About Business Registration Law in Yangon, Myanmar
In Yangon, Myanmar, the Directorate of Investment and Company Administration (DICA) supervises all matters related to company registration. Registering a business in Yangon involves a series of legal procedures and regulations. From choosing a unique company name and depositing a specified amount in a bank account, to drafting the company's constitution, every step is governed by Myanmar Companies Law (MCL).
Why You May Need a Lawyer
Registering a business in another country brings a unique set of challenges. These challenges relate to understanding and adhering to the foreign country's local laws, which could be complex and unfamiliar. A lawyer can provide necessary legal advice, handle documentation, and manage submission processes. They help to ward off potential legal complications that might arise from non-adherence to laws. Moreover, they can provide advice on the right business structure to adopt and handle conflicts or litigations if they arise.
Local Laws Overview
The local laws pertaining to business registration in Yangon fall under the Myanmar Companies Law 2017. The law stipulates that a company must register with the Myanmar Companies Online (MyCO) registry. For foreign investors, the law allows 100% foreign ownership for most types of businesses. However, some sectors do have restrictions on foreign investment. The law also assigns obligation for reporting and disclosure to ensure corporate governance.
Frequently Asked Questions
What is the minimum capital requirement for a company in Myanmar?
Currently, there is no minimum capital requirement for establishing a company under the Myanmar Companies Law.
Can a foreigner fully own a business in Myanmar?
Yes, under the MCL, foreigners can own 100% of most types of businesses. However, there are some restrictions in certain sectors which you would need to check before proceeding.
Is there a need to have a local director or agent?
No, there is no such requirement under the Myanmar Companies Law. A foreigner can be a director.
What is the estimated time to register a company in Yangon, Myanmar?
As per DICA, it typically takes about 2 weeks to register a company in Myanmar.
Are there any special permissions required for doing business in certain sectors?
Yes, investing in some sectors may require additional prior permissions from specific government departments in Myanmar.
Additional Resources
The Directorate of Investment and Company Administration (DICA) is a helpful resource for more information on business registration in Myanmar. The Myanmar Companies Online (MyCo) is an online registry where businesses can apply for registration and access services.
Next Steps
If you require legal assistance in business registration in Yangon, consider hiring a lawyer familiar with the Myanmar Companies Law for guidance. Make sure to study the MCL and the commitment requirements before you proceed with the registration process.
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