How to Make a Foreign Investment in Myanmar

Transcription

1 Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare M&A law in Myanmar

2 Acknowledgement We gratefully acknowledge the assistance of DFDL Myanmar who worked closely with us in order to produce this guide.

3 A Norton Rose Fulbright guide

4 Myanmar Regulatory issues Foreign ownership restrictions Political background In 2009 foreign investment into Myanmar was approximately US$300 million. This year Myanmar s Investment Commission (the MIC) expects foreign investment to reach more than US$3.5 billion (more than double last year s foreign investment). This exponential growth in foreign investment is the result of the political change in 2011 when the current President TheinSein s government came to power. This government has brought political reform, a new peace process to address ethnic conflicts and communal violence and a policy of reform to Myanmar s anti-corruption, currency exchange, taxation and foreign investment laws. As a result, the United States and Europe have responded by relaxing some of the sanctions that they had imposed on Myanmar during its decades of authoritarianism. Today foreign investment is flowing into Myanmar from more than 25 countries, with China accounting for more than 40% of the total. The interest of foreign investors in Myanmar is not surprising. It has: (i) abundant natural resources, including natural gas, timber, coal shale, oil and precious stones; (ii) abundant arable land - Myanmar is estimated to have the 25th largest amount of arable land in the world; (iii) favorable demographics - Myanmar has a working population estimated at 46 million out of a total population of 60 million; (iv) significant potential to grow productivity; and (v) is located close to key markets - McKinsey & Company estimate that by 2025 over half of the world s consuming class, that is those with income of more than US$10 a day, will live within a five hour flight of Myanmar. The Foreign Investment Law The new Law on Foreign Investment (the Foreign Investment Law), which repeals the previous 1988 Law on Foreign Investment, was enacted in November The Foreign Investment Law itself does not give details as to which sectors are open to foreign investment, which instead are set out in the implementing regulations for the new Foreign Investment Law, referred to as Notification 1/2013 and Notification 11/2013, which were both issued on 31 January 2013 (the Foreign Investment Regulations). The Foreign Investment Regulations categorise business activities into the different levels at which foreign investors may participate there are five such categories: business activities in which foreign investment is not allowed; business activities in which up to 80% foreign investment is permitted. Such investments would therefore need to be structured by way of a joint venture arrangement between foreign and local investors. Such a joint venture will require the prior approval of the MIC, a process which currently takes between three months and six months; business activities which require a local investor and so need to be structured by way of a joint venture arrangement between foreign and local investors. The level of permitted foreign investment for these business activities will need to be looked at on a case by case basis. Such a joint venture will require the prior approval of the MIC, a process which currently takes between three months and six months; business activities that permit up to 100% foreign investment subject to certain conditions. Examples of such conditions include prior approval from the relevant government or regulatory body, a joint venture being formed with a local government entity or conditions regarding the use of local raw materials. The level of permitted foreign investment for these business activities will need to be considered on a case by case basis; and business activities requiring an environmental impact assessment this category is intended to capture those business activities which are likely to have an environmental impact such as construction and infrastructure projects, manufacturing, mineral and metal extraction and certain categories of oil and gas exploration. 4 Norton Rose Fulbright

5 The environmental impact assessment requires the investor to undertake an environmental and social impact assessment of the proposed project and to develop an environmental management plan (intended to ensure the operation of the relevant project in accordance with international practices and ultimately the protection of the environment). The table at the end of this note sets out examples of foreign ownership restrictions in certain key industry sectors that our clients operate in. Process for making a foreign investment in Myanmar Step 1: Submission of applications for permits Applications are made simultaneously for permits from the MIC and the Directorate of Investment and Company Administration (DICA). While the applications are submitted simultaneously, in practice the DICA will not start to consider its application until the MIC has issued its conditional permit as described below. Step 2: Processing of application by the MIC While the application to the MIC is being processed by the MIC, the foreign investor will have two key obligations: (i) to respond to any requests from the MIC for additional information or clarification of any aspect of the application; and (ii) to attend the first technical meeting of the MIC usually held within two weeks from the date of submission of the application to the MIC (see step 4 below). Step 3: Engaging with relevant Ministries The MIC will send copies of the application to the relevant Ministry/Ministries with responsibility for the sector in which the proposed investment will be made. Step 4: First technical meeting The first technical meeting referred to in step 2 above will be attended by the foreign investor, representatives of the technical departments of certain Ministries referred to in step 3 above and other relevant public administrations (such as the Ministries of construction, industry, labour and commerce, electric power, finance etc) at which the representatives will ask technical questions about the foreign investor s proposal. Step 5: Scrutiny of application Following the first technical meeting, all Ministries involved will have seven days under the Foreign Investment Law in which to provide to the MIC their comments and recommendations (or objections) to the proposed investment. This feedback is gathered together with the internal recommendations of the MIC members and officers and a scrutiny takes place in accordance with the requirements of the Foreign Investment Law. The MIC may require changes and additions to the MIC application in response to issues raised by the MIC during the scrutiny process. It is at this stage that if the MIC determines that the foreign investor s proposed investment does not meet the required criteria set out in the Foreign Investment Law, it will write to the foreign investor and inform it that the foreign investor s proposed investment does not qualify for a permit, and it will state the reasons for reaching such conclusion. Step 6: Approval meeting If no communication is received notifying the foreign investor that its application has been rejected following the scrutiny process and there have been no objection responses received from all concerned Ministries/relevant public administrations, the foreign investor will be notified within six to eight weeks of the first technical meeting of the proposed date of the second approval meeting of the MIC, at which meeting the MIC members (nine individuals in all) will usually attend with case officers and other MIC staff. Step 7: The MIC s draft permit Within a few days of the second approval meeting, the MIC will issue to the foreign investor a copy of the permit it intends to issue at the end of the process. This permit contains all of the conditions imposed by the MIC in respect of the investment. Step 8: The conditions sheet Following the issue of the draft copy of the MIC permit, the DICA will issue to the foreign investor a letter attaching a conditions sheet (the Conditions Sheet Letter) which must be signed and returned by the investor and which will include a number of conditions. Norton Rose Fulbright 5

6 Step 9: Permit to Trade and Certificate of Incorporation If the foreign investor pays the DICA registration fee on receipt of the Conditions Sheet Letter, the DICA will issue a temporary Permit to Trade and Certificate of Incorporation within a day or two which will allow the foreign investor to begin preliminary operations including opening a foreign exchange bank account with a local bank authorized to conduct foreign exchange activities (see below). The temporary Permit to Trade and Certificate of Incorporation are each valid for six months but in our experience the DICA will issue the final Permit to Trade and Certificate of Incorporation within a shorter timeframe than this. Sanctions The United States and Europe have imposed sanctions since the 1990s on Myanmar nationals and investments into the country. For example, U.S. persons were prohibited from providing or facilitating any financial services or conducting new investments in the country. As of November 2012, most of the major United States sanctions regulations have been lifted and U.S. persons are now generally permitted (with some limited exceptions) to engage in new investments in, and provide financial services to, Myanmar with the use of a general licence. The main restrictions that remain include restrictions on transactions involving the Myanmar Ministry of Defence, a ban on the importation of Myanmar origin jadeite or rubies, and an asset freeze and commercial embargo on certain designated individuals and entities. These targeted sanctions are aimed at prohibiting U.S. persons from doing business with companies or individuals who thwart political reform in Myanmar, commit serious human rights abuses, or propagate military ties with North Korea. Similarly, in April 2012, the European Union voted to lift all sanctions except for an arms embargo. Strategic sectors Regulators of specific sectors such as banking and insurance impose specific foreign ownership restrictions in those sectors. For example the Central Bank of Myanmar does not currently permit any foreign investment in local banks. Similarly, the insurance sector is not yet open to foreign investment. Land use rights The starting position is that foreigners are not permitted to own land in Myanmar. However, the Foreign Investment Law does contain an important exception which is that foreign investors can now lease land for a term of up to 50 years, with the option to extend the lease for two additional terms of 10 years each. In addition, foreign investors can obtain initial land tenancies of more than 50 years if they invest in less developed regions of Myanmar. The approval of the MIC is required for a foreigner to lease any land. If the relevant land is owned by a Government entity, the approval of the Government is also required. Availability of exemptions from foreign ownership restrictions There are currently no general exemptions from the above foreign ownership restrictions. Any exemptions are considered by the relevant Government body on a case-bycase basis. Expected changes to foreign ownership restrictions It is widely expected that the banking and insurance sectors will partially open for foreign investment soon. Exchange control issues Notification 11/2013 and the Foreign Exchange Law allow for the remittance of foreign currency into and out of Myanmar. However, such remittances must be made through Myanmar banks authorised to make such transactions at prescribed rates of exchange. The Central Bank of Myanmar holds daily foreign exchange auctions where participants may submit orders to buy and/or sell US dollars. These auctions are open to all Myanmar banks with an authorized dealer license. The cut-off rate in the daily auction is then used as the Central Bank of Myanmar reference exchange rate for that day s trading. In practice: in terms of outward remittances, a foreign invested Myanmar company is allowed to open bank accounts with a licensed Myanmar bank denominated in foreign currency (in practice US$) and in Kyat. The amount of capital to be remitted will be paid into the Kyat denominated bank account and then converted at prescribed rates of exchange into foreign currency and transferred into the foreign currency bank account from which the outward remittance will be paid. It should be noted that the approval of the MIC is effectively required for such outward remittance because the approval of the MIC is required for any: (i) payment of dividends; 6 Norton Rose Fulbright

7 (ii) payment of interest on loans; and (iii) repayment of capital on loans, by a foreign invested Myanmar company before the licensed Myanmar bank will execute the outward remittance. The MIC will, in deciding whether to give its approval, look at various factors such as whether the foreign invested Myanmar company has any unpaid tax. Usually the MIC will give its approval for an outward remittance within two to four weeks; and in terms of inward remittances, the inward remittance of capital will be paid into the foreign currency account at the licensed Myanmar bank. From that foreign currency account the capital can either be transferred to another foreign currency account for payment of goods/salaries etc or be converted into Kyat (and paid into a Kyat denominated account) at prescribed rates of exchange. There are various reporting obligations relating to any inward remittance for example, all such remittances must be notified to the MIC and the Central Bank of Myanmar with evidence of such remittance. Taking security It is possible to take security over shares, land, buildings and bank accounts in Myanmar. The approval of the MIC is required for all forms of security. Security over shares There is little precedent on the forms of security that can be taken over shares. However, case law appears to permit an equitable mortgage and pledge. Any such security must be registered with the DICA within 21 days. Security over land and buildings A company operating under the Foreign Investment Law may charge long-term leases subject to MIC approval. The consent of the lessor/property owner is also required. If the property is owned by a Government entity, approval of the Government is also required. The charge over immovable property must be registered with the Office of the Registration Deeds (within four months from the date of execution) and the DICA (within 21 days). Bank accounts There is precedent of security being created over a bank account of a joint venture company in Myanmar. Such a charge over a company s bank account is thought to be enforceable under Myanmar law (although this is untested). Possible acquisition structures Investment vehicles The common forms of business vehicles in Myanmar are limited liability companies, partnerships, branches and representative offices. Limited liability companies In general, there are two types of limited liability companies a foreign investor can choose in Myanmar. One is a limited liability company registered under the Myanmar Companies Act of 1914 (the Companies Act). The other is a limited liability company operating under the Foreign Investment Law. A company operating under the Foreign Investment Law must also be registered under the Companies Act but is eligible for certain tax incentives (please refer to section 6 for details). In practice, a foreign investor will usually register a limited liability company under the Foreign Investment Law unless the proposed investment is small. A limited liability company can be either a private limited company or a public limited company. Under the present policy, public companies are not open to foreign investment. A private limited company must have between two and 50 shareholders. Shares owned by a Myanmar incorporated company or individual in a Myanmar incorporated company which does not operate under the Foreign Investment Law are not allowed to be transferred to a foreign company or individual. As for a Myanmar incorporated company operating under the Foreign Investment Law, any transfer of shares in such a company will require the approval of the MIC. If MIC approval is granted, then the MIC approval has to be submitted with the application to register such share transfer to the DICA. It is common for foreign investors to hold shares in Myanmar incorporate companies through offshore SPVs so that on a disposal of the investment the foreigner will sell shares in the SPV rather than onshore (to avoid the need for MIC approval). Norton Rose Fulbright 7

8 Partnerships Under the present policy, the Government does not allow foreign individuals and/or companies to form a partnership because the Government considers that, unlike the Companies Act that regulates limited liability companies, there are insufficient regulations enabling the DICA to control partnerships properly. Representative offices A representative office is set up by a foreign company under the Companies Act and is not allowed to engage in business activities of a commercial or revenue generating nature (i.e. the office cannot trade in Myanmar). However, a representative office is allowed to act as a liaison for its head office and gather market information / research for its head office. Under the Companies Act, a representative office must obtain a permit from the DICA and be registered with the DICA. The documents required to be submitted in order to obtain the permit from the DICA include: (i) a board resolution of the foreign company approving the establishment of the office in Myanmar and (ii) copies of the passports for each of the company s directors and shareholders (if they are individuals). The directors of the foreign company also need to sign an undertaking stating that they will not trade in Myanmar. Under the present policy, the period of validity of the permit is five years from the date of issuance and needs to be renewed every five years. It will generally take approximately six months to set up a representative office. At the moment a number of banks and insurance companies are setting up representative offices because they are not yet allowed to trade in Myanmar. Branches The procedure for setting up a representative office and a branch are the same. The only difference between the two is that a representative office cannot trade in Myanmar. Minimum share capital In general, there is no minimum share capital requirement in Myanmar. Acquisition structures An acquisition in Myanmar may be structured either as a share purchase or an asset purchase. However, acquisitions are usually structured by way of share acquisitions. As noted above, the approval of the MIC is required for share acquisitions. Under an equity share purchase, a foreign purchaser may acquire existing shares or subscribe for new shares in the target company, or a mixture of both. For a purchase of assets by a foreign investor, the acquisition may be achieved through a transfer of title of the relevant assets, including assignment or novation of contracts. It should be noted that where assets are being transferred, the prior consent of employees to the transfer of their employment and the counterparties to any contracts will usually need to be obtained. Change in share capital Approval is required from the MIC for any change in the capital structure of a company. In practice, this would apply to any capital reduction as well as increase in share capital including the conversion of a convertible loan into equity capital. In the event that foreign capital is flowing onshore/ offshore, please see the section above regarding exchange controls. In relation to joint venture arrangements, any capital reduction by an onshore joint venture company also requires a special resolution confirmed by a Myanmar court. Creditors of the onshore joint venture company will be allowed to present an objection to such capital reduction. It will likely take ten to twelve months to obtain such an order from the court. Put and call options Put and call options are recognised in Myanmar. Preference shares and different classes of shares The share capital of a Myanmar company can be divided into different classes of shares for example, preference shares, which are recognised in Myanmar. A foreign investor cannot hold preference shares that are convertible into ordinary shares. A foreigner may have shares with weighted voted rights. 8 Norton Rose Fulbright

9 Nominee structures Nominee structures cannot be used in Myanmar. Corporate governance Company management and decision making The standard articles of association used by the authorities in Myanmar are commonly adopted by most companies. The management of a company is generally exercised through its board of directors. However, certain matters may require shareholders approval under the Companies Act including: alteration of the memorandum of association; alteration of the articles of association; change of the name of the company; reduction of the authorized share capital of the company; reorganization of share capital; winding up of the company voluntarily or by a court; replacement of a director; determining remuneration of directors; and declaring a dividend. Nationality/residency requirements for directors There is no requirement for any directors to be nationals or residents of Myanmar. Achieving effective control of a company Unless otherwise required under the company s articles of association, a simple majority of members present and voting is required to pass ordinary shareholder resolutions. Shareholders who hold more than 50% of a company s total voting rights will therefore be able effectively to control most matters relating to the company, including the appointment of directors. However, certain shareholder resolutions require a minimum two thirds majority to be approved, such as the removal of directors from office, reduction in share capital and amendments to the company s articles of association. Public market issues Myanmar has one over-the-counter stock exchange which is the Myanmar Securities Exchange Centre (the MSEC). Currently, only two companies are listed on the MSEC and their shares are rarely traded. The Securities Exchange Law of 2013 was recently enacted to authorise the replacement of the MSEC with a new exchange which is expected to open in Exchange regulations will also be developed under this law. The Securities Exchange Law does not stipulate whether foreigners will be permitted to trade on the new exchange. No regulations have yet been published under the Securities Exchange Law. Anti-trust and merger control regulations There is currently no cross-sector competition law and no competition merger control regulation in Myanmar although the government is currently contemplating the introduction of such legislation. As a member of ASEAN, Myanmar has committed to introducing a competition policy by Taxation Corporate Income Tax Resident companies are taxed on a worldwide basis, including income from sources outside of Myanmar. A resident company is a company as defined and formed under the Companies Act. Companies registered under the Foreign Investment Law are treated as resident companies. However, Companies registered under the Foreign Investment Law are not taxed on their foreign income. Non-resident companies are taxed only on income derived from sources within Myanmar. Generally, foreign branches and representative offices are deemed to be non-resident companies. Corporate tax rates vary depending on the type of taxpayer. Type of entity / company Resident company (under the Companies Act or Foreign Investment Law) Branch/rep office operating under the Foreign Investment Law Branch/rep office not operating under the Foreign Investment Law Tax rates 25% 25% 35% Norton Rose Fulbright 9

10 Capital gains tax Income received from any capital assets within Myanmar such as gains from the sale or transfer of capital assets (e.g. land, buildings, vehicles and any capital assets of an enterprise, which include shares, bonds and similar instruments) are deemed to be income received within Myanmar. This income is taxable at the rates below. Type of entity / company Capital gains tax (except transfer of shares in an oil and gas company where rates ranging from 40% to 50% will apply on gains) Resident companies Non-resident branch/rep office Tax rates 10% 40% Withholding tax The following are examples of some of the withholding taxes applicable: Interest No tax is withheld on interest paid to a resident company; the rate is 15% on interest paid to a nonresident company. Royalties Royalties paid to a resident company are subject to a 15% withholding tax; the rate is 20% for royalties paid to a non-resident company. Branch remittance tax No tax is levied on branch remittances. Other Amounts paid to a resident company for the procurement of goods within the country and services rendered are subject to a 2% withholding tax; the rate is 3.5% if paid to a non-resident company. Dividends No withholding tax is levied on dividends paid to a resident or non-resident company. Stamp duty and transfer pricing Stamp duty is levied on various types of instruments such as the sale or transfer of immovable property, shares and bonds. Stamp duty rates vary depending on the relevant type of instrument being stamped. As an example, stamp duty on the transfer of shares is 0.3% of the value of shares being transferred. There are currently no transfer pricing laws in Myanmar. Tax holidays Under the provisions of the previous 1988 Law on Foreign Investment, investors were granted a three-year tax holiday. This three year tax holiday has been increased to five years from the start of operations under the Foreign Investment Law for newly-established foreign invested companies registered under the Foreign Investment Law. In addition, export enterprises may be granted a 50% tax relief on profits made from exported goods. Losses incurred within the first two years after the expiry of the tax-exempt period may be carried forward for up to three years. Double taxation treaties Myanmar has entered into and ratified double taxation treaties with the UK, Malaysia, Singapore, Vietnam, Thailand, Korea, Lao PDR, and India. It has also entered into double taxation agreements with Indonesia and Bangladesh but these are still to be ratified. Offshore share transfers The offshore transfer of shares in a offshore holding company that holds shares in a Myanmar company is not at the moment taxable in Myanmar. 10 Norton Rose Fulbright

11 Anti-corruption Myanmar is generally perceived as having a high level of corruption. Transparency International s (TI) Corruption Perceptions Index, which ranks countries based on how corrupt the public sector is perceived to be, ranked Myanmar 157 out of the 177 countries surveyed in This shows modest improvement from 2007, when Myanmar was ranked as the most corrupt country. TI characterized Myanmar as facing major challenges of endemic corruption ; although data on the levels of corruption in the country remains scarce. Myanmar has a patchwork of legislation relating to corruption and bribery has been a crime since the Suppression of Corruption Act in Additionally, Myanmar signed and, in 2012, ratified the United Nations Convention Against Corruption (UNCAC). Pursuant to its obligation under UNCAC to implement anti-corruption legislation, Myanmar enacted the Anti-Corruption Law in This law is aimed at the eradication of bribery and provides a more coherent approach than the previous patchwork of laws relating to corruption that were in place. While this law generally prohibits the bribery or acceptance of bribes by public officials in Myanmar, it is too soon to assess the extent to which it will be actively enforced. Companies undertaking business in Myanmar must exercise caution to avoid inadvertently violating local anticorruption laws as well as the laws of other legal regimes with extraterritorial effect. To the extent possible, companies must conduct meaningful due diligence on agents, intermediaries and joint venture partners when entering into and throughout the course of a business relationship. Another challenge companies must be aware of is that they should have an understanding of who they are dealing with (particularly given the pervasiveness of the state and military in commercial enterprises) to avoid inadvertently violating laws (such as the U.S. Foreign Corrupt Practices Act) that relate specifically to dealings with government officials. Miscellaneous Publicly available information A basic corporate search is available on DICA s website where the following information can be gathered: name of company, registration number, date of expiry of the certificate of incorporation, business activities and names of directors. New developments New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards In 2013, Myanmar acceded to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, As soon as the Government implements the convention by adopting domestic legislation, the Myanmar courts will be obliged to give effect to any foreign arbitration clause and to enforce arbitral awards made in other member states. Foreign investors in Myanmar will then be able to elect a neutral offshore arbitration tribunal in advance for the resolution of any disputes that may arise. The Government is likely to adopt such domestic legislation this year (2014). Rewrite of the Companies Act In July 2013, the Myanmar Government announced that the Myanmar Companies Act of 1914 is to be revised and rewritten. Currently, the Asian Development Bank has been assisting the Government with a rewrite of the new Myanmar Companies Act. The purpose of such rewrite is to bring the law into conformity with international standards. It is expected that a draft of the new Myanmar Companies Act will be submitted to parliament for the first reading in Norton Rose Fulbright 11

12 Examples of business activities subject to foreign ownership restrictions Financial institutions Banking Closed to foreign investment. However, foreign banks can establish representative offices. Insurance Securities Closed to foreign investment. However, foreign insurers can establish representative offices. Closed to foreign investment. Energy Electricity Oil and gas Gas-fired power plants are usually structured under a Build, Operate, Transfer (BOT) regime under which a foreign investor can own 100% of the Myanmar entity that enters into the BOT with the Government. Oil and gas exploration, development and production are allowed for foreign oil companies under a Production Sharing Contract with the Myanmar Oil and Gas Enterprise. Blocks are awarded through an open and competitive bidding process. Upon being awarded a block, operators are required to set up a Myanmar company or to register a Myanmar branch of a foreign company. Infrastructure, mining and commodities Infrastructure Foreign investment is permitted except that the following construction businesses must be carried out by way of a joint venture with a local Myanmar company/national: transport development such as construction of bridges, highways and subways; establishment of golf courses and resorts; establishment of residential buildings and condominiums for sale; establishment of offices and business centres for sale; establishment of residential buildings in dwelling areas related to industrial zones for sale or lease; construction of affordable buildings; and establishment of new towns. Mining Businesses engaged in infrastructure and construction projects will need to undertake an environmental impact assessment. Foreign investment is permitted in large scale mining projects (i.e. commercial production of minerals requiring substantial investment and expenditure, or special technical knowhow and methods). Other mining projects are closed to any foreign investment. Any mining project will need to undertake an environmental impact assessment and obtain a mining permit which is usually limited to 15 years with possible renewal of up to four times (each renewal for a term of up to five years). For investors involved in: (i) carrying out mining feasibility studies, the feasibility study period must not exceed two years; (ii) prospecting, the prospecting period must not exceed two years; and (iii) exploration, the exploration period must not exceed three years. 12 Norton Rose Fulbright

13 Examples of business activities subject to foreign ownership restrictions Technology and innovation Media Foreign investment is permitted but a foreign investor can only hold capital in a business carrying on print media or broadcasting and not in a business carrying on both activities together. Retail Foreign investment is expected to be permitted in the sector after 2015 but with a minimum investment of US$3 million. Forestry Timber conversion Processed and semi-finished products High-tech manufacturing requiring large investment amount Foreign investors may hold up to 25% of the capital in a business carrying on timber conversion by way of a joint venture with a local Myanmar national/myanmar owned company. Foreign investors may hold up to 35% of the capital in a business carrying on manufacturing of processed and semi-finished products by way of a joint venture with a local Myanmar national/ Myanmar owned company. Foreign investors may hold up to 49% of the capital in a business carrying on hightechnology manufacturing requiring large investment amounts by way of a joint venture with a local Myanmar national/myanmar owned company. Norton Rose Fulbright 13

14 Contacts Justin Wilson Partner, Shanghai Norton Rose Fulbright LLP Tel Nick Dingemans Partner Norton Rose Fulbright (Central Europe) LLP Tel Craig Loveless Senior associate, Singapore Norton Rose Fulbright (Asia) LLP Tel Vanessa Chew Associate, Singapore Norton Rose Fulbright (Asia) LLP Tel Thida Aye Partner, Myanmar DFDL Tel thida.aye@dfdl.com James Finch Partner, Myanmar DFDL Tel james.finch@dfdl.com 14 Norton Rose Fulbright

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