Local Company

  Local company is defined as a company with local shareholdings of at least 65%. Foreign investors can hold not more than 35%. This entity is allowed to engage in all business activities under the Company ACT prescribe.

 

 

COMPANY NAME SEARCH

  Company name must be "Limited" or "Company Limited" at the end of the company name. Company name search availability is required before company registration.  

CAPITAL REQUIREMENT

There is no minimum capital requirement.  

OFFICE ADDRESS

 Registered office address is required for company registration, if you have yet found a suitable physical office address, you may consider using a virtual office address temporary or permanently.     

DIRECTOR

  Minimum one director is required and one of the directors of the company must be a resident director. Resident director can be foreigner or Myanmar citizen as long as the resident director reside in Myanmar for more than 183 days within 12 months period.  

SHAREHOLDER

  Minimum one shareholder and all shareholder must be Myanmar citizen. 

   

ANNUAL RETURN (DECLARATION OF THE COMPANY STATUS)

  Newly incorporated company must submit Annual Return (AR) within two months and thereafter every 12 months. Late submission will be fine. 

  

COMMERCIAL TAX

  Registration of commercial tax is required unless the registered as a Small Medium Enterprise with less than 50 million kyats revenue per year or less than 30 employees 

    

TAX REGISTRATION

Company Tax registration is not required.  

FINANCIAL YEAR END DATE

Financial year end date is fixed on the 30th of September of every year. 

TAX ASSESSMENT

 Company is obliged to submit the company financial account statement to the Tax Authority within 3 months after the year end date. Company Income Tax is 25%.  

BANK ACCOUNT

The authorized signatory has to be present at the bank during the bank opening process and a valid business visa. Click for the bank available in Myanmar for bank account opening https://www.cbm.gov.mm/content/private-banks 

  

COMPANY SECRETARY

 Company secretary is not mandatory and company or company secretary is obliged to keep all statutory records and minutes book in compliance with the company ordinance. Absent of proper documents are subject to fine. 

Documents required for company registration

Natural person 

i) Myanmar identity card/passport copy of the director and shareholder

ii) Residential address, email address, mobile number of the director and shareholder

iii) Myanmar office address

iv) Myanmar contact number

Corporate Shareholder

i)     Certificate of Incorporation

ii)    Memorandum and Articles of Association

iii)   Original copy of the resolution

iv)   List of Directors

v)    Appointment Letter/power of attorney for authorized person

vi)   Myanmar office address

vii)  Home address of the director and shareholder

viii)  Passport of the director and representative

ix)   Last two years annual report or audited financial statements of the company.

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