mit
con
diti
ons
lett
er s
igne
d by
c
ompa
ny
1.In
corporationCertificate(Perma
n
ent)
issu
ed b
y D
ICA
2. P
erm
it to
Tra
de (P
erm
anen
t)
issu
ed b
y D
ICA
+ 1.
000.
000
kyat
US$
50,0
00 m
inim
um c
apita
l re
quir
ed fo
r se
rvic
e co
mpa
nies
US$
150,
000
min
imum
cap
ital r
e-qu
ired
for
othe
r fo
reig
n co
mpa
nies
7 8
Con
firmreg
isteredofficead
dress(withinon
em
onth
of r
egis
trat
ion)
Subm
it p
roof
of m
inim
um c
apita
l tra
nsfe
r an
d si
gned
con
diti
ons
lett
er to
DIC
A
9Obtainpe
rman
entincorpo
ration
certificatean
dpe
rman
ent P
erm
it to
Tra
de fr
om D
ICA
9
*Acc
ordi
ng to
Art
icle
*27
A.(1
) of t
he M
yanm
ar C
ompa
nies
Act
191
4, e
very
fore
ign
com
pany
or
com
pany
car
ryin
g ou
t int
erna
tiona
l tra
de s
hall,
bef
ore
its m
emor
andu
m a
nd a
rtic
les
are
filed
with
the
Reg
istr
ar, o
btai
n a
perm
it to
trad
e fr
om th
e P
resi
dent
of t
he U
nion
.
4. R
EGIS
TRAT
ION
OF
BR
AN
CHES
OR
REP
RES
ENTA
TIVE
OFF
ICES
O
F FO
REI
GN
CO
MPA
NIE
S
Pre
pare
app
lica
tion
docu
men
ts fo
r
subm
issi
on to
DIC
A
Step
1
Subm
it s
igne
d
appl
icat
ion
docu
men
ts to
DIC
A
Pay
sta
mp
duty
and
re
gist
rati
on fe
e
Step
2
Step
3
Obt
ain
appl
icat
ion
docu
men
ts fr
om D
ICA
or
thro
ugh
the
DIC
A w
ebsi
te1 2
Subm
it c
ompl
eted
and
sig
ned
appl
icat
ion
do
cum
ents
to D
ICA
3 4
Pay
sta
mp
duty
at O
ne S
top
Serv
ice
(OSS
) or
Inte
rnal
Rev
enue
Dep
artm
ent
Pay
reg
istr
atio
n fe
e at
OSS
1. A
pplic
atio
n co
ver
lett
er2.
Dec
lara
tion
of r
egis
trat
ion
(For
m 1
)3.Situa
tion
ofreg
isteredofficeform
4. D
ecla
rati
on o
f leg
al v
ersi
on5.
Aut
hori
zed
pers
ons’
det
ails
(For
m 1
8)6.
App
licat
ion
form
for
perm
it (F
orm
A)
7.Statemen
tofcom
panyobjectivesan
d
unde
rtak
ing
not t
o co
nduc
t tra
ding
act
ivit
ies
1. A
pplic
atio
n co
ver
lett
er2.
Dec
lara
tion
of r
egis
trat
ion
(For
m 1
)3.Situa
tion
ofreg
isteredofficeform
4. D
ecla
rati
on o
f leg
al v
ersi
on5.
Aut
hori
zed
pers
ons’
det
ails
(For
m 1
8)6.
Sta
tem
ent o
f com
pany
obj
ecti
ves
and
unde
rtak
ing
not t
o co
nduc
t tra
ding
act
ivit
ies
7.App
licationform
forpe
rmit(F
ormA)
8. D
irec
tors
’ res
olut
ion
of a
pplic
ant c
ompa
ny
1. P
aym
ent a
ccep
tanc
e le
tter
issu
ed b
y O
SS
Oth
er d
ocum
ents
to b
e pr
ovid
ed b
y ap
plic
ant
com
pany
:
- D
irec
tors
’ res
olut
ion
of a
pplic
ant c
ompa
ny-
List
of d
irec
tors
of a
pplic
ant c
ompa
ny
(*In
dica
tes
docu
men
ts th
at m
ust b
e no
tari
zed
and
cert
ified
by
the
appr
opri
ate
auth
oriti
es o
f th
e re
side
nt c
ount
ry a
nd b
y th
e Em
bass
y of
M
yanm
ar in
that
cou
ntry
)
- C
opy
of p
assp
ort o
r N
RC
of a
utho
rize
d
pe
rson
- *
Mem
oran
dum
and
Art
icle
s of
Ass
ocia
tion
of a
pplic
ant c
ompa
ny (i
n En
glis
h)-*Ann
ualrep
orto
rau
ditedfin
ancial
st
atem
ents
of a
pplic
ant c
ompa
ny fo
r
pr
evio
us tw
o ye
ars
- *
App
oint
men
t let
ter/
pow
er o
f att
or
ne
y fo
r au
thor
ized
per
sons
9.Li
st o
f dir
ecto
rs o
f app
lican
t com
pany
10. C
opy
of p
assp
ort o
r N
RC
of a
utho
rize
d
per
son
11.*
Mem
oran
dum
and
Art
icle
s of
Ass
oci
atio
n of
app
lican
t com
pany
(in
Engl
ish
an
d M
yanm
ar).
12.*Ann
ualrep
orto
rau
ditedfin
ancialstate
m
ents
of a
pplic
ant c
ompa
ny fo
r pr
evio
us
two
year
s.13
.* A
ppoi
ntm
ent l
ette
r/po
wer
of a
ttor
ney
fo
r au
thor
ized
per
sons
.
+ 1.
000.
000
kyat
10
Obt
ain
tem
pora
ry
regi
stra
tion
and
P
erm
it to
Tra
de
Tran
sfer
min
imum
ca
pita
l and
sub
mit
ot
her
docu
men
ts
Perm
anen
t in
corp
orat
ion
cert
ific
ate
and
Per
mit
Step
4
Step
5
Step
6
5 6
Obt
ain
tem
pora
ry in
corp
orat
ion
certificateand
tempo
rarypermit
from
DIC
A (i
f des
ired
)
Subm
it e
vide
nce
of m
inim
um c
apita
l tra
nsfe
r an
d si
gned
con
diti
ons
lett
er to
DIC
A
7O
btai
n pe
rman
ent i
ncor
pora
tion
certificateand
perman
ent
Per
mit
to T
rade
from
DIC
A
1. L
ette
r re
gard
ing
perm
it c
ondi
tion
s is
sued
by
DIC
A
2. C
ondi
tion
s le
tter
issu
ed b
y D
ICA
3.Tem
poraryin
corporationcertificateissu
edbyDICA
4. T
empo
rary
Per
mit
to T
rade
issu
ed b
y D
ICA
1.Credita
dviceconfi
rmingtran
sferofm
inim
umcap
italreq
uired
2. S
ubm
it c
ondi
tion
s le
tter
sig
ned
by c
ompa
ny
1.In
corporationCertificate(Perman
ent)issu
edbyDICA
2. P
erm
it to
Tra
de (P
erm
anen
t) is
sued
by
DIC
A
US$
50,0
00 in
itia
l cap
ital b
roug
ht in
re
quir
ed fo
r se
rvic
e co
mpa
nies
US$
150,
000
init
ial c
apita
l bro
ught
in
requ
ired
for
othe
r fo
reig
n co
mpa
nies
11
5. R
EGIS
TRAT
ION
OF
JOIN
T VE
NTU
RE
COM
PAN
IES
(Inc
orpo
rate
d un
der
1950
Spe
cial
Com
pani
es A
ct)
Chec
k av
aila
bili
ty o
f com
pany
nam
e a
t DIC
A
Step
1
Obt
ain
com
pany
re
gist
rati
on fo
rms
an
d pa
y st
amp
duty
Subm
it c
ompa
ny
regi
stra
tion
ap
plic
atio
n
Step
2
Step
3
Subm
it s
igne
d na
me
chec
k fo
rm to
DIC
A
or th
roug
h th
e D
ICA
web
site
1 2O
btai
n JV
com
pany
reg
istr
atio
n fo
rms
from
D
ICA
or
thro
ugh
the
DIC
A w
ebsi
te
3P
repa
re a
nd s
ubm
it c
ompl
eted
and
sig
ned
com
-pa
ny r
egis
trat
ion
appl
icat
ion
docu
men
ts a
t DIC
A
4P
ay s
tam
p du
ty a
t One
Sto
p Se
rvic
e (O
SS) o
r In
tern
al R
even
ue D
epar
tmen
t
1. N
ame-
chec
k fo
rm (b
ough
t fro
m D
ICA
or
dow
nloa
ded
from
DIC
A w
ebsi
te
1. C
ompa
ny r
egis
trat
ion
form
2.
Dec
lara
tion
of r
egis
trat
ion
(For
m 1
) 3.Situa
tion
ofreg
isteredofficeform
4.
Dec
lara
tion
of L
egal
Ver
sion
5.CertificateofTrans
lation
6.
Dir
ecto
rs’ d
etai
ls (F
orm
26)
7.FormsofArticlesofAssociation
(AOA)
8. F
orm
of M
emor
andu
m o
f Ass
ocia
tion
(MO
A)
Two
copi
es e
ach
of:
(i) A
pplic
atio
n le
tter
; (ii
) A
OA
for
m (
com
plet
ed
and
sign
ed);
(iii
) M
OA
for
m (
com
plet
ed a
nd s
igne
d);
(iv)
Dra
ft J
V A
gree
men
t; (
v) R
ecom
men
dati
on l
ette
r fr
om t
he U
nion
Att
orne
y Gen
erals’soffice;and
(vi)Le
tterforIncorpo
ration
(from
relevan
tgo
vern
men
t age
ncy)
A
ND
:1.
Citi
zens
of M
yanm
ar:
(i) C
opie
s of
nat
iona
l reg
istr
atio
n ca
rd o
f all
di
rect
ors;
(ii)
Tow
nshi
p re
fere
nce
lett
er; (
iii) P
olic
e re
fere
nce
2.Myanm
ar-based
com
panies:(i)Cop
yofcom
panycertifi
cate;
(ii) B
OD
res
olut
ion;
(iii)
Pro
pose
d re
pres
enta
tive
of c
ompa
ny3.
For
eign
ers/
fore
ign
com
pani
es:
(i) C
opy
of p
assp
ort
of d
irec
tor/
sh
are-
hold
ers;
(ii)
If o
ne in
vest
or is
inst
itutio
nal i
nves
tor,
a re
solu
tion
of B
OD
of t
he in
stitu
tion
+ au
thor
ized
lett
er o
f per
son
+ 10
00 k
yat
12
Pay
reg
istr
atio
n fe
e
Obt
ain
Inco
rpor
atio
n Ce
rtif
icat
e
Step
4
Step
5
5 6
Pay
the
regi
stra
tion
fee
at O
SS
Obt
ain
Com
pany
Inco
rpor
atio
n
Certificate
7Receivenotification
from
MNPED
reg
arding
in
corp
orat
ion
(als
o pu
blis
hed
in
gove
rnm
ent g
azet
te)
Com
panyIn
corporationcertificatesigne
dbyDICA
Pay
men
t acc
epta
nce
lett
er fr
om O
SS
13
+ 1.
000.
000
kyat
6. R
EGIS
TRAT
ION
OF
BU
SIN
ESS
ASS
OCI
ATIO
NS
Chec
k av
aila
bili
ty
of d
esir
ed n
ame
Step
1
Pre
pare
app
lica
tion
do
cum
ents
Subm
it s
igne
d
appl
icat
ion
docu
men
ts to
DIC
A
Subm
it r
eque
st to
re
leva
nt m
inis
trie
s
and
orga
niza
tion
s
Step
2
Step
3
Subm
it s
igne
d na
me
chec
k fo
rm to
DIC
A
1 2O
btai
n as
soci
atio
n re
gist
rati
on fo
rms
from
DIC
A
or th
roug
h th
e D
ICA
web
site
3Su
bmit
com
plet
ed a
nd s
igne
d co
mpa
ny
regi
stra
tion
form
s to
DIC
A
Step
4
4 5
Req
uest
rec
omm
enda
tion
lett
er fr
om r
elev
ant
min
istr
ies
and
orga
niza
tion
s
Rec
eive
app
rova
l fro
m r
elev
ant m
inis
trie
s
and
orga
niza
tion
s.
1. N
ame-
chec
k fo
rm (b
ough
t fro
m D
ICA
o
r do
wnl
oade
d fr
om th
e D
ICA
web
site
)
1. A
pplic
atio
n co
ver
lett
er2.
App
licat
ion
form
3. D
ecla
rati
on o
f reg
istr
atio
n (F
orm
1)
4. D
ecla
rati
on o
f leg
al v
ersi
on5.Certificateoftran
slation
1. A
pplic
atio
n co
ver
lett
er2.
App
licat
ion
form
3.
Dec
lara
tion
of r
egis
trat
ion
(For
m 1
)4.
Dec
lara
tion
of l
egal
ver
sion
5.Certificateoftran
slation
6.Situa
tion
ofreg
isteredofficeform
7.Statemen
tofa
ssociation
objectives
8. L
ist o
f exe
cuti
ve m
embe
rs
6.Situa
tion
ofreg
isteredofficeform
7.Statemen
tofa
ssociation
objectives
8. L
ist o
f exe
cuti
ve m
embe
rs9.
Mat
ters
to b
e in
clud
ed in
MoA
+ A
oA
Oth
er d
ocum
ents
to b
e pr
ovid
ed
by a
ppli
cant
s:9.
Mem
oran
dum
of A
ssoc
iati
on (
MoA
),
sign
ed i
n th
e pr
esen
ce o
f a w
itne
ss10
. Art
icle
s of
Ass
ocia
tion
(AoA
). si
gned
in
the
pres
ence
of a
wit
ness
11. B
rief
bio
grap
hy fo
r ea
ch e
xecu
tive
m
embe
r, a
long
wit
h:
- C
opy
of N
RC
- R
efer
ence
lett
er fr
om lo
cal a
utho
rity
+ 10
00 k
yat
14
Pay
men
t ord
er a
nd
pay
regi
stra
tion
fee
Subm
it to
Exe
cuti
ve
Com
mit
tee
Mee
ting
Step
6
Step
5
86 7
Pay
ass
ocia
tion
reg
istr
atio
n fe
e at
DIC
A
Subm
it to
Exe
cuti
ve C
omm
itte
e M
eeti
ng
of th
e M
inis
try
of N
atio
nal P
lann
ing
an
d Ec
onom
ic D
evel
opm
ent
Rec
eive
app
rova
l fro
m M
inis
try
Ex
ecut
ive
Com
mit
tee
Pay
men
t ord
er fo
r as
soci
atio
n re
gist
rati
on fe
e an
d ge
t pay
men
t re
ceip
t vou
cher
500,
000
kyat
s fo
r na
tion
al-l
evel
ass
ocia
tion
300,
000
kyat
s fo
r re
gion
al/s
tate
leve
l ass
ocia
tion
100,
000
kyat
s fo
r to
wns
hip-
leve
l ass
ocia
tion
Obt
ain
regi
stra
tion
ce
rtif
icat
e an
d li
cens
e
Step
7
9Obtain(i)Reg
istrationCertificate
issu
ed b
y D
ICA
; and
(ii)
Reg
istr
atio
n Li
cens
e is
sued
by
DIC
A
1.Reg
istrationcertificateissu
edbyDICA
2. R
egis
trat
ion
Lice
nse
issu
ed b
y D
ICA
15
III. Compliance with Legal Requirements upon Successful Registration
Upon incorporation, companies must act in accordance with all applicable laws and regulations. Below are some of the provisions of the Myanmar Companies Act of 1914 which companies are required to comply with.
• Every company must register the allotment of shares (Form VI) within one month of the allotment date. The registration fee is 2,500 kyats.
• Companies must register details of their director(s), manager(s), and/or managing agent(s) and notify the authorities of any changes to the composition of their general management (Form XXVI) within 14 days of the appointed date or the date on which the changes occurred. The registration fee is 2,500 kyats.
• Companiesarerequiredtonotifytheauthoritiesofthelocationoftheirregisteredofficeto which all communication and notices can be addressed. The address of the initial registered officemustbeprovidedtoDICAwhenfilingtheregistrationdocuments.Allcompaniesmust inform DICA of any change of address within 28 days of the date on which the change occurred. The registration fee is 2,500 kyats.
• Acompanymustholditsfirstannualgeneralmeeting(AGM)within18monthsofthedate of its incorporation and then at least once every calendar year and within no more than 15 months of the previous meeting. To comply, companies are required to submit and lodge the records of the AGM, an annual list of members, and the summary of share capital (Form E) within 21 days of the AGM. The lodge fee is 2,500 kyats.
• Every company is required to lodge a copy of every extraordinary and special solution resolutions of the company with DICA within 15 days from the date of the resolution.
• Notice of extraordinary meetings must be given at least 15 days before the date on which such a meeting is to take place.
• Foreigncompaniesandbranchofficesarerequiredtosubmittheirheadoffice’sfinancial statements,theirrepresentativeoffice’sfinancialstatements,andannualgeneralreports foreachfinancialyear.Theregistrationfeeis7,500kyats(nonresidententitiesonly).
16
17
IV. Essential Documents to Be Submitted for Company Registration Certificate Renewal Business registration certificates for all types of companies inMyanmar are only valid for fiveyears. This includes companies run by citizens of Myanmar, foreign companies, branches of foreign companies,jointventures,andnonprofitorganizations.Companies are required to renew their registration with DICA before a business registration certificate expires. When applying for renewal, companies must include the documents listedbelow.
1. Document Requirements for Local (Private and Public) Companies
• Application for renewal of permit and registration,• Form E (update), completed and signed,• Form 6 and 26, completed and signed,• Afinancialreportandanannualreportofthecompany,• A declaration stating that all taxes payable by the company have been or will be paid• The current address of the company
2. Document Requirements for Foreign Companies
• Application for renewal of registration,• Two copies of Form A, completed and signed,• A detailed list of the company’s business activities,• A list of directors/shareholders,• Form E (update), completed and signed,• Auditedfinancialstatementsforthelasttwoyears,• Credit advices relating to any capital brought in,• A copy of the permit issued by the Myanmar Investment Commission for the foreign company licensed by MIC,• A tour license (update) and monthly reports to the Ministry of Hotels and Tourism (tourism companies only),• AcertifiedcopyoftheincometaxreturnfromtheInternalRevenueDepartment
18
3. Document Requirements for Branches and Representative Offices of Foreign Companies
• Application for renewal of registration,• Two copies of Form A, completed and signed,• A detailed list of the company’s business activities,• Auditedfinancialstatements(balancesheets,profit-and-lossstatements)ofthebranch, auditedfinancialstatements(statements)oftheparentcompany,andannualreportsof theheadofficeforthelasttwoyears(notarizedandconsularizedbytheEmbassyof Myanmar in the country in which the company has its headquarters),• Anauditor’scertificateoffixedcapital,• AstatementconfirmingcompliancewiththeprovisionsofSection277EBof the Myanmar Companies Act of 1914,• Credit advices relating to minimum capital brought in,• AlicensefromtheCentralBankofMyanmar(representativeofficesofbanksonly),• AcertifiedcopyoftheincometaxreturnfromtheInternalRevenueDepartment,• A copy of the permit issued by the Myanmar Investment Commission to the foreign company licensed by MIC
19
V. Frequently Asked Questions
1. What types of companies may be registered in Myanmar?
The Myanmar Companies Act of 1914 and the Special Companies Act of 1950 provide for several types of entities to conduct business in Myanmar. The above-mentioned laws also stipulate that there are two main types of companies in Myanmar: private limited-liability companies and public limited-liability companies.
Companies may be registered in one of the following forms:• As a private company (Myanmar citizens only),• As a public company (Myanmar citizens only),• As a foreign company, • Asabranchorrepresentativeofficeofaforeigncompany,• As a joint venture company in which a Myanmar Government entity holds shares, or• As an association.
2. What is the company registration fee?
The company registration fee is 1,000,000 kyats for all types of companies. In addition, applicants are required to pay 1,000 kyats to buy a name check and 5,100 kyats for the company registration. Registrations fees are the same for all types of companies, that is, both for companies run by citizens of Myanmar and for foreign companies.
Applicants are also required to pay stamp duty from the Internal Revenue Department. The stamp duty fees range from 65,000 kyats to 165,000 kyats depending on the authorized capital oftheapplicantcompany.Applicantsneedtopaythefeesofstampdutyaccordingtothedefinedtime-frame of Internal Revenue Department. Associations are not required to pay stamp duty on registration.
3. How long does it take until a company incorporation certificate is issued?
Forlocalcompanies,companyincorporationcertificateswillbeissuedwithinasfewasthreedaysupon receipt of the registration fee, provided evidence of bank account opening has been provided to DICA.
Permanentcertificates forbusinesses thatdonotneedanMICcertificatewillbe issuedwithinas few as three days upon receipt of a bank credit advice by DICA relating to capital that has been transferredtothecompany’saccount.PermanentcertificatesforbusinessesthatdoneedanMICcertificatewillbe issued immediatelyupon issuanceof theMICpermit. (Inaccordancewith theForeign Investment Law, applications for MIC permits are reviewed and approved within 90 days of the date on which the application was received.)
4. What is the minimum capital requirement when registering a company?
In general, there is no minimum capital requirement when registering a company in Myanmar. Only banking and insurance companies do have minimum capital requirements according to the Central Bank’s regulations.
However, there is a requirement for initial capital brought in for foreign companies, branches and representativeofficesinMyanmar.Thiscapitalremainswiththerespectivecompanyandcanbeused by this company according to their operational needs. The requirements for initial capital brought in are as follows:• MIC permitted companies: US$150.000• Others: US$50.000
Forothercompanies,proof(e.g.bankstatementofcompany’sbankaccountinMyanmar)for50%of the initial capitalneeds tobeprovideduponregistration, theother50%within5yearsafterreceivingtheregistrationcertificate.MICpermittedcompaniesareexpectedtobringintheirinitialcapital according to their investment plan. Proof of the initial capital brought in needs to be provided only when renewing the registration after 5 years.
5. When registering a company as a joint venture, are there any provisions regarding the share proportion or the percentage applicable to foreign investors?
Parties to a joint venture have full discretion in deciding on the percentage of shares owned by each of the parties to the joint venture subject to the Foreign Investment Law of 2012. A list of economic activities in which foreign investors may invest only in the form of a joint venture with a localpartner,alocalcompany,orcitizensofMyanmarisprovidedinNotificationNo.49/2014underthe Foreign Investment Law of 2012, which was issued by the Myanmar Investment Commission on August 14, 2014.
6. What are the minimum and the maximum number of shareholders in a private company and in a public company?
In a private company, the transfer of shares is restricted, and the number of shareholders may rangefromaminimumoftwotoamaximumoffifty.Publiclimited-liabilitycompaniesmusthavea minimum of seven shareholders.
7. Can companies begin operations immediately after registration?
Private companies may begin operations immediately after they have received their company incorporation certificate. Public companies must apply for a Certificate of Commencementof Business before they can begin operations. Details on how to apply for the Certificate ofCommencement of Business for public companies are provided in the guide map “Registration of Myanmar Public Companies” in Section 2 of this brochure. These documents are also available for download from the DICA website.
20
21
8. What documents are required for registering a company?
There are different types of documents required for registration depending on the type of company or entity. Details on what documents are required for each type of company are provided in Section 2 of this brochure. This brochure is also available for download from the DICA website.
9. How long are company registration certificates valid?
Companyregistrationcertificatesarevalidforfiveyears.Aftertheinitialfive-yearperiod,companiesmusthavetheircertificatesrenewed.DetailsofregistrationrenewalproceduresareprovidedinSection 4 of this brochure.
VI. Useful Contacts
To register your company, you may contact the office or branch that is nearest to you:
YANGON (HEAD OFFICE)Company Registration SectionBuilding No. 1, Thitsar Road, Yankin Township, YangonPhone:01-657891Fax: 01-658135E-Mail: [email protected]
NAYPYITAWOFFICEOfficeBuildingNo.32,NaypyidawPhone:067-406124,067406166E-Mail:[email protected]
MANDALAY REGION OFFICEBetween26th&27thStreet,84Street,3rdFloor,ZayChoEastWing,Chan Aye Thar Zan Township, Mandalay Region.Phone: 02-86661, 02-86662Fax- 02-86660E-Mail: [email protected]
SHAN STATE OFFICECompound of the Directorate of Trade Promotion and Consumer Affair, East Circular Road, Yay Aye Kwin Quarter, Taunggyi Township, Shan State.Phone: 08-1 2124293Fax:08-12124974E-Mail: [email protected]
MON STATE OFFICENo.401, Strand Road (Extension), Mayangone Quarter, Mawlamyaing Township, Mon State.Phone:05-723395Fax:05-723385E-Mail: [email protected]
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Imprint
Published December 2015
Published by
Directorate of Investment and Company Administration (DICA) 1, Thitsar Street, Yan Kin Township, Yangon, Myanmar Phone:(951)657891 E-Mail: [email protected] Website:www.dica.gov.mm
Supported by
Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH 1, Thitsar Street, Yan Kin Township, Yangon, Myanmar E-Mail: [email protected] Website:www.giz.de
Responsible Daw Nilar Mu, Director, DICA DominikWeidert,Senior-Advisor,GIZ
Author Le Duy Binh, Economica Vietnam
Layout Manuel Erbenich
Copyright Directorate of Investment and Company Administration (DICA)
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