ANNOUNCEMENT 07 Dec 2017
Myanmar has approved a new companies act with several liberalizations for foreign companies.
NUMBER OF INTERVENTIONS
Unofficial Translation - Directorate of Investment and Company Administration
Myanmar’s New Companies Law - ASEAN Briefing
New Myanmar Companies Law 2017: Implications for Foreign Companies and Investors - Duane Morris
GUIDE TO THE MYANMAR COMPANY LAW - Berwin Leighton Paisner
New Myanmar Companies Law - PWC
On 7 December 2017, Myanmar's President approved a new Myanmar Companies Act 2017, replacing the Companies Act of 2014. The amendments in the new Act affecting foreign companies have been listed below -
Also in the Myanmar Companies Act of 2017, the government introduced the requirement that at least 1 of the directors must be ordinarily resident in Myanmar i.e. resident in Myanmar for at least 183 days in each 12 month period. A public limited company must have at least 3 directors, at least 1 of whom has to be a citizen and ordinarily resident in Myanmar. The requirement to be an ordinarily resident also applies to the authorized officer of an overseas corporation.