If you need a promising option for investment, or if you want to start a business from scratch in Asia, then registering a company in Myanmar and opening a bank account in Myanmar will be a good idea.
Myanmar or the Republic of Union Myanmar is an industrial and an agrarian state, located in Southeast Asia and occupying the western territories of the Indochina peninsula. The closest neighbors of the country are: Laos, China, Bangladesh, India and Thailand.
The main sectors of the economy are: the agriculture, the extraction of natural resources (oil, gas, copper, tin, precious metals and stones), a metallurgy, the sewing industry, the woodworking industry, the food industry (sugar, rice, legumes, seafood). The capital of the state is Naypyidaw. State language is Burmese. Currency is Myanmar Kyat (MMK).
Myanmar is a member of the UN, IMF, IDA, ASEAN, BIMSTEC, the Non-Aligned Movement, as well as the Asian Development Bank and other international organizations.
Myanmar business benefits
One of the key reasons, that it is worth opening a company in Myanmar is the economy, that has not yet fully matured, which represents great opportunities for investing in its further development, and, as a result, the seizure of major jurisdiction markets. Also, among the important business advantages of the country, it is worth highlighting the following:
- a convenient geographical location;
- a low crime rate;
- an important tourist center of Asia;
- available labor resources;
- a favorable environment to start startups in Myanmar, as well as for the development of medium and large businesses;
- the availability of a special economic zone (Myanmar SEZ);
- a flexible tax system;
- a high interest in foreign capital;
- the availability of DTA agreements with more than 10 countries in Asia and Europe.
If you are planning to register a company in Myanmar remotely, then pay attention to the following business areas: a light industry, real estate, the electricity, mobile communications, a transport, services, an oil industry.
Key legal forms of companies
Registering a company in Myanmar is not the easiest and fastest way to start an international business, however, the end justifies the means. In this jurisdiction, you can open the following types of companies:
- An individual entrepreneur (SP);
- A partnership (GP / LP);
- A joint venture (JVC);
- A public limited company (Private LC / Public LC);
- A company with 100% foreign capital (IBC);
- A nonprofit organization (NPO);
- A representative office (RO);
- A branch (B);
If you want to set up a firm in Myanmar, then the best option for a comfortable business will be to establish an open/closed joint-stock company with limited liability in Myanmar (Private LC / Public LC), as well as a joint venture (JVC).
Terms of registering a business in Myanmar
If you intend to register a commercial firm in Myanmar, then first of all you will need to fulfill the key requirements of the Regulator:
- a unique name of the company (with indication of legal form in the end);
- the number of shareholders is from 7 to 50 (the individuals/legal entities);
- the number of directors is from 1 or more (the individuals and legal entities);
- the authorized capital is 1 million MMK (for industrial companies), 500 thousand MMK (for trading companies), 30 thousand MMK (for companies providing insurance and banking services);
- obtaining Myanmar licenses;
- the presence of a registered office;
Taxes in Myanmar
If you want to open an enterprise in Myanmar, we recommend you to study tax features of this country carefully:
- The basic income tax rate is 25%;
- A sales tax is 5%;
- Interest are 0-15%;
- Royalty are 3-15%;
- A personal income tax is 25%.
How to start a business in Myanmar?
If you need to open a company in Myanmar remotely, then YB Case professional specialists are ready to provide you with a wide range of support services, including: obtaining a business license in Asia, as well as obtaining related documentation. Our expert also provide advice on opening a corporate account in Myanmar.