Laws and regulations ministry of labour, immigration and. It will be one of the key pieces of legislation providing the foundations for an attractive investment climate in myanmar. The directorate of investment and company administration dica is in charge of handling company registrations for local and foreign businesses under the myanmar companies law. The myanmar investment law 2016 law, which replaces the foreign investment law, 2012 2012 law and the myanmar citizen investment law, 20 20 law, has been enacted and, according to sources at the directorate of investment and company administration dica, will come into force on april 1, 2017. Myanmar tax update 2017 4 holding tax shall be imposed. Citation and commencement of this law and definitions a this law shall be called the myanmar companies law. On 30 th may 2017, companies act 2017 was passed by president of pakistan. On december 6, 2017, myanmar s president u htin kyaw approved the new myanmar companies act, 2017, replacing the countrys centuryold companies act of 1914. Another characteristic of the new act is that foreign investors have the right to possess 35 percent shares and simultaneously they will have rights to sell their shares at the yangon stock exchange. The guide is designed as a quick reference to identify the main rights, powers, and obligations of employers, workers, unions1, and government under myanmar labour law.
Contract to do act afterwards becoming impossible or unlawful. Being promulgated under colonial rule, undoubtedly it needs amending. To learn more about registering your company, please click the register a company link on the menu. Many laws dating back to the colonial period and postindependence period are, with more or less changes, still in force. A guide to the myanmar companies law 2017 download pdf share via email share via linkedin join our mailing. December, 2019 myanmar tax administration law 2019 burmese taxation october 28, 2019 what is erp.
The new myanmar companies law 2017 comes into effect from wednesday, enabling a company s registration process to be done electronically now. Companies act 2017 pdf download company laws in pakistan. Part i commencement and definitions division 1 name, commencement and definitions 1. Contains provisions from the companies act 1914 and the. Compensation for loss through nonperformance of act known to be. A company is resident if it is formed under the myanmar companies act or any other law of myanmar. Myanmar companies law 2017 from page 1 constitution. Aug 01, 2018 the myanmar companies law 2017 companies law is in force as of 1 august 2018. Searching for companies in myco is simple and free. The asian development bank, the ministry of national planning and economic development, the office of the union attorney general and the union of myanmar federation of chambers of. Reciprocal promise to do things legal, and also other things illegal.
Companies act 2017 is promulgated to reform company law with the objective of facilitating corporatization and promoting development of the corporate sector. The following expression contained in this law shall have the meanings given hereunder a state means the republic of the union of myanmar. The leave and holiday act 1951 myanmar version overseas employment law 1999 myanmar version the labour organization law 2011 the labour organization rule. News and stories directorate of investment and company. The introduction of the mcl is part of a broader legislative initiative to bring myanmar s company law into line with international standards. Dica also serves as a secretary to the myanmar investment commission mic, which is the responsible body for investment applications under the myanmar investment law. Definition of a company a company is a corporation an artificial person created by law. The republic of the union of myanmar myanmar investment commission notification no. Myanmar has many attributes that will attract foreign investors including natural resources, a large and young population, rich culture and strategic location.
Dec 15, 2017 the new myanmar companies law 2017 pyidaungsu hluttaw law no. The details of implementation will be further announced under new notifications, and expected to be in force in mid2018. Dica also serves as a secretary to the myanmar investment commission mic, which is the responsible body for investment applications. The guide can be useful to employers and their organizations.
New myanmar companies law enacted on 6 december 2017, president u htin kyaw gave presidential assent to the myanmar companies bill approved by the myanmar parliament, ushering this highly anticipated legislation into law in myanmar. In exercise of the powers conferred under section 42 and section 100b of myanmar investment law, with the approval of the union government, myanmar investment commission issued the list of restricted. In this newsletter, we have outlined certain key developments in this new law. You agree to these terms as an authorized representative of the company on the account. Myanmar companies law 2017, pyidaungsuhluttaw law no. The mcl was drafted by the dica with the assistance of the asian development bank. Directors duties and liabilities in myanmar updated. Introduction on 23 november 2017, after several years of discussions and numerous drafts, the myanmar parliament passed the bill for the new companies law.
Myanmar companies act, 2017 of great virtues global new. Guide to the myanmar company law berwin leighton paisner. Myanmar companies law 2017 free ebook download as pdf file. In late november 2017, the myanmar parliament approved the new myanmar companies law. The mcl modernizes myanmar s corporate framework and provides new opportunities for local and foreign companies that didnt exist under the mca. Implementation of the companies law will be postponed until august 2018.
In 20 the department of investment and company administration dica of the ministry of national planning and economic development with the assistance of the asian development bank started to draft the myanmar company law mcl. Myanmar companies law english and burmese version from dica. Myanmar and they are anticipated to be conducted from 2017 to 2020. The myanmar companies law 2017 companies law is in force as of 1 august 2018. The myanmar government enacted the union taxation law 20181 and it came into force on 1 april 2018. Mlmb covers every law included in burma code, in addition to every myanmar law enacted since 1948 when myanmar became independent. Draft of new myanmar companies act to be published. Myanmar launches new companies law to adapt to current age.
Myanmar companies law english and burmese version from dica pdf 1. A guide to the myanmar company law in late november 2017, the myanmar parliament approved the new myanmar companies law the new companies law which is now awaiting the presidents signature to become law. It will be one of the key pieces of legislation providing the foundations for an attractive. Restricted investment activities under mic notification no. Signed into law by the president on 6 december 2017. Companies law english and burmese version from dica pdf 1. Simply use the company name or registration number in the section below to start. The myanmar directorate of investments and company administration dica has announced that a draft of the new myanmar companies act is to be published shortly. Dec 11, 2017 on december 6, 2017, myanmar s president u htin kyaw approved the new myanmar companies act, 2017, replacing the countrys centuryold companies act of 1914. In mldb, myanmar laws which are categorized according to year of issue and area of laws are available. The companies law brings about sweeping changes to the regulation of companies in myanmar. The purpose of this act is to encourage the use of technology and electronic means in conduct.
The myanmar government enacted the union taxation law 20181 and it came. The asian development bank, the ministry of national planning and economic development, the office of the union attorney general. For membership enquiry, please, contact email protected for general enquiry, please, contact email protected tel no. The directorate of investment and company administration dica is in charge of handling. On 6 december 2017, this bill was signed into law by the president of the republic of the union of myanmar. This alert summarizes the changes which will impact businesses in myanmar. The new myanmar companies law 2017 pyidaungsu hluttaw law no. Myanmar companies law directorate of investment and company.
Stateowned enterprises shall follow the new financial year, 1 october to. Descriptive report myanmar micro, small and medium. The new myanmar companies act which entrepreneurs at home and abroad have been waiting for a long time has already been promulgated on 6th december 2017. On 6th december 2017, the myanmar companies law 2017 mcl was passed to replace the myanmar companies act 1914 mca in order to modernize the current legal structures of companies and enhance foreign investment in myanmar. The myanmar companies act 19 contents part i preliminary sections 1. For example, aside from the myanmar investment law 2016, no asean investment law guarantees investors fair and equitable treatment fet. Among asean countries, no countrys investment law includes the combination of vague investor rights commonly found in investment treaties. The mcl modernizes myanmar s corporate framework and provides new. The memorandum of association, articles of association, and any other constituent documents of an existing company in myanmar will collectively regarded as its constitution, provided that they are consistent with the mcl 2017.
Under section 36 a of the union taxation law 2017, the union government shall engage in activities with regard to the. The mcl complements the revised myanmar investment law 2017 fil which came into effect on 18 october 2016 and consolidated and replaced the previous foreign investment law 2012 and the citizens. The myanmar stock price index tumbled 23 points, or around 4. The president of the union of myanmar signed the myanmar companies law the new law on 6 december 2017. Just prior to its promulgation, the former burma companies act which was enacted in 1940, has now reached 77 years. You understand that all submitted notices will be registered as prior notices of lease and the registration date of submitted notices will be set as the date and time of commencement of the registry. Oct 27, 2016 the myanmar investment law 2016 law, which replaces the foreign investment law, 2012 2012 law and the myanmar citizen investment law, 20 20 law, has been enacted and, according to sources at the directorate of investment and company administration dica, will come into force on april 1, 2017. All companies are set to reregister within six months from august as the law comes into effect and the reregistration process is to be completed through the myanmar companies online myco system. Using myco you can register your company and find information on all companies that are registered in myanmar. Overseas corporation overseas corporation means a company incorporated outside myanmar. Jurisdiction of the courts part ii constitution and incorporation 4. Fiscal year under the union taxation law 2018, the new financial year for 2018 is as follows.
Prohibition of partnerships exceeding certain number 5. Grant land is the most extensive form of land use right for state land. This law shall be called the financial institutions law. Although the myanmar companies law mcl will only be coming into effect at a later commencement date. More than 77 businessrelated laws and 149 regulations are translated in english. Myanmar companies law english and burmese version from dica download the file.
In late november 2017, the myanmar parliament approved the new myanmar companies law the new companies law which is now awaiting the presidents signature to become law. The new law seeks to modernize corporate governance in myanmar in line with international best practices. This new law is intended to be consistent with international best practice and replace the old myanmar companies act of. To allow for a more detailed study of the subject, the footnotes refer to myanmar law first and foremost to the myanmar companies act 1914 ca and the latest draft of the new myanmar companies law draft cl, which shall be enacted in the near future.
815 627 974 1394 1178 1533 516 851 677 1101 1476 1225 112 1453 612 784 1462 396 377 1233 275 678 1452 1364 729 1457 517 1103 1456 1248 950 189 1181 1342 279 143 1246 199 1132 496 464 144 1204 964 1002 1059 44 1096