Myanmar is a relatively small country in Southeast Asia but has abundant reserves of jade, gems, oil, natural gas and many other mineral resources. In 2011, the military regime was officially disbanded, and a civilian government was installed in power. This move significantly improved the conditions for both businesses and entrepreneurs, whether domestic or international. The change in the Government of the country has had a significant effect in boosting the morale of the economy of the country.
Myanmar has recently broken free from the rule of the military and has witnessed one of the world's longest-running civil wars. The country has most of the required components which any company would want, such as abundant resources, cheap labour and an understanding government. Though the country is a bit low in the infrastructure part the Government is continuously taking steps to make this problem a thing of the past.
Current Economic Situation
According to the Asian Development Bank, Myanmar will grow economically at a steady rate for at least the next two years. The country should be able to utilize its cheap workforce and abundance of resources to forge new partnerships and gather new avenues of Foreign Direct Investments. Currently, Myanmar is ranked 171 among 190 countries in ease of doing business by The World Bank, which is mostly due to lack of infrastructure. Performing company registration in Myanmar at this point would be very attractive as the Government of the country is already taking steps to improve the condition of the economy. At present, the economy of Myanmar is steadily increasing and is expected to grow further as there will be a massive inflow if FDI.
It is projected that the economy of Myanmar will stay on a progressive course and will be supported by higher foreign direct investment flows, better economic reforms and a more stable government. Per business opportunities, specific sectors have been recognized which have tremendous potential in the coming years.
- Hydrocarbon Sector
Myanmar is a critical natural gas and petroleum producer in Asia. Though the oil and gas sector has faced decades of isolation and negligence with the new and understanding Government, there are high hopes too for the growth and development of this sector. With the approval of conducting commercial activities in the Myanmar offshore oil and gas blocks, the FDI will increase in the coming years. The ministry will also be inviting international tenders for up to 31 oil and gas fields in the coming years.
- Retail Sector
After the authorization by the Ministry of Commerce for total foreign investments in Myanmar in this sector, there is much expectation from this sector. Retailers and sellers from countries like Japan, Thailand and South Korea are already looking for business opportunities in the country. The e-commerce market is also expanding at a swift rate and considering the prospects, the Government and the local businesses are in the process of developing the related infrastructure and regulations to govern them.
- Garment Sector
The ready-made garment sector is one of the critical industries for Myanmar as it contributes a large chunk of the GDP of the country. The availability of very cheap labour and a high population of the are act as catalysts for the development of this sector. The garment manufacturing sector has also been included in the National Export Strategy as the earnings from this sector are steadily increasing every year.
- Education Sector
The education sector inspires confidence and optimism about its growth. With the recent political turmoil and the influx of numerous MNC’s, the education sector of the country will see a boost so that it will be able to train better employees for the future. The Government is planning to modernize the industry as this sector has very high growth potential.
- Banking Sector
For the past few years, the people were not able to access the various banking services in the country but with the change in the regime of the country there will be an increase in the number of users will increase. The increase in the number of bank accounts will improve payments and bank transfers. This sector will also be assisted by improvements in digital banking, e-banking and mobile wallets.
There are, without a doubt, many opportunities that can be utilized by setting up a company in Myanmar. Also, its strategic location and access to a vast population will make Myanmar a very lucrative option to invest in.
If you are looking to invest in a nation that is destined to become a significant player in the international market, then you must consider Myanmar as an option. If you are trying to find an answer to the question “How to start a business in Myanmar?”, then Do avail the services of Business Setup Worldwide.
At Business Setup Worldwide, we would provide all the essential and necessary business setup services to start your business in Myanmar. Our advisors in Myanmar are having the knowledge of all the rules, regulations, and procedures to form a company and will make the entire Myanmar company registration process hassle-free. In case of any queries, feel free to contact us.
What are the effects of economic growth in Myanmar?
More clients, more profits, and excellent chances for future development and expansion are all probable for your company.
What is the cost of business registration in Myanmar?
150,000 Kyats for all types of private companies and
2,500,000 Kyats for public companies.
Which law governs company registration in Myanmar?
Myanmar Companies Law
Special Company Act
How long can it take for company registration in Myanmar?