One of the most prominent nations in Mainland Southeast Asia, Myanmar, is popularly known as Burma. Obtained independence in 1948; the region's full name is Republic of the Union of Myanmar.
With the capital of Yangon, the nation is a growing ground that holds enormous potential for business activities. Over the years, the population has constantly spiked, which has paved out numerous business industries to come forward and settle down in the region.
So, if you are a budding entrepreneur or an established business professional who holds the idea of starting a business, then you can count on Myanmar to proceed ahead.
However, before you take a step ahead, you need to know the core grounds that will help you to continue the process smoothly.
This treatise highlights the essential pointers that one should know before entering the playground. Let's deep-dive!
Myanmar: A Suitable Business Ground
Bordered by China, Laos, Thailand, and India, the nation turns into an international gateway that is highly profitable for business owners seeking to invest in foreign countries.
The Myanmar government has taken numerous initiatives to turn the nation into a profitable business destination by providing easy access to international investment seekers.
Today, starting a business in Myanmar has turned out to be an easy move as most of the legal proceedings can be sorted within a shorter duration than earlier days.
Myanmar Companies Law
When it comes to the registration process, any business entity in Myanmar needs to register in the registrar's books.
As per the rulebook, the business entities follow the guidelines mentioned under Myanmar Companies Law 2017, as of August 2018. A few of the revised guidelines include:
- The foreigners can own 35% of a Myanmar company
- Any private entity can be established with the presence of one shareholder and one director
- At least one of the appointed directors should be a Myanmar resident
- Directors must comply with the assigned duties
- The companies must register themselves online
Business Opportunities in Myanmar
As we have been discussing business incorporation in Myanmar, it turns out to be profitable if one holds an idea of the business opportunities available in the region.
A few of the highly preferred business segments include:
- Aquaculture and fisheries
- Tourism and Hospitality
- Real Estate
- FMCG Business
- Extractive Industries
- Forestry-Based Industries
To know more about the same in-depth, refer to our guide: Top 5 Business Opportunities in Myanmar.
What is the Process of Registering a Business in Myanmar
To start a business in Myanmar, an investor has to go through the following process:
1.Get a unique trade name
Selecting a business name is not as easy as it sounds, and thus, choosing a unique business or trade name is the first task that needs to be completed. It represents the organization, and thus, is recommended to proceed with ease and with in-depth research.
When it comes to Myanmar company formation, the availability of the name check is to be done at DICA (Directorate of Investment and Company Administration).
2.Clarity on the Business Structure
Every business, irrespective of the industry has to go ahead with a definite business structure that investors or business owners have to decide.
The selection of a business structure ideally depends on the availability of the business capital and a total number of business shareholders and directors.
3.Submit the relevant business documents with stamp duty
Once you have finalized the business name, you need to be hands-on with the set of papers that you will be presenting to the authorities to complete the final proceedings.
Usually, the following set of papers are to be presented to the authority, which involves:
- Application cover letter
- Declaration of registration
- Situation of the registered office form
- Statement of company objectives
- Directors details as per Form 26
- Memorandum of association (MOA)
- Articles of association (AOA)
After the documents have been submitted accordingly, you need to pay the stamp duty fee to proceed ahead with the company registration process in Myanmar.
4.Gather the respective business license
Obtain the respective business licenses and approvals from DICA and pay the registration fees. You also need to make sure to confirm the registration office within a month of registration.
5.Open a corporate bank account
Finally, you need to open a corporate bank account to carry out the business transactions smoothly. Here's a guide on Opening a bank account in Myanmar that will help you understand the process at ease.
So, by now, we have seen the idea of how to open a business in Myanmar. Up next, you need to proceed ahead under the guidance of an expert to complete the proceedings smoothly and error-free way.
At Business Setup Worldwide, we commit to deliver the best corporate solutions to our esteemed clients. With a highly experienced workforce, we aim to provide tailored solutions suiting business needs that make us one of the top ten business consultants in Dubai who has been helping numerous business minds to set up their business globally.
If you plan to incorporate your business in Myanmar, feel free to have a word with our experts. Contact us today-we'd be glad to assist!