The Myanmar Invest Law is the key law supporting investment in Myanmar. It requires certain businesses to obtain a Permit from the Myanmar Investment Commission (MIC) prior to being allowed to commence.
The law also provides for a range of incentives which businesses can benefit from, which mainly relate to tax incentives and for foreign investors the ability to lease land on a long-term basis.
Members of the SCM Legal team were responsible for drafting the regulations applicable to investors under the law and are well placed to assist you in any matters relating to it. We help investors apply for tax relief, approvals for long term land leases and raise disputes with the MIC to be settled under their dispute settlement mechanism.
Whether you have been issued with a MIC Permit or an Endorsement with incentives, businesses need to ensure that they remain compliant with the terms of the Permit or Endorsement, and with the Myanmar Investment Law. This may include submitting quarterly and annual operating reports or submitting filings relating to changes in your investment.
Our compliance team can assist in preparing all necessary filings for submission and ensure that no filing dates are missed.
Any business operating in Myanmar will need to be mindful of the laws regulating its activities, including obtaining all the necessary licences, permits and approvals. These generally fall under three categories:
licences for operating in a specific location – there are certain requirements when operating in a certain location. For example, if a business is operating in Yangon it may be required to obtain a licence from the Yangon City Development Committee;
licences generally applicable to a sector – especially relevant when operating a manufacturing business, certain licences and permits are required for any kind of manufacturing activity
specific business licences – any kind of business may find that it is regulated and requires a licence or a permit for the specific type of business which it operates.
Our compliance team have in-depth experience applying for licences in a variety of sectors ranging from the common licences to the more specific and obscure.