Are you looking to setup a company in Myanmar?
Foreigners are allowed to register a wholly foreign owned company in Myanmar. Unlike Singapore, Foreign companies in Myanmar do not need a secretary. The director of the company is required to be present for the bank account opening.
Under the Myanmar Companies’ Act (MCA), 100% foreign owned company is required to obtain a Form 1 permit. Form 1 permit and Company Registration Certificate is generally renewable every 5 years and requires approval by Myanmar Investment Commission (MIC). All the financial reports are required by law to be audited.
Industries such as tourism, pharmaceutical, academy, manufacturing, mining, agriculture, etc. requires approval from MIC. If you are doing import/export, you will need to be a member of Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) which can be registered under the company’s name.
| MCA | MIC | |
|---|---|---|
| Business activities | For services such as advisory, management services, installation, consultancy, hotel services, etc. | For condominium, infrastructure, power station, and big project will require MIC approval |
| Minimum capital required | USD 50,000 (Can be utilized as company’s expenditure) | USD 300,000 and above |
| Ability to issue invoice | Yes | Yes |
| Minimum number of Director | 2 | 2 |
| Minimum number of Shareholder | 2 | 2 |
| Tax | 25% (if more than USD$70,000) | 5 years tax exemption |
| Ability to Advertising | Yes | Yes |
| Leasing Property | Max 1 year, need to renew if want to continue lease | Up to 50 Years |
| Type of Visa | Business Visa | Employment Visa |
| Foreign Employment | Yes | Yes |
| Import/Export | No | Yes |
| Trading | No | Yes |
| Registration Timeframe | 2-3 Weeks | 3-6 Months |
| Financial year end | 31st March | 31st March |
Our Myanmar Company Formation Package (S$3988) includes (takes around 15 working days):
- Government Fees
- Attorney Fees
- Translation Fees
- Application Fees
- Stamp Duty
- Fund verification with the Registry
- Submission of Director and Shareholder list
- Conversion of Temporary Certificate of Incorporation to Certificate of Incorporation
- FOC Opening of Bank Account (Subjected to Bank’s approval)
- FOC Temporary Certificate of Incorporation
- FOC 5 copies of Memorandum and Articles of Association
- FOC 6 months of Virtual Office address
Information required for Myanmar Company Formation*:
- 3 Proposed Company Names
- Myanmar Office Address
- Individuals (Directors and Shareholders)
- 2 passport copies
- Foreign Home Address Proof (within 2-3 months) (eg Utilities Bill, Telephone Bill, credit card statement, etc.)
- Myanmar contact number (Government may contact you through this number) (You may purchase a Myanmar SIM card and pass it to our agent in Myanmar)
- For Parent Companies
- Certificate of Incorporation
- Memorandum and Articles of Association (Constitution)
- Original copy of resolution to authorize Singapore Director to set up a company in Myanmar
- List of Directors
- Company Representatives
*Take note: Translation is required if above documents are in languages other than English and Burmese
