Apart from a joint venture with the government, as it is regarded as a local company, every business entity needs a “Permit to Trade” issued by the Directorate of Investment and Company Registration (DICA).
The following documents are required to apply for “Permit to Trade:”
- Intended business or economic activities
- Statement of Estimated Expenditure for first year of operations
- Bank reference regarding financial standing of the Subscribers to the Memorandum & Articles of Association
- Power of Attorney in favour of individually signing the applications, if he/she is not a subscriber to the proposed Company’s Memorandum and Articles of Association or one of its proposed first Directors
- If any of the parties is a company, Board of Directors’ Resolution to incorporate a Company in Myanmar
- If the Company is to be incorporated as a subsidiary of a company abroad, accounts of the parent company for last two years duly signed, authenticated and legalised (if accounts are published and properly bound, it is not required to be authenticated and legalised).
On receipt of approval of the application, “Conditions” attached thereto must be agreed, signed and returned to DICA.
Remittance of capital
The minimum capital set out in the “Conditions” have to be brought into Myanmar in two instalments: the initial half before issuance of the permit and the second half within twelve months after. The initial capital is required to be remitted either to Myanmar Investment & Commercial Bank or to Myanmar Foreign Trade Bank. After the receipt of credit is presented, the “Permit to Trade” is issued.