New companies Act to go into effect early next year

A new Myanmar Companies Act will be enacted in early 2018 to expedite the reregistration process for companies that come to invest in the country, said Union Minister for Planning and Finance Kyaw Win.

The minister was speaking at the 13th joint meeting of the Myanmar Japan CCI Business Cooperation Committees.

“Now, companies have to register in accordance with the Burma (Myanmar) Companies Act promulgated in 1914. So for the emergence of the new legislation that will be suitable for the current system and age, we have drafted a new act with technical help from the Asian Development Bank and submitted it to the Upper House of Parliament. The new law can be passed in early 2018,” said the minister.

The new act will facilitate more rapid registration for companies while the rules and procedures for small-scale companies have been relaxed.

The existing act was passed in 1914 when Myanmar was ruled by the British government and it has now become outdated. In establishing a company, that law describes two categories – a company set up by Myanmar citizens and by a foreigner. Even if a foreigner holds one share in a Myanmar citizen-owned company, it is regarded as a foreign company

Source : Eleven Myanmar

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