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Consultants at Licensebox will provide you with professional guidance and thorough assistance at every step of the company registration process in Myanmar. We’ll help you to gather all the mandatory documents and file an application for company incorporation with the Directorate of Investment and Company Administration (DICA) on your behalf.
Process of Myanmar Company Registration
Myanmar Company Registration
Myanmar is one of the fastest-growing countries in Southeast Asia. Compared to other countries in the same region, it has less business competition. Moreover, Myanmar has good trade relations with its neighboring countries: China, India, Thailand and Singapore. The country allows 100% foreign ownership of eligible businesses operating in the wholesale and retail sectors. Therefore, company formation in Myanmar can be profitable.
If you want to obtain company registration in Myanmar easily and quickly, get in touch with Licensebox consultants.
We’ll provide you complete assistance throughout the entire Myanmar company registration process and ensure your business’ 100% compliance with the latest rules and regulations of Myanmar.
Requirements for Myanmar Company Incorporation
To be eligible for company registration in Myanmar, the applicant must fulfill the following eligibility requirements:
- The company shall have a registered office address in Myanmar
- The company must fulfill minimum capital requirements depending on the nature of business activities
- Private limited foreign companies shall have a minimum of 2 directors and 2 shareholders. The maximum number of shareholders allowed is 50.
- All companies established in Myanmar must appoint at least one director who is ‘ordinarily resident’ in Myanmar.
The following list of documents is required for company incorporation Myanmar:
- Application cover letter
- Memorandum of Association
- Articles of Association
- Passport of shareholders
- Letterhead of company in Myanmar
- Company Name
- Declaration of registration (Form 1)
- Situation of registered office form
- Statement of company objectives
- Directors’ details (Form 26)
- Directors’ contact details form
- Information of Shareholders (Company/Individual)
- Information of Managing Director/ Directors
- Address and Phone Number of shareholders
- Investor company’s registration card, if applicable
The process of company registration in Myanmar involves several important steps. All the steps must be completed carefully, and seeking professional assistance can simplify the process for you. Each step is mentioned below in detail. After reading them, you’ll learn how to register company in Myanmar:
Step 1: Choose Business Name
The first step in the company registration process is choosing the business name. You must choose a unique name for your company, and make sure the name reflects the kind of business your company plans to be engaged in.
Once the name is chosen, you must ensure it is available for use by submitting a name check form to the Directorate of Investment and Company Administration (DICA). Once DICA approves the name, you can register a company with this name.
Step 2: Choose Business Address
You must choose a business address for your company. A physical office can be rented by a foreign-owned business for up to 2 years. After this, you can request the relevant authorities for further extension.
Step 3: Filing Application with DICA
You must file an application with DICA for company incorporation. Along with the application, you must submit all the required documents such as MoA, estimated local expenditures of the first year of business operations, financial documents, intended activities to be performed, etc.
Step 4: Grant of Certificate of Incorporation
DICA will review the application along with all the documents. If DICA is satisfied with the application, it will issue a certificate of incorporation for your company.
Step 5: Obtaining Licenses and Necessary Permits
Before you can commence business operations, you must obtain the MIC permit from Myanmar Investment Commission and DICA permanent license from DICA. Once done, you can carry out your business activities in Myanmar!
There are various types of companies in Myanmar. They are as follows:
Sole Proprietorship
Sole Proprietorship is owned by a single person known as the sole proprietor. This sole proprietor is liable for all the debts and liabilities of the business. He is also eligible to receive all the profits of a sole proprietorship.
Partnership
A partnership is a business type consisting of two or more partners. In Myanmar, a partnership can consist of a maximum of 20 partners. All the partners in a partnership firm are liable for the debts and obligations of the business. A partnership firm in Myanmar can have foreign partners, subject to certain restrictions.
Joint Ventures
Joint ventures can be formed by natural persons or legal entities with a common business goal. In Myanmar, a joint venture can be set up either as a partnership or LLC, and may be governed by Myanmar Partnership Act or Myanmar Companies act, respectively.
Private Company Limited by Shares
To establish a private limited company, a minimum of one director and one shareholder is required. The maximum number of shareholders allowed in this company are 50 members. The shareholder’s liability is limited to their contribution in the company.
Public Company Limited by Shares
It requires a minimum of three directors, out of which at least one director should be a Myanmar citizen. The liability of the shareholder is limited to their contribution in the company. A public limited company can be listed on the stock exchange in Myanmar.
Branch Office
A branch office can be established by a foreign company wanting to establish their presence in Myanmar. This vehicle allows a foreign company to directly engage itself in the branch office’s decision-making process in the country. A branch office is not a separate legal entity and for its liabilities, the foreign company is responsible.
Benefits of Company Incorporation Myanmar
The benefits of company registration in Myanmar are as follows:
- Compared to other countries, the consumer market in Myanmar is relatively young. Suppliers of basic goods and services can take advantage of this great opportunity.
- Myanmar has a strategic geographic location as it is connected to India, China, Bangladesh, Thailand, Singapore and Laos. This gives the businesses in Myanmar access to billions of potential customers.
- Myanmar is consistently working on improving its infrastructure and business environment. So, in the coming years, you might witness significant improvement in this Southeast Asian country.
- Myanmar is rich in natural resources such as oil and gas. This makes it an attractive destination for foreign investors who want to set up companies in Myanmar.
Get Registration of Business in Myanmar with Licensebox’s Assistance!
It can be a tricky process to establish a company in another country, especially if you’re not fully aware of the country’s legislation and regulatory requirements. However, by choosing Licensebox as your reliable partner in the company incorporation process, you can rest assured that your company will get successfully registered in Myanmar.
Our consultants will help you to gather all the necessary documents for company incorporation in Myanmar and file an application with DICA on your behalf. We’ll keep you regularly updated regarding the application progress. If you’ve ever dreamt of forming a company in Myanmar, allow us to make your dream come true!
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Testimonials
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FAQs on Company Incorporation in Myanmar
A. The Directorate of Investment and Company Administration (DICA) is responsible for granting the certificate of incorporation in Myanmar.
A. Yes, all the companies established in Myanmar are required to appoint at least one director who is an ordinary resident of Myanmar.
A. Yes, you can apply for online company registration Myanmar by visiting Myanmar Companies Online (MyCO) website.
A. No, you require a business visa to run a business in Myanmar.
