With economic reforms in place and the labour force expected to swell to 10 million by 2030, yangon is fast becoming one of the prime cities for business in the region. To achieve this, many of the economic reforms in the 1990s. However, myanmar also presents several technical and legal challenges to be managed and overcome by new comers. Doing business in myanmar doing business in myanmar yes, a foreign national or juristic entity can establish and register a local myanmar llc as 100% foreign. According to a report by pwc, the old capital is the primary driver of myanmar s economic growth, accounting for 23 per cent of the countrys gross domestic product. Myanmar, branded by the international monetary fund as asias final frontier has a population of 60 million and a growing gdp per capita at 7 to 8% annually. It measures and tracks changes in regulations affecting 11 areas in the life cycle of a. A brief history an overview of the countrys recent history, as well as recent developments in the country. An overview of doing business in myanmar velocity global.
Ten of these areas starting a business, dealing with construction permits, getting electricity, registering. It is flanked in the south by the andaman sea and the bay of bengal. Step into export business exportable products how to export tutorials export documentation export training courses visit myanmar trade centre how can myantrade help. This publication provides essential updates on tax and regulatory requirements. Cost of doing business in myanmar survey report 2018. Our updated doing business guide again summarises the information companies need to invest and operate in myanmar, with a focus on the significant developments that have occurred in the country over the last 12 months. This publication provides essential updates on tax and regulatory requirements, restrictions, and incentives that will enhance businesses. For instance, certain business sectors, such as agriculture and. Myanmar is an emerging market with significant potential. It is found mostly in the names of the government economic enterprises. Pdf version this cost of doing business in myanmar survey report 2018 is aimed to provide useful information to existing and potential investors. This page provides myanmar ease of doing business actual values, historical data, forecast, chart, statistics, economic calendar and news. Myanma myanma myanmar without r is used as an adjective. Doing business in m yanmar by myanmar legal services ltd a foreign investor looking at a project or transaction in myanmar for the first time will find an outdated but developing legal framework and administrative practices governing most business transactions.
Doing business responsibly will pay competitive dividends in terms of. A large and populated country just opening its doors to foreign companies and investors, myanmar is rich with opportunities in many sectors. Myanmar economic monitor, may 2018, world bank group 3. Business of farming agriculture, and short term or long term agriculture which can be carried out by citizens by issuing rules business of breeding which can be carried out by citizens by issuing rules business of the myanmar marine fisheries which can be carried out by citizens by issuing rules. From a few staff local firm in shenzhen the company has now. The myanmar sustainable development plan msdp is the expression of our national development vision a vision that finds resonance in the global sustainable development agenda. Enterprise in myanmar are required to maintain proper books of accounts in accordance with myanmar financial reporting standards mfrs. Doing business in myanmar tax and regulatory kpmg myanmar. Understanding regulations for small and mediumsize enterprises assesses regulations affecting domestic firms in 189 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This was replaced by the myanmar investment law in 2016 so as to combine the regulation of both foreign and domestic investments under one set of laws. Moving into the myanmar market does, however, present some challenges and potential drawbacks, too.
Sixteenth in a series of annual reports comparing business regulation in 190 economies, doing business 2019 covers 11 areas of business regulation. Doing business in myanmar 2018 insight baker mckenzie. Important new laws in their late drafts are the companies law, investment law and several intellectual. An economys ease of doing business score is reflected on a scale from 0 to 100, where 0 represents the lowest and 100 represents the best performance. Details starting a business in myanmar procedure, time and cost no. But for businesses eyeing the southeast asian state, understanding the challenges of doing business in myanmar can help steer clear of avoidable risksand offer a clearer path towards the rewards myanmar offers. Directorate of investment and company administration. Key country facts in 2016, myanmar recorded the fastest economic growth in the world1, following political progress and a successful national election in 2015 which. I am also the founder and managing director of consult myanmar co ltd. Kpmg is a global network of professional firms providing audit, tax and advisory services across a wide range of industries.
The doing business report 2019, published on october 31, 2018 saw myanmar s distance to frontier score, which measures myanmar s performance against the top country in each indicator, improve from 44. This is my presentation to the nus mba group entitled doing business in myanmar what you need to know as an entrepreneur from singapore. The ease of doing business ranking ranges from 1 to 190. The concept of carrying on a business is widely interpreted and will apply to companies if employees fly into myanmar and make sales calls and hand out. This doing business guide summarizes the main considerations for corporations wanting to invest in myanmar, covering market entry, investment promotion, investment treaties, trading, employment and land ownership, among others. Business in myanmar must be conducted through an entity registered in myanmar. This years report data cover regulations measured from june 2012 through may 20. Companies doing business in myanmar, or planning to do so, are advised to obtain current and detailed information from experienced professionals.
Figure starting a business in myanmar and comparator economies. On april 23 of this year, the eu lifted these trade sanctions, with the exception of the one on arms dealings, and is now encouraging member states to do business with myanmar and to invest in the country. Daw daw is a myanmar honorific used before the name of a womansingle or married. It shares borders in the west with india and bangladesh, in the east with thailand and laos, and in the north with china. Doing business in myanmar this document describes some of the key commercial and taxation factors that are relevant on setting up a business in myanmar. The opportunities and risks of investing in myanmar. The union of myanmar foreign investment law fil was enacted on 30 november 1988 and the parliament has approved a new foreign investment law on 2. In the last four years, significant reforms have been undertaken to build investor confidence in myanmar, including the passing of the arbitration law.
More information on myanmar s performance in starting a business click here the ease of doing business score captures the gap between an economys performance and a measure of best practice across the entire sample of 41 indicators for 10 doing business topics the labor market regulation indicators are excluded. It does not cover the subject exhaustively but is intended to answer some of the important, broad questions that may arise. Doing business in myanmar 2017 version pdf book online. An introduction to doing business in myanmar leading edge. The eu sanctions on myanmar set an arms embargo and prohibited business in various sectors and with certain companies and individuals. An overview statistics statistical information covering myanmar s population, gdp growth, inflation rate, religion, demographics, etc. In some industries, there may be a cap on the foreign ownership allowed. Doing business in myanmar myanmar companies law 2017. Myanmar is the new frontier for business in southeast asia. Myanmar reform measures to improve the ease of doing. Procedures time to complete associated costs 1 conduct a name check at the company registration office cro at the directorate of investment and company administration dica.
Doing business in myanmar 1 geography and climate the republic of the union of myanmar, formerly known as burma, is situated on the indochinese peninsula. That is to say, a company cannot carry on a business in myanmar without having a locally registered entity. Eurocham serves as the voice of european business in myanmar. With 189 member countries, staff from more than 170 countries, and offices in over locations, the world bank group is a unique global partnership. In the last four years, significant reforms have built investor confidence in myanmar. Doing business rankings on doing business topics myanmar starting a business dealing with construction. Guides to doing business in myanmar how can myantrade help.
The financial statements may be in english or myanmar and be audited by a certified public accountant. Is the applicable fee schedule for any type of property. Myanmar sie sie htun partner in charge kpmg in myanmar. Currently, myanmar has myriad sectoral, ministerial and subnational plans. Investment business activities that are not required to grant exemption and relief form tax no. In 2017, the century old companies law was substantially revised. Ease of doing business in myanmar 20142019 data 2020. The company registration office cro at the directorate of investment and company administration. Myanmar is one of the few remaining southeast asian nations that is seeking to reestablish itself as an economic force in the region. Australian businesses are increasing their presence in the energy and. Requiredparticulars entered in formaofthe myanmar companies regulation, 1957 drafts of the companys memorandum and articles of association or equivalent constitutional documents 26.