Lee Jun Yee
Director
Jun Yee’s principal area of practice is banking and finance. He also advises on financial and capital markets regulation.
Jun Yee has been involved in assisting and advising various foreign banks in relation to the foreign banking licenses issued by the Central Bank of Myanmar and the setting up of their operations in Myanmar. He regularly assists offshore lenders, licensed foreign banks and local banks on a wide range of financing transactions in Myanmar, including domestic and cross-border bilateral and syndicated loans as well as project finance (including cross-border project finance for the telecommunications, powers and ports sectors). He also advises banks and other financial institutions on various compliance and regulatory matters.
Jun Yee joined Allen & Gledhill (Myanmar) as senior foreign associate in 2015 and has been a director since 2017. Prior to joining Allen & Gledhill (Myanmar), he was with Rahmat Lim & Partners, the Malaysian associate firm of Allen & Gledhill, since 2011. He is fluent in English, Mandarin and Malay.
Work Highlights
- Acted for Overseas Private Investment Corporation in the US$250 million financing to Apollo Towers Myanmar Co., Ltd. for the construction of thousands of built-to-order telecommunications towers in Myanmar.
- Acted for the syndicated lenders in the financing to OCK Yangon Pte Ltd, a telecommunications network service provider for the construction of telecommunications towers in Myanmar. The syndicated facility is one of the largest syndicated loans by onshore foreign banks since the Myanmar financial sector was opened to foreign banks in 2015.
- Acted as transaction counsel for the US$200 million debt financing by the International Finance Corp (IFC) and other foreign lenders for the expansion of the Myanmar Industrial Port in Yangon.
Publications
- Myanmar electronic taxpayer registration system now connected to Tradenet 2.0
- Patents accepted by Myanmar Intellectual Property Department from 31 October 2024
- Myanmar workers overseas required to remit foreign earnings home
- Myanmar Internal Revenue Department launches Tax Payment Portal
- Myanmar revises commercial tax rate on sale of gold, gold bullion, and gold jewellery from 1 October 2024
- Myanmar Department of Trade stipulates import of pharmaceuticals to be allowed only with proof of export earnings
- Central Bank of Myanmar requires exporters to exchange 25% of their earnings at Central Bank rate
- Myanmar sets import reference prices for certain goods
- Myanmar limits companies to five “principal activities” in annual returns form
- Myanmar implements additional allowance for workers
- Myanmar Industrial Zone Rules in force
- Central Bank of Myanmar updates digital payment limits
- Myanmar Quarterly Bulletin Q2 2024
- Myanmar amends restrictions for import licences
- Myanmar food product notification regime implemented
- Myanmar Patent Law in effect from 31 May 2024
- Myanmar introduces new barter trade arrangements
- Central Bank of Myanmar sets minimum reserve requirement ratio banks must maintain in MMK and adjusts interest rate on excess reserves
- The International Comparative Legal Guide to Project Finance 2024 (13th Ed) - Myanmar
- Myanmar Directorate of Investment and Company Administration amends fees for various company incorporation processes
- Myanmar issues Union Tax Law for financial year 2024-2025
- Myanmar Quarterly Bulletin Q1 2024
- Central Bank of Myanmar sets out procedure for agent banking services
- Central Bank of Myanmar issues guidelines on payment procedures for using special rupee vostro account in India-Myanmar bilateral trade
- Myanmar Intellectual Property Department begins accepting industrial design applications
- 2023 in Review: Myanmar
- Central Bank of Myanmar requires non-banking financial institutions seek approval to issue subordinated debt
- Myanmar Ministry of Commerce sets registration fees for online retail businesses
- Central Bank of Myanmar reduces time frame for deposit of export earnings
- Myanmar Quarterly Bulletin Q4 2023
- Myanmar reduces percentage of foreign currency export earnings to be converted into kyat
- Myanmar issues Copyright Registration Rules
- Myanmar levies income tax on citizen earnings abroad including salary
- Myanmar issues guidelines for e-commerce businesses
- Myanmar Industrial Design Rights Law and Copyright Law in force from 31 October 2023
- Freelance healthcare providers subject to 2% withholding tax in Myanmar
- Myanmar Quarterly Bulletin Q3 2023
- Myanmar approves Thai currency for international payments and settlement
- Myanmar issues new customs rules on trademarks
- Myanmar requires online retail businesses to register by 21 January 2024
- MTI consults on ASEAN-China Free Trade Area 3.0 upgrade negotiations
- Myanmar reduces percentage of export earnings to be converted into kyat
- Myanmar Quarterly Bulletin Q2 2023
- Myanmar sets out procedures for registration of export/import businesses
- Myanmar sets out new registration and supervisory regime for private education institution under new Private Education Law
- Myanmar requires proof of tax paid prior to remittance of foreign currency abroad
- Myanmar Union Tax Law 2023 focuses on oil and gas sector, electric vehicles, and photovoltaic goods
- Myanmar Quarterly Bulletin Q1 2023
- Myanmar mandates new companies to provide additional information with their annual returns
- Myanmar Trademark Law to come into effect 1 April 2023
- 2022 in Review: Myanmar
- Nominee directors and shareholders not allowed under Myanmar Companies Law
- Foreign companies in Myanmar exempt from mandatory conversion of foreign currency
- Myanmar 2019 Trademark Law expected to come into force in March 2023
- New AML/CFT Guidelines applicable to microfinance institutions in Myanmar
- Myanmar Department of Consumer Affairs sets out guidelines for the recall and ban of hazardous goods
- New AML/CFT Guidelines applicable to microfinance institutions in Myanmar
- Myanmar Quarterly Bulletin (Q4 October - December 2022)
- Importation of electric vehicles into Myanmar allowed under pilot project
- New Myanmar Registration of Associations Law imposes additional requirements on non-governmental organisations
- Payments on Myanmar-Thai border must be made via bank transaction
- Myanmar Internal Revenue Department issues its first public ruling on tax avoidance and evasion under the Tax Administration Law
- Myanmar Quarterly Bulletin (Q3 July - September 2022)
- FATF members to apply enhanced due diligence for transactions involving Myanmar
- Repeal of “value-added” criteria in Myanmar for export of certain crops
- Myanmar clarifies rules regarding conversion and use of foreign currency for exporters and others
- Central Bank of Myanmar relaxes foreign currency conversion requirements for exporters, increases official exchange rate
- Foreign entities allowed to wholly own non-bank financial institutions in Myanmar
- Foreign entities allowed to wholly own non-bank financial institutions in Myanmar
- Banks in Myanmar to suspend companies’ repayment of offshore loans and convert foreign currency held by companies with up to 35% foreign ownership
- Myanmar revokes exemption for foreign-owned companies from currency conversion rule
- Central Bank of Myanmar stipulates only Myanmar Kyat to be used in domestic payments
- Myanmar establishes Foreign Exchange Supervisory Committee to oversee use of foreign currency
- Myanmar Cyber Security Bill seeks to regulate online activity and access to information
- Central Bank of Myanmar exempts exporters/importers under border trade programmes with China and Thailand from foreign currency conversion requirements
- Central Bank of Myanmar requires foreign currency to be converted to Myanmar Kyat with exemptions
- Central Bank of Myanmar reduces maximum limit for international credit cards
- Central Bank of Myanmar announces exemptions to foreign currency conversion mandate
- Central Bank of Myanmar clarifies obligations relating to foreign currency conversion
- Central Bank of Myanmar requires foreign currency to be converted into Myanmar Kyat
- Myanmar State Administration Council amends rate of commercial tax and income tax in certain circumstances
- 2021 in Review: Myanmar
- Regional Comprehensive Economic Partnership Agreement in force from 1 January 2022: Businesses benefit from measures facilitating trade and investment
- Myanmar Directorate of Investment and Company Administration instructs companies to open corporate accounts for financial transactions
- Central Bank of Myanmar issues directives relating to utilisation of currency
- Myanmar allows courts to refer matters to mediation in amended Code of Civil Procedure
- Recent amendments to tax administration in Myanmar
- Central Bank of Myanmar reduces time frame for conversion of export proceeds
- Myanmar fiscal year for banks and financial services providers to run from 1 April to 31 March
- Central Bank of Myanmar stipulates unused export income in foreign currency to be sold within four months of receipt
- Central Bank of Myanmar issues new rules regarding appointment of foreign employees
- The International Comparative Legal Guide to Project Finance 2021
- 2020 in Review: Myanmar
- Central Bank of Myanmar issues Guideline on Risk Management Practices of Banks
- Covid-19: Absence from Myanmar during official closing of borders not detrimental to ordinarily resident determination as required under Companies Law
- Myanmar issues guidelines for unsolicited proposals for PPP projects
- Soft Opening of Myanmar’s new trademark registration system on 1 October 2020
- Myanmar government issues notification clarifying definition of independent directors
- Central Bank of Myanmar issues basic principles for regulation of non-bank financial institutions
- Myanmar to issue e-commerce operation guidelines
- Myanmar Law to Prevent an Increased Quantity of Imports to come into force 1 July 2021
- Myanmar Ministry of Planning, Finance and Industry issues notification on tax exemption recognition for non-profit organisations
- Draft direct selling law to allow multi-level marketing in Myanmar
- Insurance companies in Myanmar able to provide reinsurance services from 1 October 2020
- The International Comparative Legal Guide to Project Finance 2020
- Covid-19: Table of key Myanmar government measures
- Myanmar launches Covid-19 Economic Relief Plan
- Myanmar Securities and Exchange Commission allows foreign participation in daily share trading of listed companies on the Yangon Stock Exchange
- Central Bank of Myanmar extends deadline for banks to comply with four regulatory notifications to 2023 in view of Covid-19
- Myanmar enacts various relief measures in bid to assist businesses during Covid-19 pandemic
- Registration of mortgages in favour of foreign financial institutions in Myanmar
- New Myanmar Insolvency Law allows companies to opt for corporate rescue and rehabilitation alternative to liquidation
- Myanmar and eight other countries affirm commitment to ensuring supply chain connectivity amid Covid-19 crisis
- Myanmar Securities and Exchange Commission allows foreign participation in daily share trading of listed companies on the Yangon Stock Exchange
- Central Bank of Myanmar updates criteria for approval of offshore loans
- Supreme Courts of Singapore and Myanmar conclude Memorandum of Guidance on enforcement of money judgments
- Myanmar Internal Revenue Department clarifies application of Tax Administration Law
- 2019 in Review: Myanmar
- Myanmar microfinance institutions to comply with Directive on Customer Due Diligence for Anti-Money Laundering and Combating the Financing of Terrorism
- Myanmar Directorate of Investment and Company Administration mandates disclosure of beneficial ownership from 1 January 2020
- Myanmar Stamp Act amended to reduce penalty for late or insufficient payment of stamp duty
- Central Bank of Myanmar announces new round of foreign bank licensing
- Singapore investors to enjoy greater protection in Myanmar under new bilateral investment treaty
- Myanmar Union Tax Law 2019 amended to provide conditional tax amnesty
- Foreign companies in Myanmar allowed to export certain previously restricted goods from 6 June 2019
- Draft law to establish trade development body before Myanmar Parliament
- New regime of Myanmar intellectual property laws complete with passing of Copyright Law
- Myanmar Ministry of Commerce mandates wholesale/retail registration for previously exempted commodities
- Central Bank of Myanmar warns against use and trade of cryptocurrencies
- Central Bank of Myanmar issues variety of Directives spanning fit and proper criteria and acquisition of substantial interests
- Myanmar designates preferred applicants in step towards issuance of first life insurance licenses for foreign companies
- Myanmar’s new trademark regime establishes first-to-file system
- Myanmar passes Trademark Law and Industrial Design Law
- Foreign banks and financial institutions in Myanmar able to have up to 35% equity investment in local private banks
- Central Bank of Myanmar issues Subordinated Debt Directive
- Entities registered under previous Myanmar companies regime must re-register by 31 January 2019
- Central Bank of Myanmar amends lending rates
- Insurance market liberalised for foreign entities in Myanmar
- 2018 in Review: Myanmar
- Myanmar Government forms Competition Commission
- Central Bank of Myanmar expands scope of services foreign bank branches can offer
- Myanmar government issues Guidance on Execution of Contracts for government entities
- Myanmar DICA issues standard criteria for provision of education services further to opening of sector to foreign investment
- Myanmar Companies Law in force from 1 August 2018
- Myanmar Ministry of Commerce sets out framework for operation of retail and wholesale businesses
- Registered companies in Myanmar must re-register on online electronic registry from 1 August 2018
- DICA issues draft forms for registration of matters relating to overseas corporations, public companies, and mortgages and charges
- DICA issues notifications setting out requirements for public companies and business associations
- Myanmar Directorate of Investment and Company Administration issues draft forms relating to company directors and registration of changes to share capital
- Myanmar opens retail and wholesale sector to foreign companies and joint ventures
- Myanmar Directorate of Investment and Company Administration issues draft Companies Regulations for public consultation
- Myanmar Directorate of Investment and Company Administration issues sample application forms for registration and re-registration of companies
- Myanmar Investment Commission opens education services sector to foreign investment
- Myanmar DICA issues draft sample application forms for new electronic companies registry system
- Myanmar IP Bills passed by Parliament’s Upper House, clearing first hurdle to becoming law
- Myanmar Directorate of Investment and Company Administration issues draft model constitution for private companies for public consultation
- Myanmar Ministry of Commerce expands list of products foreign joint venture businesses allowed to export
- Myanmar Companies Law to come into effect on 1 August 2018
- Newly issued Myanmar Condominium Rules set out ownership and development requirements
- Myanmar Investment Commission seeks to increase foreign participation in logistical services and manufacturing sectors