Understand the Jurisdictions Setup Requirement Before Proceed Your Register Company in Myanmar
Myanmar is also commonly known as Burma. After over 50 years in isolation the country is now emerging on the global market stage with its economy steadily growing. A country that has been blessed with plenty of natural resources and a population of over 50 million people, Myanmar offers a lot of potential for investors seeking to begin a business by registering a company in Myanmar.
Although the country is still underdeveloped, the opportunities for investors are not diminished but merely more challenging. It does come with its own risks and investors who are registering a company in Myanmar need to develop a long-term business plan which will prepare the business well for the challenges that come with operating in Myanmar.
The benefits of starting a business in Myanmar
Despite the challenges, registering a company in Myanmar does have its good side. After all, everything has its pros and cons and nothing can ever go right 100% of the time, especially in the business environment.
Some of the benefits of registering a company in Myanmar include:
- The country has a strong economic growth to date which continues to steadily grow, a good thing for new businesses
- There is an increasing demand in Myanmar for more products, equipment and services that have resulted from previous incoming foreign investments
- Myanmar has a growing middle class population
- The country is blessed with an abundance of natural resources
- Myanmar also has a proven agricultural capacity
- The country is also committed to political and economic reform
The challenges of starting a business in Myanmar
And now that we’ve seen the benefits, it’s time to take a look at the cons. The cons of choosing to register a business in Myanmar include:
- There are political risks involve
- While the European Union did life the trade sanctions in Myanmar in 2013, there is an embargo that is still in place
- Unfortunately, corruption is still something that exists in Myanmar at all levels of the economy which makes due diligence even more important than ever
- Myanmar’s infrastructure is not quite fully developed yet and there’s still things that could be improved upon
Registering a company in Myanmar – things to consider during start-up
It is advisable for foreign investors to seek the help of professional services to help them navigate the registration process. There are 2 stages to setting up a company:
- Acquire a permit to begin a business
- Register the company locally
Businesses being registered in Myanmar need to pay a capital of USD50,000, 50% of which must be remitted into a local bank account before the permit for approval can even be issued.
All businesses must also be compliant with the local labour law if they plan to employ local Myanmar staff in their business. Businesses need to also be compliant with the local tax law, and you would need to appoint a qualified tax consultant to guide and advise you on the process.
And last but not least, foreign investors need to acquire the appropriate visas and work permits before commencing business operations in Myanmar.
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