New Myanmar companies regime in force from 1 August 2018

2 August 2018

The long awaited Myanmar Companies Law 2017 (“Companies Law”) came into force on 1 August 2018, bringing sweeping changes to the regulation of companies in Myanmar. The Companies Law replaces the colonial-era Myanmar Companies Act, which dates from 1914. It removes antiquated requirements, such as requiring companies to seek presidential approval to change their names.

From 1 August 2018:

• Foreigners are able to own 35% of a Myanmar company
• A private company can be incorporated with a minimum of one shareholder and one director
• At least one director of every company must be ordinarily resident in Myanmar
• Directors must comply with stipulated directors’ duties
• Companies must register on Myanmar Companies Online

This article discusses these developments. To read the article, please click here.