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Myanmar Private Sector Investment Summit (MPSIS), on 28-30 Jan 2013 in Yangon clarifies laws and highlight business opportunities in Myanmar

Dear industry colleague,

The Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), the most influential business federation in Myanmar is hosting the Myanmar Private Sector Investment Summit (MPSIS) in Yangon together with Singapore based conference specialist Advantique Group.

 

Scheduled on 28-30 January 2013 at the Chatrium Hotel Royal Lake Yangon, MPSIS provides essential information about doing business and investing in Myanmar.

 

The  program agenda of MPSISis specially designed to help participants make informed decisions about doing business in Myanmar through an in-depth understanding of the important laws, policies and entry strategies. High-level speakers consisting of government officials, established private companies in Myanmar as well as professionals well versed with investing in Myanmar will cover the following issues: 

  • Clarifications on the Latest Foreign Investment Law in Myanmar
  • Myanmar's Tax Structure and International Tax Aspects
  • Banking, Foreign Exchange, Repatriating Profits
  • Site Selection, Land Laws and Leasing
  • Structuring JV and Managing Disputes
  • Trading: How Can Foreign Companies Trade In Myanmar Despite The Restriction?
  • Opportunities in Myanmar: Manufacturing, Construction, Real Estate, Tourism, Agriculture Production & Processing (cash crops), Plantation (rubber & oil palm) &Timber. 

Look forward to meeting you in Yangon!

 

 

Best regards,


Selina Wong

selina@advantiquegroup.com

 

 

 

 

 

 

 

 

View the program agenda 

IN THIS ISSUE
MPSIS is the Best valued Conference on Myanmar
MPSIS Official Local Host - UMFCCI
Myanmar News Byte
Handy Tip For Your Stay in Myanmar

Limited Time Offer: 

USD1290 Nett

 

Standard Rate

USD1590

 +

Processing fee USD50

 =

 Normal Net Fee: USD1640

 
Now You Can Save USD350  
Just give your promo code to enjoy the
 Special Rate 
when you register before 
31 December 2012

-----------------
Pay Only :
USD1290nett

Promotion Code:

"myanmar-visa"

 

 WITH

 

Processing Fee: USD50 (WAIVED)

 

-----------------

 

  Business matching fee at additional

USD100

 

 -------------------

SIGN UP NOW!

--------------------
MPSIS is the Best Valued Conference on Myanmar 

Key Features of Myanmar Private Sector Investment Summit (MPSIS):

  • Hosted and Supported by UMFCCI - the most influential business federation in Myanmar. Connect with their members (Myanmar companies) and expand your contacts in Myanmar.
  • Comprehensive Agenda that Highlights Important Laws, Policies and Entry Strategies, including:
    • Interpretation Of The New Foreign Investment Law and the Implementation Guidelines;
    • How Can You Get Approval to Invest in Restricted Sectors? click here to view the full agenda
    • Myanmar's Tax Structure and International Tax Aspects 
    • Banking, Foreign Exchange, Repatriating Profits
    • Site Selection, Land Laws and Leasing
    • Structuring JV and Managing Disputes 
    • Opportunities in Myanmar: Manufacturing, Construction & Real Estate, Tourism, Agriculture Production & Processing (cash crops), Plantation (rubber & oil palm), & Timber.  
  • 1-to-1 Business Consult Clinics that lets you seek advice on doing business in Myanmar (booking required upon registration to secure a place as there are designated slots; no extra charges)
  • Myanmar Immersion Talks about Myanmar's customs and etiquettes
  • Complimentary 1/2 day tour of Yangon (booking required upon registration to secure a place; minimum 20 sign-ups required for the tour)
  • Find the Right Partners in Myanmar: Includes entry to cocktail reception for informal networking. Personalised Business Matching Session available at an additional USD100 per person only.

From now until the end of this year, you can quote the promotional code "myanmar-visa" and save USD300 from the standard rate of USD1590. On top of that, the usual processing fee is waived. The promotion is valid for sign up before 31 December 2012. To register for MPSIS or for more details, please visit http://www.advantiquegroup.com/mpsis or contact Ms. Selina Wong at selina(at)advantiquegroup.com,+65 6243 3778.

 

MPSIS Official Local Host - UMFCCI

 

About Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI)UMFCCI is the most influential business federation in Myanmar. They represent: 10,854 Burmese Companies, 1,656 Enterprises, 770 Foreign Companies, 185 Co-operatives & 2,898 Individuals in Myanmar. UMFCCI was founded in 1919 as the Burmese Chamber of Commerce and was later upgraded to a federation in 1999 in line with the adoption of the market-oriented economic policy. It is an non-governmental organisation, which stands at a national level, representing and safeguarding the interests of private business sector. UMFCCI acts as a bridge between the State and the private sector. For more details, refer to www.umfcci.net or www.umfcci.com.mm

 

 

 

View the program agenda 


Myanmar News Byte

 

Myanmar permits 15 foreign investments within 2 months

 

Within the last two months, 15 foreign companies had received approval to invest in Myanmar from the Myanmar Investment Commission (MIC).

 

All of them will be setting up manufacturing plants in Myanmar. Twelve of whom are to run their businesses on CMP (cutting, making and packing) basis and they are garment factories, gloves manufacturing, and clock and watch case makers.

The remaining ones are in brick blocks manufacturing, pipe accessories manufacturing and plumbing,animal food production and distribution.   

Total foreign investments in the manufacturing sector havenow grown to US$1.8 million.

MIC has permitted a total of 44 businesses since November 2011. Among them, 29 foreign investments permitted before end July were mainly doing business in the oil and gas, and hydropower sectors.

Source: Eleven Media Group

 

 

View the program agenda 

 

Handy Tip For Your Stay in Myanmar
  • The main language is Burmese but English is widely understood and spoken.
  • Myanmar has three main seasons: Hot season (March to May), rainy season (June to October) and Cold season (November to February). 

Monthly Average Temperate (Celsius) in Yangon

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

19

23

29

32

33

33

32

32

30

28

18

16

  • The currency of Myanmar is Kyat (pronounced as "Chyat").
  • Major credit cards are not always accepted in Myanmar, and even if they are, additional fee will be charged.
  • Myanmar only started having ATMs in May this year, but they are not linked internationally so don't expect to withdraw cash from ATMs there. Cold hard cash are your best option in Myanmar.
  • Only US dollars and Euro can be exchanged in Yangon, elsewhere in Myanmar, US dollars are safer bet. Baht can be exchanged only at the border with Thailand.
  • The notes for exchanged cannot be rumpled or torn. Money changers only accept crisp and clean bills.
  • The rates for official exchange counters (like in the airport) are not so favourable. You may want to consider exchanging money at hotels, shops, travel agents, restaurants, which supposedly offer better rates.
  • Don't hand over your money until you've counted the kyat and counted them. Never accept any bills that are cut at the corner, taped together or torn as they are useless in Myanmar.

View the program agenda 

 

Organized by                       Official Local Host:                   Bronze Sponsor:

                      

 

Supported by: 

Selina Wong

Myanmar Investment and Company Administration Department.


Discussion with Mr. Syed Mahmudul Huq, Chairman, Bangladesh Myanmar Business Promotion Council (BMBPC)

Discussion with Mr. Syed Mahmudul Huq, Chairman, Bangladesh Myanmar Business Promotion Council (BMBPC)

The responsible persons of Directorate of Investment and Company Registration received Mr. Syed Mahmudul Huq, Chairman, Bangladesh Myanmar Business Promotion Council (BMBPC) at Building (32), at 3 pm on 31st May, 2012. At the meeting, official concerned answered and responded the matters related to investment opportunities in Hydropower generation, Telecommunication and Kyauk Phyu Special Economic Zone in Rakhine State.

News 1

Meeting with the Delegation Led by Chief Representative Mr.Ritsuo Fukadai of Bank of Tokyo-Mitsubishi UFJ,  Yangon Representative Office

Meeting with the Delegation Led by Chief Representative Mr.Ritsuo Fukadai of Bank of Tokyo-Mitsubishi UFJ, Yangon Representative Office

The delegation led by Mr.Ritsuo Fukadai, Chief Representative of Bank of Tokyo-Mitsubishi UFJ, Yangon Representative Office paid a courtesy call at Office No.(32) of Directorate of Investment and Company Administration at 4:25 pm on 30th May, 2012.

At the meeting, they discussed about the attractiveness of new foreign investment law and procedures for setting up foreign bank company in Myanmar in frank and cordial manner.

News 2

Meeting with Ms. Margaret Bridges, Director of Strategy-Matters /Corporate/ Financial Strategy Company from Australia

Meeting with Ms. Margaret Bridges, Director of Strategy-Matters /Corporate/ Financial Strategy Company from Australia

Ms. Margaret Bridges, Director of Strategy-Matters/ Corporate/ Financial Strategy Company paid a call at office No.(32), Directorate of Investment and Company Administration at 18:00 hours on 29th May, 2012.

At the meeting, they discussed about the investment procedure for doing Joint Venture in Mining Sector.

News 3

Discussion with the  Mizuho Corporate Bank Ltd., Asia & Oceania Division, Joint General Manager, Mr. Takuya Ito

Discussion with the Mizuho Corporate Bank Ltd., Asia & Oceania Division, Joint General Manager, Mr. Takuya Ito

Responsible Officials from Directorate of Investment and Company Administration received the Joint General Manager, Asia & Oceania Division, Mizuho Corporate Bank Ltd., Mr. Takuya Ito, at Office (32), at (11:00)am on 29th May, 2012.

At the meeting, they discussed matters related to investing in Banking Services in Myanmar in frank and cordial manner.

News 4

Meeting with the Delegation Led by General Manager Mr. Tsuneyuki Kobayashi of Japan Chamber of Commerce and Industry (JCCI)

Meeting with the Delegation Led by General Manager Mr. Tsuneyuki Kobayashi of Japan Chamber of Commerce and Industry (JCCI)

Responsible personnel from the Directorate of Investment and Company Administration received the delegation led by Mr. Tsuneyuki Kobayashi, General Manager of Japan Chamber of Commerce and Industry (JCCI) at Office No.(32) at (10:00)am on 29th May, 2012.

At the meeting, they discussed on the preparatory works for the visit to be paid by the President of JCCI in September 2012 with the purpose of seeking investment opportunities in Myanmar.

News 5

The training course on writing office letter, office note, meeting minutes and office management

The training course on writing office letter, office note, meeting minutes and office management

With the aim of improving governmental staffs’ skills and capacity building, the training course on writing office letter, office note, meeting minutes and office management system is being opened on Building No. 32, between 4:00 pm and 5:00 pm from 28-5-2012 to 31-5-2012.

News 6

Obtaining Raw Materials for Cement Factories Discussed

Obtaining Raw Materials for Cement Factories Discussed

A meeting between the Director General U Aung Naing Oo and party of the Directorate of Investment and Companies Administration and Companies which are producing cement, which are in a on-going stage and which are proposing for cement production was held on 28 May, 2012 at 1:00 pm. at Office No,32, Nay Pyi Taw.

The companies discussed about situations of obtaining raw materials, electricity and financial metters.

News 7

Myanmar Investment and Company Administration (MICA)

The Republic of the Union of Myanmar adopted the market oriented economic system in the year 1988 after adopting the centralised planning economic system for more than two decades. Substantial stabilization and reform measures had been undertaken to be in line with the new economic system. The initial step taken towards a more liberalized economy is to allow foreign direct investment and to encourage the private sector development. In the area of legal framework one of the first laws on investment promulgated by the State Law and Order Restoration Council is the Republic of the Union of Myanmar Foreign Investment Law (FIL), promulgated on 30th November 1988 to induce foreign investment and to boost investment particularly in the private sector.

In 1993 under the Ministry of National Planning and Economic Development, Directorate of Investment and Company Administration was formed. Major functions of Directorate of Investment and Company Administration, Ministry of National Planning and Economic Development are scrutinizing and appraisal of projects that are proposed for investment in the Republic of the Union of Myanmar, monitoring and reporting the implementation of permitted enterprises, registration and administration of Limited Companies, Joint Ventures, Partnerships and Association and Association and taking part in regional cooperation relating to investment matters.

INVESTMENT GUIDE

  • INVESTMENT LAW

    - The Republic of the Union of Myanmar Myanmar Citizens Investment Law (March, 1994)

    The objectives of this Law are as follows:-

    (a) to cause investments of Myanmar citizens to be beneficial to the State;

    (b) to promote development of production and services;

    (c) to cause production of goods by utilizing the natural resources of the country.

    (d) to establish enterprises for import substitution;

    (e) to promote and expand export;

    (f) to promote development of technology;

  • DUTIES AND RIGHTS OF AN INVESTOR [Click to view]

    - The duties and rights of the an investor are as follows :-

    (a) being responsible to abide by the provision of this Law, rules, procedures, orders, directives issued under this Law and conditions of the permit;

    (b) being responsible for effecting insurance with the Myanmar Insurance in accordance with the Myanmar Insurance Law;

    (c) having the right to appoint foreign experts for the time specified, when necessary, after obtaining the approval of the Commission;

    (d) having the right to obtain assistance from the relevant Government department and Government organization to acquire land, building, water, telecommunication and energy which are basic requirements for the economic activity;

    (e) having the right to acquire and utilize in accordance with the Law, technical assistance and technology form the relevant Government department and Government organization, in operating an economic activity;

    (f) having the right to submit to the Commission when it is considered necessary to review and alter any order or decision of the Commission, in order that an economic activity may be operated successfully in accordance with the proposal or in order that the right to which he is entitled in accordance with the Law may be obtained in full;

    (g) having the right to submit to the Commission and the relevant department and Government organization for acquiring his benefits in accordance with the Law and for causing action to be taken in respect of his grievances;

    (h) having the right to form and operate in accordance with the Foreign Investment Law, if desirous of establishing a joint venture with a foreigner or with any foreign company.

  • EXEMPTIONS AND RELIEFS FORM TAXS [Click to view]

    In order to promote investment by citizens, the Commission shall grant the investor exemption from income-tax for a period extending to 3 consecutive years, inclusive of the year of commencement of the economic activity.

  • OTHER INCENTIVES [Click to view]
    (a) if foreign currency is included in the investment of any economic activity, relief form income-tax in accordance with the stipulation, depending upon the amount of such foreign currency;

    (b) if the prescribed foreign currency is accrued from the export of goods or services by any economic enterprise for the activity, relief from income-tax up to 50 percent on such profits accrued, for the time specified;

    (c) in the case of an economic activity which is beneficial to the State, if there is an increase of domestic and foreign income to the extent of the prescribed rate, due to production of goods or services, relief form income-tax in accordance with the stipulation;

    (d) if the economic activity is for import substitution of for production of goods or services which is determined to be mainly necessary for the State and where it is operated with little profits, relief form income-tax in accordance with the stipulation for a reasonable period;

    (e) if it is an economic activity utilizing technology and operating for the development of high technology, relief form income-tax in accordance with the stipulation, for a reasonable period;

    (f) exemption or relief form income-tax on profits accrued form the economic activity, if they are maintained in a reserve fund and re-invested therein within 1 year after the reserve is made;

    (g) the right to accelerate depreciation in respect of machinery, equipment, building or other capital assets used for the economic activity at the rate fixed and to the extent of the original value, within a short term, of the purpose of income-tax assessment;

    (h) exemption or relief form customs duty or other internal taxes or both on machinery, spare parts, equipment, machinery components and materials used for the economic activity, which are not available locally and are imported as they are actually required for use during the prescribed period of initial investment;

    (i) exemption or relief form customs duty or other internal taxes or both on imports of raw materials and materials used for the economic activity and permitted by the Commission to be imported for the first 3 years commercial production following the completion of the prescribed period of initial investment;

    (j) exemption or relief form commercial tax on goods produced for export;

    (k) if it is an economic activity which contributes mainly towards development of remote areas determined by the Commission, relief from income-tax in accordance with the stipulation for a reasonable period.
  • EXEMPTIONS AND RELIEFS FORM TAXES [Click to view]

    It is guaranteed that an economic enterprise which has obtained a permit shall not be nationalized during the tenure of the permit.

  • ADMINISTRATIVE PENALTIES [Click to view]

    - The Commission may pass any or all of the following administrative penalties on an investor who violates the provision of this Law, rules, procedures, orders and directives issued under this Law or any condition of the permit : -

    (a) warning;

    (b) causing the fine to be paid and permitting the activity to be continued;

    (c) revoking the permit;

  • PROMOTED AREAS / SECTORS [Click to view]

    - The types of economic activities allowed for Myanmar Citizens Investment, as

    appeared in MIC Notification No.3/94, One classified into 11 Sectors : -

    - Construction
    - Power
    - Manufacturing
    - Real E State Development
    - Transport
    - Live stock & Fisheries
    - Mining
    - Hotel and Tourism
    - Industrial Estate
    - Agriculture

BUSINESS ORGANIZATION
1. Registration of business Organization
Operation in Myanmar can be carried out through one of the following business organizations.
1. Partnerships
2. Companies limited by shares. i.e. joint venture companies; local companies; foreign companies.
3. Branch or Representative offices of a foreign company
4. Associations not for profit
2. Partnerships
      A group of individuals may enter into partnerships in order to carry on a business.
The partnership's rights and obligation are based on the agreements between the partners and the Partnership Act of 1932. In accordance with the Act, the number of partners is limited to twenty. A partnership firm may be registered, but registration is not compulsory. All partnerships formed in Myanmar are of unlimited type. When no provision is made for the period of time, the partnership will be dissolved when all partners are willing to do so.
3. Companies Limited by Shares
      A company limited by shares is required to register. For foreign enterprises, the most normal method of doing business in Myanmar is through a limited company. Such a company could be a foreign company registered in Myanmar or by means of a branch office or representative office formed outside Myanmar. If one share is owned by a foreign partner, the company shall come under the definition of a foreign company, and shall apply and obtain Permit and Registration. There are two main types of company: a private limited liability company and a public limited liability company.

- In a private limited Liability company, the transfer of shares is restricted, the public cannot be called upon to subscribe for shares, and the number of members is limited to fifty.

- In a public limited liability company, the number of shareholders must be at least seven. The company, after registration, must apply for a Certificate of Commencement of Business to enable start the business operation.

- The governing law for the limited companies is the Myanmar Companies Act 1914. A company with share contribution of the State shall be registered under the Special Company Act 1950 and the Myanmar Companies Act 1914.

- There are generally no minimum share capital requirements. However, minimum requirements do exist for banking and insurance companies and foreign companies and branches of all business.
For foreign companies and branches, the minimum capital to be brought in is as follows:

- Industrial, Hotal and Construction company - foreign currency  US $. 150,000.
- Services, Travels and Tours company, Bank Representative office and Insurance Representative office                                   - foreign currency US $. 50,000.
4. Documents required for registration

Under section 27A of the Myanmar Companies Act, a foreign company, whether a hundred percent owned or a joint-venture and a branch/representative office, is required to obtain Permit and Registration. However, a joint-venture with the State equity formed under Special Company Act 1950 is exempted from obtaining a Registration.

The application for Permit is to be accompanied by the following documents:

(1)      Form A of the Myanmar Companies Regulation 1957
(2)      Memorandum and Articles of Association (Copy)
(3)      Duly completed questionnaire form
(4)      Intended activities to be performed
(5)      Estimated expenditures to be incurred in Myanmar for the first year operations
(6)      Financial credibility of the company/individual
(7)     Board of Directors' resolution, if the subscriber is a company.

(8)      A copy of Permit & Decision of the Myanmar Investment Commission for the Manufacturing, Hotel & Construction businesses.

(9)      Undertaking (Statement that a shareholder/director is a member/director at other company or not).

(10)    Undertaking not to do Trading Activities.

(11)    Passport copy or NRC copy of each shareholder and director.



In the case of a foreign branch/representative office, the following shall be furnished in addition to the above mentioned documents.

(1) Instead of the companies Memorandum and Articles of Association, a copy of the Head Office's Memorandum and Articles of Association or of the Charter, Statute or other instruments constituting or defining the constitution of the company, duly notarised and consularized by the Myanmar Embassy concerned in the country where the company is incorporated.

(2) The Annual Report for the last two financial years (or) if it is the copies of the Head Office Balance Sheet and Profit and Loss accounts for the last two financial years, it is to be notarised and consularized by the Myanmar Embassy concerned in the country where the company is incorporated.

(3) Where the original Memorandum and Articles of Association and other relevant documents are not in English language, authentication of the translation into English.
The application for Registration is to be accompanied by the following documents.

(1)     Two sets of Memorandum and Articles of Association duly stamped and printed both in Myanmar and English

(2)     Declaration of registration

(3)     Declaration of legal and official version of the documents

(4)     Declaration of the situation of registered office

(5)     Translation certificate by a competent translator

(6)     List of Directors

(7)     List of person(s) authorized to accept services of process and notice in Myanmar on behalf of the company (i.e. for a branch office of a foreign company.)

(8)     A copy of Permit & Decision of the Myanmar Investment Commission for the Manufacturing, Hotel & Construction businesses.

(9)     Passport copy or NRC copy of each shareholder and director.

(10)   Undertaking not to do Trading Activities.

For a Public company, the following additional documents shall be submitted before commencing the business
(1) List of person to act as directors
(2) List of person who have consented to act as director
(3) Agreement to take qualification shares.

Source: http://www.dica.gov.mm

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