LEGAL GOVERNANCE FOR BUSINESSES IN MYANMAR
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1 LEGAL GOVERNANCE FOR BUSINESSES IN MYANMAR GOH WANJING PARTNER, INFRASTRUCTURE, CONSTRUCTION AND ENGINEERING GROUP MYANMAR REPRESENTATIVE WongPartnership LLP (UEN: T08LL0003B) is a limited liability law partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). ASEAN CHINA MIDDLE EAST WONGPARTNERSHIP.COM
2 Introduction Understanding the Myanmar Legal System Laws and Regulations Internal Notifications / Circulars Checking with the authorities / ministries Navigating the Legal Waters Investing and setting up a business in Myanmar Foreign Investment Law and Myanmar Investment Commission This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 2
3 Understanding the Myanmar Legal System Laws and Regulations Many new laws have been issued in line with Myanmar s marketoriented reforms No central database for legislation in Government Gazette, newspapers, various Ministry websites. Laws that are issued can be vague and poorly drafted Burmese to English translations New laws means that the enforcement of such laws is untested This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 3
4 Understanding the Myanmar Legal System Often, the laws may be issued but the regulations specifying the procedure for implementing a law will not be issued until significantly later. E.g. Telecommunications Law. Many laws are still in draft form and not yet passed e.g. Companies Act, Condominium Law, Arbitration Bill legislation may be archaic and not in line with international standards Internal Notifications / Circulars Internal notifications are sometimes circulated within the authority or organization itself and not publicly circulated This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 4
5 Understanding the Myanmar Legal System Checking with the Authorities / Ministries No matter what the relevant law provides, it is always better to check with the relevant authority on your query e.g. with the Directorate of Investment and Company Administration (DICA) / Myanmar Investment Commission (MIC) if you want to set up a business in Myanmar Whether recommendation required from the Ministry Checks have to be done face to face and can be time-consuming - generally no online databases; where there are online databases, information can be inaccurate. This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 5
6 Understanding the Myanmar Legal System Checking with the Authorities / Ministries Different authorities may have different views e.g. which government authority owns a particular piece of land. This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 6
7 Understanding the Myanmar Legal System Navigating the Legal Waters Pre-consultation engage an advisor to help you understand the relevant laws and make enquiries with the authorities Due diligence land and corporate due diligence e.g. checking on land title and lease agreements, joint venture partner. Current checks Choice of governing law / seat of arbitration in agreements can foreign arbitration awards be enforced in Myanmar? This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 7
8 Understanding the Myanmar Legal System Navigating the Legal Waters Where possible, obtain written confirmations / clarifications e.g. during the MIC process This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 8
9 Key Legal Considerations before investing in Myanmar Define your intended business activity Determine the appropriate entity to be established in Myanmar - Whether to register as a branch office or a foreign company under the Companies Act - Whether a permit from MIC is required - Time frame required / costs in establishing an entity Identifying a reputable local business partner Typically, brief business contracts with local partner. Establishing contact with the relevant ministries / authorities where necessary This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 9
10 Investment Vehicles Type of Vehicle Business Activity Is an MIC permit required Minimum Capitalization Are tax incentives available Private Company Manufacturing / Industry Yes USD$150,000 Yes Private Company Services Depends on the needs of the business USD$50,000 Yes, if MIC permit is obtained Branch Office Representative office No USD$50,000 No This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 10
11 Foreign Investment Law (2012) Specifies which business activities: o o o o Are prohibited for foreign investors Require a joint venture with a local partner Require recommendations from the ministries Can be 100% foreign-owned This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 11
12 Applying for an MIC Permit Step 1 Submission of application for permits to the Directorate of Investment and Company Administration ( DICA ) and MIC Step 2 Step 3 MIC processes the application, sends copies of the application to the relevant ministries. First technical meeting between foreign investor and ministry representatives within 2 weeks after submission of applications This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 12
13 Applying for an MIC permit Step 4 Step 5 Relevant ministries and MIC members to discuss the application Approval Meeting between foreign investor and MIC, usually held within 6 to 8 weeks of the first technical meeting. Step 6 MIC issues the permit within 1 week of the Approval Meeting Step 7 DICA issues Permit to Trade and Certificate of Incorporation This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 13
14 Incentives under the Foreign Investment Law Long term lease of land years Tax exemptions, including: - Relief from customs duty and/or internal taxes on machinery and equipment used in the business which are imported and are required during the period of the business - Income tax exemption for a period of 5 consecutive years including year of commencement on commercial scale, such period may be extended where the services are beneficial to the Union - Income tax exemption on profits which are re-invested, if they are kept in a reserve fund and re-invested within 1 year after the reserve is made This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 14
15 Incentives under the Foreign Investment Law - Right to pay income tax on the income of foreigners at the rate applicable to citizens - R&D expenses deductible from assessable income - Can deduct depreciation from the profit in respect of the machinery, equipment, building or other capital assets used in the business for the purpose of income tax - If the goods produced by a manufacturing business are exported, up to 50% income tax relief on the profit earned from the said export. Procedure for foreign investor to repatriate their profits during the operation of the business and at expiry of the contract This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 15
16 New Myanmar Investment Law New draft Myanmar Investment Law 2015 Equal treatment for domestic and foreign investors Monies that can be remitted by investors extended to awards and compensation legally obtained in Myanmar Lifting of restrictions to employ foreign skilled labour Regulatory transparency Protection against nationalization and expropriation (direct and indirect) This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 16
17 New Myanmar Investment Law New draft Myanmar Investment Law 2015 Foreign arbitration allowed foreign arbitral awards shall be recognized and enforceable in Myanmar Bringing Myanmar in line with international standards? This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 17
18 Thank You WongPartnership Myanmar Ltd. No. 1 Kaba Aye Pagoda Road Business Suite #03-02, Yankin Township Yangon, Myanmar Tel: , wanjing.goh@wongpartnership.com This presentation is for general information only and does not constitute legal advice. Please seek specific legal advice before acting on the contents set out herein. 18
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