Joint Venture is two or more companies from different jurisdiction (such as Foreign Company venture with Myanmar Company) venturing into project with contractual arrangement which aims to undertake a specific task. A Join Venture can be register under Myanmar Companies Act regulated under the Myanmar Foreign Investment Law. The amount for registering a Joint Venture company is USD $50,000. You have the option of remiting the first USD $25,000 initialy, and the other half of $25,000 to be remitted before the the Permit(Form 1) expired. The amount is allowed to use on company operating expenses.
Under the Myanmar Companies Act, a Joint Venture Company is required to obtain a Form 1 permit. A Form 1 permit is generally renewable every five years and requires approval by MIC. At present, no registration certificates or permit for a foreign trading company (distributing and selling products) are issued or renewed. The government did not announce any notification of such prohibition. A limited company has both memorandum and articles of association. The articles of association may include special voting rights and other minority shareholder protections. Care must be taken by foreign investors in prescribing the powers of the managing director, etc. There are no nationality or residence qualifications applicable to directors unless otherwise prescribed in the articles of association.