New Myanmar companies regime in force from 1 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.