How to Register a Business in Myanmar (formerly Burma)

Myanmar, formerly known as Burma, has been undergoing significant political and economic changes in recent years, making it a potentially lucrative market for foreign businesses. However, registering a business in Myanmar can be a challenging and time-consuming process, especially for those unfamiliar with the local regulations and procedures. In this article, we will provide a comprehensive guide on how to register a business in Myanmar.

Step 1: Choose your business structure

The first step in registering a business in Myanmar is to choose your business structure. Myanmar allows for various types of business entities, including sole proprietorships, partnerships, limited liability companies (LLCs), joint ventures, and branches of foreign companies. The most common type of business entity for foreign investors is an LLC.

Step 2: Register your business name

After deciding on your business structure, the next step is to register your business name. The business name must be unique and not already registered by another company. To register your business name, you need to submit an application to the Directorate of Investment and Company Administration (DICA).

Step 3: Obtain necessary permits and licenses

Before starting operations, businesses in Myanmar must obtain the necessary permits and licenses. The type of licenses required varies depending on the nature of the business. For example, if you are starting a restaurant, you will need a food license, while a manufacturing company will require a production license. You can obtain these licenses from the relevant government departments.

Step 4: Register with the Myanmar Investment Commission (MIC)

If you are a foreign investor, you must register your business with the Myanmar Investment Commission (MIC). The MIC is responsible for approving foreign investments and issuing permits for business activities. The application process can take up to three months, and you will need to submit various documents, including your business plan, financial statements, and proof of capital.

Step 5: Register with the DICA

Once you have obtained the necessary licenses and permits, you need to register your business with the DICA. The registration process involves submitting various documents, including the company’s articles of association, memorandum of association, and the list of shareholders and directors. The registration fee varies depending on the company’s capital.

Step 6: Obtain tax registration

All businesses in Myanmar must register for tax purposes. To obtain tax registration, you need to apply to the Internal Revenue Department (IRD) and provide information on your business activities, location, and capital.

Step 7: Open a bank account

To operate a business in Myanmar, you will need to open a bank account. The bank account will be used for various transactions, including paying taxes, salaries, and other expenses. To open a bank account, you will need to provide the bank with your business registration certificate, tax registration certificate, and other relevant documents.

In conclusion, registering a business in Myanmar can be a complex and time-consuming process. However, by following the above steps, you can ensure that your business is legally registered and ready to operate in the country. Generis Global is a firm that can help you with your business in Myanmar, and we encourage you to contact us to help you with the legal part of your business journey in this country.

GET STARTED WITH MYANMAR (FORMERLY BURMA)