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The field of New Business Formation Law in Yangon, Myanmar involves legal aspects of establishing a new company. Incorporating in Myanmar involves several steps according to the Myanmar Companies Law 2017, including choosing a business name, registering the business with the Directorate of Investment and Company Administration (DICA), and receiving relevant licenses.
Starting a business in a foreign country can be complex due to unfamiliarity with local laws and business regulations. A lawyer can assist you with the correct procedure, provide advice regarding legal structures suitable for your business needs, ensure all essential licenses are obtained, help draft contracts and agreements, assist with legal compliances, and provide guidance in case of disputes or legal issues.
Important laws relating to new business formation in Yangon, Myanmar include the Myanmar Companies Law, the Investment Law, and various laws related to specific industries like the Banking Law, the Insurance Law etc. Foreign investments also have a separate set of rules that need to be adhered to. It is also important to observe local labor laws, tax laws, and environmental regulations.
As of 2017, there is no legal minimum capital requirement to start a company in Myanmar. This allows businesses of all sizes to establish themselves.
Yes, the Myanmar Companies Law allows foreigners to own 100% shares of a company, unless the company operates in certain restricted sectors defined by the Myanmar Investment Commission.
The first step involves choosing a company name and checking its availability. After this, you start the incorporation process with the Directorate of Investment and Company Administration (DICA). Post incorporation, you need to obtain relevant licenses according to the nature of your business.
There are certain industries where foreign ownership is restricted or subject to various conditions. These include agriculture, fishing, and manufacturing of products for security or defense.
Myanmar businesses generally need to comply with Corporate Income Tax, Commercial Tax, and withholding tax. Rates and specifics can vary and a local financial advisor should be consulted for accurate information.
The Directorate of Investment and Company Administration (DICA) and the Myanmar Investment Commission (MIC) are two key bodies you should be familiar with. The Ministry of Commerce and the Ministry of Planning and Finance can also provide relevant information relating to trade and taxation respectively.
If you need legal assistance in New Business Formation, you should consider hiring an experienced local attorney who is familiar with Myanmar corporate law. They can help guide you through the whole process and ensure your business meets all legal and regulatory requirements.
