In the last four years, significant reforms have been undertaken to build investor confidence in myanmar, including the passing of. For economies that have a different procedure list for. Measuring regulatory quality and efficiency finds that entrepreneurs in 122 economies saw improvements in their local regulatory framework last year. Between june 2014 and june 2015, the report, which measures 189 economies worldwide, documented 231 business reforms. Myanmar is in the process of updating numerous laws and regulations including its foreign investment regime. With mercers extensive market practice information, this guide is an important source of mandatory and private benefit practices. Doing business myanmar for australian exporters austrade. The thailand board of investment has released a complete guide to doing business in thailand in 2016. As per new myanmar investment law 2016 combining the foreign. Is the applicable fee schedule for any type of property transaction at. In a relatively short period the countrys economy has gone from being largely isolated to being a focal point for foreign investment.
Directorate of investment and company administration. The doing business report provides objective measures of business regulations for local firms in 189 economies. Cost of doing business in myanmar survey report 2018. What rules apply to doing business in this previously forbidden country, at once old and new. As the nation formerly known as burma was closed off to the world for so long, its culture is virtually unknown to most outsiders, and this can make doing business here difficult. Myanmar doing business 2019 myanmar doing business. Action task force removed myanmar from its list of states deemed weak in combating money laundering and terrorist financing. The company registration office cro at the directorate of investment and company administration.
Michael okane, author of the bestselling doing business in saudi arabia, examines the legal, business and investment climate in this new guide to doing business in myanmar. Covering all the major business domains from registration to taxes, legal issues to new incentives, this long and very complete document will provide answers to all your regulatory and administrative questions to do business in thailand. The description is composed by our digital data assistant. On the whole, myanmar has made great strides in the last seven years and the transformation is commendable.
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. Nov 18, 2016 myanmars explosive economic growth and untapped potential have led many investors to dub the country as asias final frontier. For businesses looking to be part of myanmar s growth journey, this guide will assist you in sieving out the key investment opportunities and navigate the challenges ahead. Dispute resolution myanmar ratified the new york convention in 20, and passed the arbitration law in 2016, fully implementing the new york convention. Many have hailed myanmars recent economic, political and social restructuring as ground breaking, and for good reason. However, there are limitations and restrictions to this general rule. To allow for useful comparison, the profile also provides data for other selected economies comparator economies for each indicator. Under the arbitration law, foreign arbitral awards are enforceable under. Business administration and compliance in myanmar put together by. Take note that this topic was chosen by the nus mba group one month before their visit to my office. Offering data of unparalleled quality and indepth information. Myanmar made starting a business easier by eliminating. That means that myanmar labour productivity need to grow by 7% annually for the next 20years.
Myanmar is ranked 165 among 190 economies in the ease of doing business, according to the latest world bank annual ratings. The rank of myanmar remained unchanged at 171 in 2018 from 171 in 2017. Economies are ranked on their ease of doing business. The opportunities and risks of investing in myanmar. Foreign investors may only participate in large scale mining operations with a local joint venture partner. Figure starting a business in myanmar procedure, time and cost this symbol is shown beside procedure numbers that take place simultaneously with the previous procedure. Pdf version this cost of doing business in myanmar survey report 2018 is aimed to provide useful information to existing and potential investors. Burma code volumes 1841 1954 myanmar companies act 1914as amended mca remains in force. Myanmar ranked 170 out of 190 on the world banks doing business index in 2017 and 6 out of 176 on transparency internationals corruption perceptions index 2016. This cost of doing business in myanmar survey report 2018 is aimed to provide useful information to existing and potential investors. The rank of myanmar improved to 165 in 2019 from 171 in 2018. In terms of market growth, the myanmar economy may be the fastest growing. Doing business 2017 is the 14th in a series of annual reports. This guide has been prepared for the assistance of those interested in doing business in myanmar.
Introduction to doing business in myanmar alec christie phillips fox, sydney the following article outlines the legal environment in myanmar applying to a foreign investor wishing to invest in myanmar through a locally incorporated limited liability company. 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. 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. 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. Myanmar economic monitor, may 2018, world bank group 3. The opening up of the country, first set in play in. Companies doing business in myanmar, or planning to do so, are advised to obtain current. The consumer market is relatively young and offers great potential for suppliers of basic goods and services. As at march 2016, the main foreign investors in myanmar continues to be. With most of the remaining western sanctions lifted, myanmar is officially open for business and companies are rushing in. This economy profile for doing business 2016 presents the 11 doing business indicators for myanmar. However, myanmar also presents several technical and legal challenges to be managed and overcome by new comers.
Doing business presents quantitative indicators on business regulations and the protection. According to doing business in myanmar the number companies in myanmar increased fivefold between 2007 and 2016 from 10,943 to 52,479, while the number of foreignowned companies in myanmar increased by almost 200 per cent between 2005 and 2016 from 2,120 to 6,223. Ease of doing business in myanmar averaged 172 from 2014 until 2018, reaching an all time high of 177 in 2014 and a record low of 170 in 2016. 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. Put together by pricewaterhousecoopers myanmar, the following guide covers many aspects of myanmars business landscape, from regulation and taxes to sectors overviews and incentives for investment. Reflecting particular human rights risks with the provision of security services, gl 16 does not authorize, in connection with the provision of security services, the exportation of financial services to the burmese ministry. Among reforms to reduce the complexity and cost of. Abstractdoing business in and with china has become much easier than it was decades ago. Major investment from the us is in the following sectors major us investment in myanmar. Economic growth is priority, asia times, 29 march 2016 4 tourism ministry aims for 6 million visitors, myanmartimes, 26 march.
Enter your email address below to receive latest news from myanmar doing business. It will come in handy for companies, investors and professionals willing to benefit from the promising business. Aug 30, 2017 according to doing business in myanmar the number companies in myanmar increased fivefold between 2007 and 2016 from 10,943 to 52,479, while the number of foreignowned companies in myanmar increased by almost 200 per cent between 2005 and 2016 from 2,120 to 6,223. Measuring regulatory quality and efficiency, a world bank group flagship publication, is the th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. Ease of doing business in myanmar 20142019 data 2020. Jun 14, 2016 myanmar is the new frontier for business in southeast asia. Myanmar need to more than double its labour productivity growth for the next 20 years. Investment business activities that are not required to grant exemption and relief form tax no. Details starting a business in myanmar procedure, time and cost no. Factors such as the strength of the rule of law, enforceability of private property and intellectual property ip rights, judicial independence and the ease of obtaining. Myanmar most improved for ease of starting business. This economy profile presents the doing business indicators for myanmar. To allow useful comparison, it also provides data for other selected economies comparator economies for each indicator. It is flanked in the south by the andaman sea and the bay of bengal.
For instance, certain business sectors, such as agriculture and. The penal code and the anticorruption law cover most forms of bribery in the public sector, including active and passive bribery, extortion, attempted corruption and abuse of. The eu sanctions on myanmar set an arms embargo and prohibited business in various sectors and with certain companies and individuals. Myanmars explosive economic growth and untapped potential have led many investors to dub the country as asias final frontier. 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. Ease of doing business index of myanmar increased from 42. For overall ease of doing business, myanmar has climbed 10 places since last year, and is now safely clear of the bottom 10 countries in the world, in 167th place however, it remains the lowestranked asean member and, with the exception of afghanistan and bangladesh, the lowestranked country in asia at the other end of the scale, more advanced asian economies are well represented in. Guide to doing business in thailand 2016 reports asean up. Myanmar business guide since the reopening of the myanmar economy in 2011, the country has undergone significant economic and legislative reforms and political transformation. In 2019, ease of doing business index for myanmar was 43. 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. The opportunities in myanmar 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.
Mercers doing business in myanmar is a valuable source of information that will help businesses make informed decisions when setting up in myanmar. In the 2018 report, published on october 31, myanmar fell one place compared to last year, ranking 171st of the 190 economies analysed. Myanmar is ranked 171 among 190 economies in the ease of doing business, according to the latest world bank annual ratings. Myanmar foreign investment law was issued in 2012 to promote and regulate foreign investments. In 2017, the century old companies law was substantially revised. It shares borders in the west with india and bangladesh, in the east with thailand and laos, and in the north with china.
Myanmar is one of three countries using the imperial system of measurement, instead of the more popular metric system of measurement. Plc doing business in multijurisdictional guide 2016. Requiredparticulars entered in formaofthe myanmar companies regulation, 1957 drafts of the companys memorandum and articles of association or equivalent constitutional documents 26. On november 10, 2015, the wbg geneva office hosted the presentation of this years doing business report, which focused on the topic of measuring regulatory quality and efficiency. This page provides myanmar ease of doing business actual. The opportunities and risks of investing in myanmar british. 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 challenges are great, but so are the opportunities. It does not cover the subject exhaustively but is intended to answer some of the important, broad questions that may arise. However historically myanmar has only manage to grow by 2. Abstract doing business in and with china has become much easier than it was decades ago.
Doing business 2016 is the th edition in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. The government is decidedly probusiness and has been open to foreign investments. Reflecting particular human rights risks with the provision of security services, gl 16 does not authorize, in connection with the provision of security services, the exportation of financial services to the burmese. Following the myanmar investment commissions priorities, dica has already opened 15 branch offices in all states and regions in order to promote investment throughout the country. Doing business in taiwan market overview market challenges market opportunities market entry strategy market overview return to top with a population of 23 million, taiwan is a thriving democracy, vibrant market economy, and a highly attractive export market, especially for u.
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