Companies Act in Government’s Sights

Now that the Myanmar Investment Law has been passed by both houses of parliament, attention turns to the new Myanmar Companies Act, which senior business sector figures say will be key in improving corporate governance. The investment law, which will combine and replace the Foreign Investment Law and the Myanmar Citizens Investment Law, was passed by […]

Illegal foreign-run businesses in Yangon MPs’ crosshairs

Amid much talk of luring outside investment to Myanmar, Yangon Region lawmakers have indicated that they want to see greater scrutiny of foreign operators of illegal businesses in the commercial capital. Regional MPs yesterday approved a proposal to debate cracking down on these foreign entrepreneurs next week. Parliamentarian U Win Maung (NLD; Hlaing Tharyar 1) submitted the […]

No need to seek approval from MIC for investment except for businesses with environmental impact

Investment businesses are no longer required to seek approval from Myanmar Investment Commission (MIC) apart from the businesses needing environmental impact assessments. Those investment businesses can apply for registration at the Directorate of Investment and Company Administration (DICA) branches in the regions and states concerned. Currently, more DICA branches will be opened in Kayin State, […]

Myanmar Investment Law to be enacted soon, says DICA director

A draft of the long-awaited Myanmar Investment Law has been submitted to parliament and will be passed soon, bringing a more strategic and nuanced approach to tax exemption in addition to simplifying investment, according to U Aung Naing Oo of the Directorate for Investment and Company Administration (DICA). “We have already put the bill to […]

New Myanmar investment law is the ‘right move’

INTERNATIONAL lawyers have welcomed Myanmar’s new investment law, saying it will create a better investment environment for both local and foreign investors once enforced. Jo Daniels, managing partner of Baker & McKenzie Myanmar, said at a media roundtable that the new law could be one of Myanmar’s most significant legal reforms once approved by the […]

MIC to remain under ministry control

Myanmar’s new government will not allow the Myanmar Investment Commission to become an independent entity, but the MIC is planning to amend its policies to relax investment restrictions and direct more capital flows into manufacturing, its secretary U Aung Naing Oo has said. There have been discussions about an independent MIC for several years. U […]

Myanmar Investment Commission to Reform in June

RANGOON —The Myanmar Investment Commission (MIC) will be reformed this month in line with the Myanmar Investment Law, said Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration (DICA). “Each MIC term is only three years, so it’s time for new members to be appointed,” he said. The commission, which […]

Myanmar Investment Commission to be reformed

THE Myanmar Investment Commission, which has the power to approve or reject investments in the country, will be reformed under Myanmar’s new government. “The Myanmar Investment Commission will be reorganised according to the new Foreign Investment Law and the Myanmar Citizens’ Investment Law. The amount of foreign investment was US$9.48 billion during the 2015-2016 budget […]

Employment rises throughout U Thein Sein administration

The five-year term in office of President U Thein Sein saw an increase in foreign investment into Myanmar, with a 67.85 per cent increase in employment opportunities, according to a statement released by the Myanmar Investment Commission on 30 March. During the 2011-12 fiscal year, there was an increase of 6,804 employees working for foreign […]

Rubber and seed opened to foreign investors

Myanmar Investment Commission has chipped away at the list of enterprises in which foreign investors must form joint ventures with a local company – opening up the areas of seed and rubber production. The production and distribution of hybrid seeds, production and propagation of high-yield and local seeds, and the manufacturing of rubber and rubber products, […]