The rank of myanmar improved to 165 in 2019 from 171 in 2018. Myanmar business guide since the reopening of the myanmar economy in 2011, the country has undergone significant economic and legislative reforms and political transformation. The penal code and the anticorruption law cover most forms of bribery in the public sector, including active and passive bribery, extortion, attempted corruption and abuse of. On september 14th, 2016, president obama announced his intention to terminate u. This is my presentation to the nus mba group entitled doing business in myanmar what you need to know as an entrepreneur from singapore. The opportunities in myanmar myanmar, branded by the international monetary fund as asias final frontier has a population of 60 million and a growing gdp per capita at 7 to 8% annually. Doing business myanmar for australian exporters austrade. This guide has been prepared for the assistance of those interested in doing business in myanmar.
Myanmar economic monitor, may 2018, world bank group 3. On april 23 of this year, the eu lifted these trade sanctions, with the exception of the one on arms dealings, and is now encouraging member states to do business with myanmar and to invest in the country. Many have hailed myanmars recent economic, political and social restructuring as ground breaking, and for good reason. Directorate of investment and company administration. This economy profile presents the doing business indicators for myanmar. It is flanked in the south by the andaman sea and the bay of bengal. For economies that have a different procedure list for. Doing business in myanmar doing business in myanmar yes, a foreign national or juristic entity can establish and register a local myanmar llc as 100% foreign.
The opportunities and risks of investing in myanmar. This economy profile for doing business 2016 presents the 11 doing business indicators for myanmar. Between june 2014 and june 2015, the report, which measures 189 economies worldwide, documented 231 business reforms. Myanmar is ranked 165 among 190 economies in the ease of doing business, according to the latest world bank annual ratings. Doing business 2017 is the 14th in a series of annual reports. To allow useful comparison, it also provides data for other selected economies comparator economies for each indicator. To allow for useful comparison, the profile also provides data for other selected economies comparator economies for each indicator. Measuring regulatory quality and efficiency, a world bank group flagship publication, is the th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. For overall ease of doing business, myanmar has climbed 10 places since last year, and is now safely clear of the bottom 10 countries in the world, in 167th place however, it remains the lowestranked asean member and, with the exception of afghanistan and bangladesh, the lowestranked country in asia at the other end of the scale, more advanced asian economies are well represented in. The description is composed by our digital data assistant. Nov 18, 2016 myanmars explosive economic growth and untapped potential have led many investors to dub the country as asias final frontier. Figure starting a business in myanmar procedure, time and cost this symbol is shown beside procedure numbers that take place simultaneously with the previous procedure.
Details starting a business in myanmar procedure, time and cost no. That means that myanmar labour productivity need to grow by 7% annually for the next 20years. In a relatively short period the countrys economy has gone from being largely isolated to being a focal point for foreign investment. Introduction to doing business in myanmar alec christie phillips fox, sydney the following article outlines the legal environment in myanmar applying to a foreign investor wishing to invest in myanmar through a locally incorporated limited liability company. Doing business in myanmar 1 geography and climate the republic of the union of myanmar, formerly known as burma, is situated on the indochinese peninsula. On november 10, 2015, the wbg geneva office hosted the presentation of this years doing business report, which focused on the topic of measuring regulatory quality and efficiency. The doing business report provides objective measures of business regulations for local firms in 189 economies. Myanmar most improved for ease of starting business. Guide to doing business in thailand 2016 reports asean up. For businesses looking to be part of myanmar s growth journey, this guide will assist you in sieving out the key investment opportunities and navigate the challenges ahead.
However, myanmar also presents several technical and legal challenges to be managed and overcome by new comers. Ease of doing business in myanmar 20142019 data 2020. In terms of market growth, the myanmar economy may be the fastest growing. For instance, certain business sectors, such as agriculture and. Myanmar has 5 ethnic groups divided into eight national races.
In the 2018 report, published on october 31, myanmar fell one place compared to last year, ranking 171st of the 190 economies analysed. The government is decidedly probusiness and has been open to foreign investments. Major investment from the us is in the following sectors major us investment in myanmar. Mercers doing business in myanmar is a valuable source of information that will help businesses make informed decisions when setting up in myanmar. In 2017, the century old companies law was substantially revised. Doing business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 189. It does not cover the subject exhaustively but is intended to answer some of the important, broad questions that may arise. This was replaced by the myanmar investment law in 2016 so as to combine the regulation of both foreign and domestic investments under one set of laws. Investment business activities that are not required to grant exemption and relief form tax no.
However, there are limitations and restrictions to this general rule. Abstractdoing business in and with china has become much easier than it was decades ago. A large and populated country just opening its doors to foreign companies and investors, myanmar is rich with opportunities in many sectors. Under the arbitration law, foreign arbitral awards are enforceable under. It shares borders in the west with india and bangladesh, in the east with thailand and laos, and in the north with china. Myanmar has a legal anticorruption framework in place, however and in spite of renewed efforts to curb corruption enforcement remains inadequate bti 2016. Myanmar is in the process of updating numerous laws and regulations including its foreign investment regime. Abstract doing business in and with china has become much easier than it was decades ago. Action task force removed myanmar from its list of states deemed weak in combating money laundering and terrorist financing. Economic growth is priority, asia times, 29 march 2016 4 tourism ministry aims for 6 million visitors, myanmartimes, 26 march.
Myanmar business guide 5 pwc myanmar is located at. Covering all the major business domains from registration to taxes, legal issues to new incentives, this long and very complete document will provide answers to all your regulatory and administrative questions to do business in thailand. In the last four years, significant reforms have been undertaken to build investor confidence in myanmar, including the passing of. The thailand board of investment has released a complete guide to doing business in thailand in 2016. Ease of doing business index of myanmar increased from 42. Michael okane, author of the bestselling doing business in saudi arabia, examines the legal, business and investment climate in this new guide to doing business in myanmar. As the nation formerly known as burma was closed off to the world for so long, its culture is virtually unknown to most outsiders, and this can make doing business here difficult. Doing business in taiwan market overview market challenges market opportunities market entry strategy market overview return to top with a population of 23 million, taiwan is a thriving democracy, vibrant market economy, and a highly attractive export market, especially for u.
Reflecting particular human rights risks with the provision of security services, gl 16 does not authorize, in connection with the provision of security services, the exportation of financial services to the burmese. Pdf version this cost of doing business in myanmar survey report 2018 is aimed to provide useful information to existing and potential investors. Despite some economic reforms, myanmars ease of doing business has changed little in the past three years. The company registration office cro at the directorate of investment and company administration. Reflecting particular human rights risks with the provision of security services, gl 16 does not authorize, in connection with the provision of security services, the exportation of financial services to the burmese ministry. The union of myanmar foreign investment law fil was enacted on 30 november 1988 and the parliament has approved a new foreign investment law on 2. What rules apply to doing business in this previously forbidden country, at once old and new. Following the myanmar investment commissions priorities, dica has already opened 15 branch offices in all states and regions in order to promote investment throughout the country. As per new myanmar investment law 2016 combining the foreign. Myanmar, branded by the international monetary fund as asias final frontier has a population of 60 million and a growing gdp per capita at 7 to 8% annually.
Requiredparticulars entered in formaofthe myanmar companies regulation, 1957 drafts of the companys memorandum and articles of association or equivalent constitutional documents 26. Procedures time to complete associated costs 1 conduct a name check at the company registration office cro at the directorate of investment and company administration dica. Doing business presents quantitative indicators on business regulations and the protection. The consumer market is relatively young and offers great potential for suppliers of basic goods and services. With mercers extensive market practice information, this guide is an important source of mandatory and private benefit practices. The challenges are great, but so are the opportunities. Plc doing business in multijurisdictional guide 2016. This page provides myanmar ease of doing business actual. Companies doing business in myanmar, or planning to do so, are advised to obtain current. This cost of doing business in myanmar survey report 2018 is aimed to provide useful information to existing and potential investors. Take note that this topic was chosen by the nus mba group one month before their visit to my office. Myanmar need to more than double its labour productivity growth for the next 20 years.
Myanmar is ranked 171 among 190 economies in the ease of doing business, according to the latest world bank annual ratings. Business administration and compliance in myanmar put together by. Myanmar is one of three countries using the imperial system of measurement, instead of the more popular metric system of measurement. Burma code volumes 1841 1954 myanmar companies act 1914as amended mca remains in force. The opening up of the country, first set in play in. Doing business 2016 is the th edition in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. On the whole, myanmar has made great strides in the last seven years and the transformation is commendable.
The eu sanctions on myanmar set an arms embargo and prohibited business in various sectors and with certain companies and individuals. According to doing business in myanmar the number companies in myanmar increased fivefold between 2007 and 2016 from 10,943 to 52,479, while the number of foreignowned companies in myanmar increased by almost 200 per cent between 2005 and 2016 from 2,120 to 6,223. Introduction to doing business in myanmar charltons. The rank of myanmar remained unchanged at 171 in 2018 from 171 in 2017. However historically myanmar has only manage to grow by 2. Enter your email address below to receive latest news from myanmar doing business. Foreign investors may only participate in large scale mining operations with a local joint venture partner. Consistent with the governments aspirations in enacting the myanmar investment law 2016, opportunities for foreign investment continue to. Among reforms to reduce the complexity and cost of. Economies are ranked on their ease of doing business.
Aug 30, 2017 according to doing business in myanmar the number companies in myanmar increased fivefold between 2007 and 2016 from 10,943 to 52,479, while the number of foreignowned companies in myanmar increased by almost 200 per cent between 2005 and 2016 from 2,120 to 6,223. Myanmar ranked 170 out of 190 on the world banks doing business index in 2017 and 6 out of 176 on transparency internationals corruption perceptions index 2016. The opportunities and risks of investing in myanmar british. When specific problems occur in practice, it will often be necessary to refer to the laws and regulations of myanmar and to. In 2019, ease of doing business index for myanmar was 43. Jun 14, 2016 myanmar is the new frontier for business in southeast asia.
Ease of doing business in myanmar averaged 172 from 2014 until 2018, reaching an all time high of 177 in 2014 and a record low of 170 in 2016. As at march 2016, the main foreign investors in myanmar continues to be. Myanmar foreign investment law was issued in 2012 to promote and regulate foreign investments. It will come in handy for companies, investors and professionals willing to benefit from the promising business.
With most of the remaining western sanctions lifted, myanmar is officially open for business and companies are rushing in. Myanmar made starting a business easier by eliminating. Myanmar doing business 2019 myanmar doing business. Dispute resolution myanmar ratified the new york convention in 20, and passed the arbitration law in 2016, fully implementing the new york convention. Cost of doing business in myanmar survey report 2018. Strengths, constraints, opportunities and risks strengths strong commitment to reform large youthful population, providing a lowcost labour force attractive to foreign investment rich supply of natural resources land, water, gas, minerals abundant agricultural resources to be exploited for productivity improvement. Put together by pricewaterhousecoopers myanmar, the following guide covers many aspects of myanmars business landscape, from regulation and taxes to sectors overviews and incentives for investment.
Is the applicable fee schedule for any type of property transaction at. Offering data of unparalleled quality and indepth information. Factors such as the strength of the rule of law, enforceability of private property and intellectual property ip rights, judicial independence and the ease of obtaining. Myanmars explosive economic growth and untapped potential have led many investors to dub the country as asias final frontier.
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