guide to doing business in myanmar - mayer brown€¦ · · 2018-02-28guide to doing business in...

Guide to Doing Business in Myanmar

Text 16/20 pt.

Text 12/16 pt.

Text 8/10 pt.

3 Introduction

4 Forms of Doing Business

5 Business Activities

8 Government Approvals for Setting up a Legal Entity in Myanmar

10 Capital Structure and Incentives

10 Sale of Shares

11 Taxation

12 TheRighttoPurchaseForeignCurrencyandRemitProfits

13 Import and Export of Goods by a Foreign Invested Company

13 Real Estate Development

14 Litigation in Myanmar

14 Foreign Workers and Labour Law

16 Intellectual Property

17 Government of Myanmar and Major State Agencies

19 Sanctions Against Myanmar

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List of Abbreviations

FIL Foreign Investment Law (2012)

RO RepresentativeOffice

PermittoTrade PermittoTradeCertificateissuedbytheDICA

DICA DirectorateofInvestmentandCompanyAdministration

Registration RegistrationattheCompaniesRegistrationOffice

MICPermit PermitissuedbytheMIC

MIC Myanmar Investment Commission

MOGE Myanma Oil and Gas Enterprise

CIT CorporateIncomeTax

PIT PersonalIncomeTax

NLD NationalLeagueforDemocracy

NUP National Unity Party

SDNs SpeciallyDesignatedNationals

FinCEN U.S.FinancialCrimesEnforcementNetwork

SOEELaw State-OwnedEconomicEnterprisesLaw

ESIA EnvironmentalandSocialImpactAssessment

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Introduction

SincetheformerPrimeMinisterUTheinSeinbecamePresidentinMarch2011,Myanmarhastakenactivestepstoupdateitslegalframework.Myanmar’spoliticalandeconomicreforms,coupledwiththereleaseofAungSanSuuKyi,haveencouragedtheUnitedStatesandothercountriestoeasesanctionsagainstMyanmar.Sincethen,thecontinuedchangeshavebeenlargelyfavourabletobothforeignandlocalinvestors.

Myanmariscurrentlyundergoingcriticaleconomicandlegalreforms,suchasbreakinguplargemonopolies,organizingamajorprivatizationprogramme,andworkingwiththeInternationalMonetaryFundontheunificationandfloatationoftheexchangerate.Majorchallengesremainahead,suchasupdatingthebankingsystem,improvinginfrastructureandcommunications,andestablishingastockexchange.

Myanmar’sForeignInvestmentLaw(FIL)hasbeensubstantiallyrevised,withtheultimateobjectiveofattractingmoreforeigninvestors.TheFILpromotestheexpansionofexports,theexploitationofnaturalresourcesthroughlarge-scaleinvestment,theacquisitionofhigh-endtechnology,expansionofmanufacturingandservices,thecreationofemploymentopportunities,andthedevelopmentoftheethnicareas.TheFILprovidesbothlocalandforeignenterpriseswithamorefavourableandclarifiedlegalframeworkfordoingbusinessinMyanmar. u

4 Guide to Doing Business in Myanmar

Forms of Doing Business

What Key Laws Govern Investments in Myanmar?Whetheraforeigninvestorinvestsasa100percentforeignownedcompanyorasajointventurewithalocalentity,theapplicablelawistheFIL,originallyenactedin1988andamendedin2012.TheFILprovidesaroadmapfortheconditionsandproceduresforinvestmentinMyanmar.Despitetherecentreforms,however,aforeigninvestormustbeawarethatmanyday-to-daybusinesstransactionsarestillgovernedbyanoutdatedlegalframework.

MyanmarhasissuedtwopiecesoflegislationtoguidetheimplementationoftheFIL:NotificationNo.1/2013(31January2013),the“StipulationofTypesofEconomicActivities”(the“Stipulation”),issuedbytheMyanmarInvestmentCommission(MIC),andNotificationNo.11/2013(31January2013),issuedbytheMinistryofNationalPlanningandEconomicDevelopment(the“ForeignInvestmentRules”).TheStipulationprovidesdistinctcategoriesforregulatingforeigninvestmentindifferentbusinessactivities.TheForeignInvestmentRulesdescribetheapplicationprocessforforeigninvestedbusinessesanddescribeparametersforthetransferofshares,useofland,anduseofforeigncurrency.

InadditiontoregistrationundertheFIL,theMyanmarCompaniesAct(1914)(the“CompaniesAct”)requiresforeigncompaniestoobtainaPermittoTrade.TheCompaniesActalsooffersanalternativeformationproceduretotheFIL,althoughwithouttheincentivesavailableunderFILincorporation.

Finally,theState-OwnedEconomicEnterprisesLaw(1989)(the“SOEELaw”)governscertainbusinessactivitiesinwhichinvestmentrequiresgovernmentparticipation.

TheMICoverseestheapprovalofforeigninvestmentsinMyanmar.

What are the Most Common Business Forms for Foreign Investment in Myanmar?Foreigninvestmentmaybemadethroughoneoftheseforms:

• Apublicorprivatelimitedliabilitycompany

• Abranchorrepresentativeofficeofaforeignenterprise

• Jointventures,structuredeitheraspartnershipsoraslimitedliabilitycompanies,withanyindividual,privateenterprise,orstate-ownedenterpriseofMyanmar,and

• ProductionsharingcontractswithaState-OwnedEconomicEnterprisefortheexplora-tion,extractionandsaleofpetroleum,naturalgasorminerals

Forforeignenterprises,themostcommonmethodofdoingbusinessinMyanmaristhroughaprivatelimitedliabilitycompany,whichcarriesoutaprojectinMyanmar.TheFILmayrequiretheenterprisetotaketheformofajointventure,dependingonitsbusinessactivities.

WhataresomeImportantDifferencesbetweenaPrivateLimitedLiabilityCompanyand a Public Limited Liability Company?Thepubliccannotbeofferedsharesinaprivatelimitedliabilitycompany.Also,thenumberofmembers is limited to 50.

Apublic limitedliabilitycompanymusthaveatleastsevenshareholders.ThecompanymustalsoapplyforaCertificateofCommencementofBusinessbeforeitsoperationsbegin.Asapracticalmatter,thisformisnotusedforforeigninvestment.

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WhatisaRepresentativeOfficePermittedtoDo?TheCompaniesActallowsaforeigncompanytoregisterarepresentativeoffice(RO).AnROisoftenthefirststepinestablishingacommercialpresenceinMyanmar.ROsarepermittedtoengageonlyinlimitedbusinessactivities,includingbusinessdevelopment,marketresearch,and feasibility studies. ROs are not allowed to trade inside Myanmar and do not generate any income.Theiroffshoreparentmayprovideregularremittancestocovermarketingexpenses,officelease,salaries,andotheradministrativecosts.AnROallowsaforeigncompanytoassessMyanmar’sbusinessenvironmentbeforecommittingfundsandresourcestosettingupamorepermanentpresenceinthecountry.

InordertoapplytosetupanRO,theforeigninvestormustprovideboardresolutionsapprovingtheestablishmentoftheROinMyanmarandcopiesofthepassportsofeachofthecompany’sdirectorsandshareholders.ThedirectorsmustsignanundertakingthattheywillnottradeinMyanmarandsubmitthedocumentwiththeapplicationdossier.

What Factors should a Foreign Investor Consider in Deciding between a Wholly Foreign-Owned Entity or a Joint Venture?ThetwomainfactorsthataforeigninvestormustconsiderarewhetherthebusinesssectorinwhichitwilloperaterequiresajointventuretoestablishacommercialpresenceinMyanmar,andwhethertheMyanmarpartyhasakeyassetorspecializedlocalknow-howessentialtotheproposedproject.Forexample,inrealestatedevelopmentprojects,theMyanmarpartyusuallyholdsthelanduserights,whichbylawcannotbedirectlytransferredtoaforeigninvestor,butmaybecontributedintoajointventure.

TheFILprovidesthatthepartiestoajointventuremayagreeontheforeignandlocalequitycontributions,althoughMIChasthepowerundertheFILtoprescribeaminimumforeignownershiprequirementonacase-by-casebasis,dependingonthenatureoftheproposedinvestment.ForeignownershipinajointventurewithaMyanmarcitizen(otherthantheState)inarestrictedbusinessactivityislimitedto80percentofthetotalcapital.

Is Investment through Local Companies or through Nominees Permitted?On27February2012,theMICpassedanorderregulatingnomineeinvestmentscarriedoutbyMyanmarcitizens.TheorderrequiresforeigninvestorstoinvestinaccordancewiththeFIL,notthroughtheuseofalocalnominee.Becausethelawdoesnotrecognizethenomineerelationship,foreignentitiesorindividualswillnotbeabletoenforcetheirownershiprightsinthesharesorassetsofthecompanyincaseofadisputewiththeirnominee.u

BusinessActivitiesTheStipulationcategorizesforeigninvestmentinspecificbusinessactivitiesintothreeareas:

i. Businessactivitiesinwhichforeigninvestmentisprohibited;

ii. BusinessactivitiesinwhichforeigninvestmentispermittedonlyintheformofajointventurewithaMyanmarcompanyorindividual;and

iii. Businessactivitiesinwhichforeigninvestmentdependsonmeetingcertainqualificationsorconditions,includingaspecificsubsetofactivitieswhichrequireanEnvironmentalandSocialImpactAssessment(ESIA).


ProhibitedBusinessActivities–Examplesinclude:

• Certainminingactivities,includingsmall-scaleandmedium-scaleproductionofminer-als;miningofmetallicminerals,includingrivergold;prospectingandproducingjadeand gemstones

• Oilrefineriesthatproducecertaintoxicsubstances;administrationofMyanmar’selectricitysystem,andtradinginelectricity

• Otheractivitiesthataredangerousordamagingtotheenvironment,suchastheproduc-tionoftoxicorprohibitedchemicals

Eventhoughforeigninvestmentisnotpermittedintheprohibitedbusinessactivities,theForeignInvestmentRulespermittheMICdiscretiontoreviewproposalsforforeigninvestmentintheseareas,iftheinvestmentwouldbeintheinterestoftheStateanditscitizens.TheMICwilltakeintoconsiderationtheopinionofthelocalpopulationandtheregionalgovernment.Ifpermitted,theinvestmentmustbeintheformofajointventure,inwhichforeigncapitalislimitedto80percentofthetotalcapital.

BusinessActivitiesinwhichaJointVenturewithaMyanmarCompanyorIndividualisRequired:Asoutlinedabove,wheretheStipulationrequiresajointventureforaparticularbusinessactivity,foreigncapitalinthejointventureislimitedto80percentofthetotalcapital.TheStipulationrequiresajointventureforactivitiessuchas:

• Productionanddistributionofavarietyoffoodandbeverages

• Manufacturingofsomepharmaceuticals,textilethreads,plastics,leatherfootwear,paperandcertainchemicalproducts

• Prospectingandexplorationofindustrialmines,andlarge-scaleminingoperations

• Constructionandinfrastructureprojects,includingbridges,highways,andgolfcourses,anddevelopmentandsaleofresidentialandofficebuildings,and

• Domesticandinternationalairtransportationservices

TheStipulationdoesnotprovideguidancetoidentifywhatismeantby“large-scale”miningoperations.

BusinessActivitiesthataresubjecttoConditions:Foreigninvestmentispermittedincertainareasifspecialconditionsaresatisfied.

• MinistryRecommendations:InvestmentinsomebusinessactivitiesrequirestherecommendationoftheMinistrywithoversightofthatbusinessarea.Forexample,theMinistryofMinesmustrecommendaproposalformineralexplorationandproductiontotheMIC.

• ConditionalRequirements:Certainbusinessareasrequiretheinvestmenttosatisfyspecialconditions.Forexample,awhollyforeign-ownedhotelinvestmentispermittedonlyforathreeormorestarhotel,whileajointventureisrequiredforahoteloflessthanthreestars.Retailactivitieswillbepermittedonlyafter2015.Theymaynotreceivetaxexemptions,andwillrequireacapitalcontributionofatleastUS$3million.

• ESIA:Explorationandproductionofminerals,oilandnaturalgas,hydropower,andcertaininfrastructureprojectswillrequireanenvironmentalandsocialimpactassess-mentreport.Thereportmustbesubmittedwiththeapplicationdossier.

Activities Reserved for the State

AccordingtotheSOEELaw,certainactivitiesmayonlybecarriedoutbythegovernment,unlessthegovernmentgrantsanexception.TheserestrictionscontinuetoapplyinadditiontotherestrictedactivitiessetoutintheFILanditsimplementinglegislation,andinclude:

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• Extractionanddomesticandforeignsaleofteak

• Cultivationandconservationofforestplantations

• Exploration,extractionandsaleofpetroleumandnaturalgasproducts

• Exploration,extraction,andexportofpearls,jadeandpreciousstones

• Aquacultureindesignatedfisherieswhichhavebeenreservedforresearchbythegovernment

• Postalandtelecommunicationsservices

• Airandrailwaytransportationservices

• Bankingandinsuranceservices

• Broadcastingandtelevisionservices

• Exploration,extraction,andexportofmetals

• Electricitygeneration,and

• Manufactureofproductsrelatingtosecurityanddefense

Thegovernmentreservestheauthoritytopermitjointventureswithforeigninvestorsinactivitiesinwhichprivateinvestmentwouldotherwisebeprohibited.

Foreign Investment in Mining Threekeylawsgoverntheminingsector:theMyanmarMinesLaw(1994),MyanmarGemstoneLaw(1995),andtheMyanmarMinesRules(1996).TheMinistryofMinesregulatesforeigninvestmentinthisarea.AforeigninvestorcanapplytotheMinistryofMinesinordertoobtainapermitinoneofthefollowingcategories:

• Exploration,large-scaleproductionorsmall-scaleproductionofmetallicminerals

• Large-scaleproductionofindustrialminerals,or

• Large-scaleproductionofdecorativestone

AccordingtotheMinistryofMines,foreigninvestmentcanbestructuredasprofitsharingarrangements or as new investments.

TheForeignInvestmentRulesprovidethattheinitialpermitissuedformineralexplorationmaynotincludesurveyexplorationorproductionactivities.Aftertheinvestorhascompletedexploration,theinvestormaysubmitasupplementalapplicationtotheMICforapermittoconductsurveyexplorationandproduction.

TheStipulationsetsoutcertainconditionsformineralexploration.Theinitialprospectingperiodislimitedtotwoyears,followedbyanexplorationperiodofnomorethanthreeyears.Extensionsarepossible,butrequireanapplication.Large-scaleminingoperationsarelimitedtoaproductionperiodof15years,andapprovaliscontingentontheprojectedmineralreserveandproductioncapacityoftheproject.ExplorationandexploitationofcoalmayonlybeconductedpursuanttoajointventurewiththeMyanmarGovernment.

Foreign Investment in Oil and GasWithrespecttooilandgasresources,theSOEELawreservesthegovernmenttherighttocarryouttheexploration,extraction,production,andsaleofpetroleumandnaturalgasproducts.Thegovernmentmaypermitsuchactivitiestobecarriedoutjointlywithotherorganizations,includingforeignenterprises.InvestorsmustenterintoproductionsharingcontractswithMyanmaOilandGasEnterprise(MOGE),thestate-ownedenterprisethatdominatesoilandgasactivitiesinMyanmar.


Projectsinvolvingoilandgasexploration,aswellasconstructionofoilandgaspipelines,arealsorequiredtocompleteanESIA.

What are the Special Economic Zones and What are the Related Incentives?Myanmarcreatedeconomiczonestoencourageexport-orientedinvestment.Inthesezones,goodsproducedbyforeign-investedenterprisesmustbeexportedandsoldontheinternationalmarket,andmaynotbesoldonthedomesticmarket.Theproceedsfromthosesalesaretax-exemptforthefirsteightyearsofoperation,andeligiblefortaxreliefforanadditionaltwoyearsthereafter.Theywillcontinuetobeeligiblefortaxreliefforfivemoreyearsiftheprofitsfromexportsarere-investeddomestically.TheSpecialEconomicZoneLawalsograntsinvestorstheabilitytoimportmachineryandrawmaterialsdutyfree,aslongasthosematerialsandmachineryareusedfortheproductionofgoodsforexport.u

Government Approvals for Setting up a Legal Entity in Myanmar

Ifasingleshareisownedbyaforeignparty,thecompanywillstillbeconsideredaforeigncompany.ForeigninvestedcompaniesmayapplyforalicenceundereithertheCompaniesActortheFIL.OnlyjointventureswithaStateentityareexemptfromobtainingthislicense.

OnlycompaniesincorporatedundertheFILhaveaccesstothetaxincentivesandotherbenefitssetoutinthatLaw.Investorswhoobtainedlicencesundertheearlier1988ForeignInvestmentLaw(priortoamendmentin2012)arenotrequiredtoobtainanewlicenceundertheFIL,andtheincentivesandconditionssetoutintheirlicenceswillremainvaliduntiltheexpirationoftheirterm.Inaddition,theFILprovidesthatinvestorslicencedundertheearlier1988ForeignInvestmentLawwillbegovernedbytheprovisionsoftheFILfromitseffectivedate,2November 2012.

CompaniesincorporatedundertheCompaniesActmustcompletethefollowinglicensingrequirements:

a. TheinvestormustobtainaPermittoTradeCertificate(“PermittoTrade”)fromtheDirectorateofInvestmentandCompanyAdministration(DICA)

b. TheinvestormustregisterattheCompaniesRegistrationOffice(“Registration”)

CompaniesincorporatedundertheFILmustcompletethefollowinglicensingrequirements:

a. Obtain a Permit to Trade from DICA

b. CompletetheRegistrationprocess

c. ObtainapermitissuedbytheMIC(“MICPermit”)

PermitstoTradearenormallyissuedtodifferenttypesofcompanies,includingmanufacturingcompanies,servicescompanies,andtradingcompanies.Atpresent,however,PermitstoTradearenotbeingissuedtotradingcompanies,asamatterofunwrittenpolicy.

TheMICoverseeslicensingofforeigninvestmentactivitiesinMyanmar.Itsprimaryresponsibilityistoevaluateforeigninvestmentproposals.Italsohastheauthoritytostipulatetermsandconditionsofinvestmentpermitsandevaluatethestatusofforeigninvestmentprojects.

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Application Process for MIC PermitTheForeignInvestmentRulessetouttheapplicationprocessindetail.

Dossier:Theapplicationdossiermustinclude:

• Commercialandfinancialinformationabouttheinvestorandtheproject,includinginformationaboutcapitalcommitmentsandforeignexchangerequirements

• Thedraftjointventureagreementandinformationabouttheproposedpartnership,ifapplicable

• Proposeduseoftechnology,rawmaterials,energy,andhumanresources

• Projectionsofthevolumeandvalueofproductionorserviceactivities,and

• Proposedlanduseplans,anddraftsoflandleasecontracts

IfthebusinessactivityisdesignatedasonethatrequiresanESIA,thenthatreportmustbeenclosedwiththeapplicationdossier.

Submission:IftheproposedinvestmentisbothrelatedtotheuseofnaturalresourcesandgovernedbytheSOEELaw,thentheapplicationdossiermustbesubmittedtotheMICthroughtheMinistrythathandlestheparticularnaturalresource.Inallothercases,theinvestormaysubmittheapplicationdossierdirectlytotheMIC.

Preliminary Review Process:TheapplicationgoesfirsttoaProposalReviewGroup,composedofofficersfromvariousMinistrydepartments.TheProposalReviewGroupmeetsonceaweek,andperformsapreliminaryreviewoftheapplication.Theinvestorisrequiredtoattendthemeeting.Iftheapplicationisapproved,theProposalReviewGroupsubmitstheproposaltotheMIC.

Comment Period:TheMICwillseekcommentsfromtherelevantstateorregionalgovernmentorNayPyiTawCouncil(dependingonthelocationoftheinvestment),theInvestmentAssessmentGroupoftherelevantministry,andtheMinistryofEnvironmentalProtectionandForestry.ThecommentswillbepresentedatthefollowingMICmeeting.TheMICwillmeetatleasttwicepermonth.

Issuance of Permit:TheMICwillreviewtheproposalbasedonseveralfactors,includingfinancialbenefits,potentialfornewemployment,useoftechnology,andenvironmentalimpact.IftheMICapprovestheproposal,itwillissueanMICPermitwithin90daysofitsdecision.

Post Licensing Requirements:AfteritreceivesitsMICPermit,theinvestormustreportthefinalstatusofconstructiontotheMICwithin30daysofcompletionofconstruction,andthensubmitaquarterlyprogressreporttotheMICduringoperations.Itmustalsosubmittoinspections,althoughtheForeignInvestmentRulesdonotelaborateonthepurposeorfrequencyoftheinspections.TheinvestormustalsoprovideannualauditreportstotheMIC.

Duration of MIC Permit and Permit to TradeMICPermitsareapprovedforaspecifiedduration,andareusuallyissuedonalong-termbasis.Thereisnorequirementforperiodicrenewal.

PermitstoTrademustberenewedeverythreeyears.u


CapitalStructureandIncentives

What are the Requirements Regarding Capital Structure for Foreign Investment?TheFILdoesnotrequireaminimumcapitalcommitmentforforeigninvestmentinMyanmar.Nevertheless,theMICwilldeterminecapitalrequirementsonacase-by-casebasisasitreviewsproposalsforforeigninvestmentprojects.TheFILdoesnotincorporateanyguidelinesforhowtheMICwilldeterminecapitalrequirements,otherthantoprovidethattheassessmentwillbemadebasedontheproposedbusinessactivitiesoftheinvestor.

ForeigninvestorsthatopttoincorporateundertheCompaniesActmustcommitatleastUS$150,000,iftheyareamanufacturingcompany,orUS$50,000,iftheyareaservicescompany.

Are there Investment Guarantees?TheFILcontainsaStateguaranteeprotectingenterprisesagainstnationalizationandexpropriation,althoughthisremainsuntested.

What are the Incentives for Obtaining an MIC Permit under the FIL?TheFILoffersalargerangeofincentivesandguaranteestoforeigninvestors.TheMICgrantsataxholidayperiodoffiveyearstoforeigninvestedcompaniesapprovedundertheFIL.Inaddition,theMICmaygrantoneormoreofthefollowingexemptionsandincentives:

• Exemptionfromorreductionoftaxesonmachineryormaterialsimportedduringtheconstructionordevelopmentphaseoftheinvestmentproject

• Exemptionfromorreductionoftaxesonimportedrawmaterialsduringthefirstthreeyearsofcommercialproduction

• Exemptionfromincometaxonprofitsreinvestedinthebusiness

• Relieffromtaxonamaximumof50percentoftheprofitsderivedfromtheexportofgoodsmanufacturedinMyanmar

• Therighttopayincometaxofforeignemployeesanddeductthosepaymentsfromassess-ableincome

• TherighttodeductthecostsofresearchanddevelopmentcarriedoutwithinMyanmar,and

• Therighttocarryforwardandsetofflossesforuptothreeconsecutiveyearsu

SaleofShares

TheFILallowsforeigninvestorstoselltheirownershipinteresttoeitheraforeignorlocalcitizenorentity.Iftheforeigninvestorsinaprivatelimitedliabilitycompanyselltheirentireownershipinterest,theforeigninvestmentpermitwillberevoked.

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AninvestormustfileanapplicationwiththeMICtotransferallorpartofitssharesinacompany.TheinvestormustprovideproofoftaxclearancefromtheInternalRevenueDepartment.TheMICwillreviewtheapplicationbasedontheinvestor’sreasonforthetransferandwhetherthetransfereewillbeabletocontinuetooperatethebusiness.TheMICwillalsoconsidertheimpactofthetransferontheinterestsoftheState.

Thetransfereewillbeentitledtoanytaxexemptionsorreliefstillapplicabletothecompanyatthetimesharesaretransferred.u

Taxation

What are the Corporate Income Tax Rates?CompaniesincorporatedinMyanmar,undertheCompaniesActorundertheFIL,aretaxedontheirglobalincome.Non-residentcompanies(suchasnon-residentbranchesofforeigncompanies)aretaxedonlyontheirdomesticincome.

TheCorporateIncomeTax(CIT)rateis25percentforcompaniesincorporatedunderboththeCompaniesActandtheFIL.Non-residentcompaniesaretaxedatarateof35percent.UndertheFIL,uponobtaininganMICPermit,theforeigncompanyenjoysataxholidayperiodoffiveyears,includingtheyeartheenterprisecommencescommercialoperations.Inaddition,theMICmaygrantanyoftheavailableexemptionsandreliefsitdeemsappropriate.TheexemptionsandreliefsavailabletoacompanywithanMICPermitaresetoutinthesection“CapitalStructureandIncentives”.

What is the Tax on Goods and Services?Ratherthanatraditionalvalueaddedtax,MyanmarhasaCommercialTaxongoodsandservices.Thetaxvariesdependingontheproceedsofthesale,andrangesfrom0percent(forexemptitems)to100percentforluxurygoods,and5percentforservicesdesignatedintheCommercialTaxLaw.

Who is Subject to Personal Income Tax (PIT) and What are the Rates?Myanmarcitizensandpeoplewhoareconsidered“residentforeigners”aresubjecttoPersonalIncomeTax(PIT).AforeignerstayinginMyanmarfor183daysormoreisconsideredaresidentforeigner.Non-residentsaretaxedonlyontheirdomesticincome,whileresidentsaretaxedontheirglobalincome.

Bothcitizensandresidentforeignersaretaxedonsalariesbasedonaprogressivescale,startingat1percentandrisingtoamaximumrateof20percent.Incomefromsourcesotherthansalaryistaxedonaprogressivescalefrom2percentto30percent.

Non-residentsarealsosubjecttoPITonincomederivedfromsourcesinMyanmar,regardlessofwheretheincomeispaid.Non-residentsaretaxedataflatrateof35percent.


Double Taxation AgreementsMyanmarcurrentlyhasdoubletaxationagreementswiththeUnitedKingdom,Singapore,Malaysia,Vietnam,SouthKorea,IndiaandThailand.u

TheRighttoPurchaseForeign CurrencyandRemitProfits

Opening an Account and Depositing Foreign CurrencyTheforeigninvestormustdisclosetheamountofforeigncapitalrequiredfortheinvestmentintheproposalsubmittedtotheMIC.Oncetheinvestorreceivesitspermit,itmayopenanaccountatabankinMyanmarpermittedtohandleforeigncurrency,anddeposittheamountofforeigncurrencydesignatedintheproposal.Theamountmaybedepositedinalumpsum,oriftheinvestmentistobecarriedoutoveraspecifiedterm,itmaybedepositedininstalments.TheinvestormustprovidetheMICadvancenoticeoftheamountofforeigncurrencyitintendstotransferintothecountryeachyear.

Use of Foreign CurrencyInvestorsmaymaketransfersfromtheirbankaccountonlyforexpendituresrelatedtotheirinvestmentinMyanmar,includingtransferswithinMyanmartolocalcompaniesorcitizens.TheinvestormayalsoreinvestprofitstoextenditsbusinessinvestmentsinMyanmar.

Theinvestormustengageanapprovedaccountingcompanytoconductanannualauditoftheirbusinessaccounts.TheauditreportsmustbesenttotheMIC.

Is it Possible to Repatriate Investments from Myanmar?Yes.TheFILandtheForeignInvestmentRulesprovidethataforeigninvestorwhohasbroughtinforeigncapitalcanremitthefollowingfromMyanmar:

• ForeigncurrencytowhichtheinvestorisentitledontheexpiryoftheMICPermit,subjecttoMICapproval

• Proceedsfromthesaleofshares,subjecttoMICapproval

• Distributionafterliquidationofthebusiness,subjecttoMICapproval

• Ifthescaleoftheinvestmenthasbeenreduced,anamountofforeigncurrencyequivalenttothereduction,subjecttoMICapproval

• Netprofitafterdeductingalltaxesanddebts,and

• Indemnityamountsreceivedunderlaw

Aforeignemployeecantransferhisorhersalaryandlawfulincomeafterdeductingtaxesandotherlivingexpensesincurreddomestically.

RemittancesofprofitandcapitalrepatriationaresubjecttoForeignExchangeRegulations,whicharestillbeingdraftedbytheCentralBankofMyanmar.Remittancemustbemadethroughabankauthorizedtoengageininternationalbankingservices.u

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ImportandExportofGoods by a Foreign Invested Company

Inprinciple,Myanmargenerallyallowstheimportofgoods,subjecttosomerestrictions.Whileafewtypesofgoodsareprohibitedoutright,othersarerestrictedandrequireaspecialimportlicenceissuedbytheMinistryofCommerce.Otherministriesmayhavespecialregulationsthatgoverntheimportofcertaingoodswithintheirjurisdiction.

PermitstoTradearenotcurrentlybeingissuedtotradingcompanies.TheForeignInvestmentRulesalsoprovidethattheydonotapplytotradingcompanies.

Nevertheless,productsmanufacturedinMyanmarcanbeexportedwithanexportlicence.

UndertheFIL,abusinessseekingtoimportorexportgoodsmustregisterwiththeExportImportRegistrationOfficeundertheDirectorateofTradewithintheMinistryofCommerce.Thereareplanstoeliminatethepermitrequirementforsometypesofgoods.u

Real Estate Development

LandinMyanmarisownedbytheStateandadministeredbyvariousgovernmentdepartments.Whileaforeigninvestormaynotownland,landuserightscanbeobtainedbyleasinglandfromthegovernmentorsubleasingfromacitizenwhohasaleaseholdright,subjecttotheapprovaloftheMIC.Inaddition,landcanbecontributedtoajointventurebyagovernmentagency.Foreigninvestorsmayalsodeveloppropertyusingabuild,operate,andtransfermodel,eitherasawhollyforeign-ownedproject,oronajointventurebasis.

TheForeignInvestmentRulespermitprojectstosub-leaseormortgagelandandbuildings,withtheapprovaloftheMIC.LanddevelopmentprojectsmustcomplywiththeconditionssetoutintheStipulation.

TheFILandtheForeignInvestmentRulespermitforeigninvestorstoleaseState-ownedorprivatelandforupto50years,withthepermissionoftheMIC.Theleaseisrenewabletwice,andeachrenewalmayhaveatermofupto10years.TheMICmay,initsdiscretion,approvealonger initial lease period for an investment in an undeveloped region.

TheStipulationidentifiesthedevelopmentandsaleofresidentialandcommercialpropertyasabusinessactivityinwhichajointventureisrequired.u


Litigation in Myanmar

What is the Structure of the Court System in Myanmar?Myanmar’slegalframeworkisbasedonacombinationoflawsfromdifferentperiodsofitshistory,rangingfromitscolonialperiodthroughtocurrentlegislation.Theselawsexistalongsideacommonlaw-stylejudicialsystem.TheConstitutiondescribesacourtsystemwiththreelevelsofhierarchy:(i)theSupremeCourtoftheUnion,HighCourtsoftheRegion,HighCourtsoftheState,CourtsoftheSelf-AdministeredDivisions,CourtsoftheSelf-AdministeredZones,DistrictCourts,andTownshipCourts,(ii)Courts-Martial,and(iii)ConstitutionalTribunaloftheUnion.

TheSupremeCourtisthehighestcourtinthecountry,butdoesnothavejurisdictionovertheConstitutionalTribunalortheCourts-Martial.Casesarenormallytriedbyasinglejudge.Inspecialcircumstances,theChiefJusticeoftheSupremeCourtcanordertheformationofapanelofjudges.AllcourtproceedingsaregovernedbytheCivilProcedureCode,CriminalProcedureCodeandtheCourtsManual.

Is Arbitration Available in Myanmar?ArbitrationwithinMyanmarisgovernedbytheArbitrationAct(1944),whichgiveslocalcourtsbroadauthoritytointerveneinarbitralproceedings,includingtherighttoremovearbitratorsandmodifytheaward.

Becausedomesticarbitrationprocessesarenotefficient,foreigninvestorsmaypreferforeignarbitration.TheFILgivesprivatepartiestherighttoagreeonadisputeresolutionprocedureintheircontracts.Investorsmaythereforeselectforeignarbitrationintheircontracts.TheForeignInvestmentRulesprovidethattheinvestormustalerttheMICifadisputearises,andmustinformthemofthetypeofresolutionprocedurethatwillbeused.However,asamatterofpolicy,contractsbetweenforeigncompaniesandState-ownedenterprisesgenerallyspecifyMyanmarlawasthegoverninglaw,andprovidefordisputesarisingfromsuchcontractstobesettledbyarbitrationinMyanmarundertheArbitrationAct.

InApril2013,MyanmaraccededtotheNewYorkConventionontheRecognitionandEnforcementofForeignArbitralAwards.MyanmarisnotapartytotheICSIDConvention.u

ForeignWorkersandLabourLaw

What Approvals do Expatriates need to Travel and Stay in Myanmar?ForeignersmusthaveavisainordertoenterMyanmar.Whileatouristvisaisvalidfor28days,foreignersdoingbusinessinMyanmarcanapplyforastaypermit,whichisvalidfor3months,6monthsor9months.Inadditiontothestaypermit,ifaforeignerintendstoremaininMyanmarformorethan90consecutivedays,heorshemustobtainaForeigner’sRegistrationCertificatefromtheImmigrationandNationalRegistrationDepartmentoftheMinistryofImmigrationandPopulation.Thecertificatecanbeextendedforuptooneyearwitharecommendationletterfromtheemployingcompany.

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What Approvals do Expatriates need to Work in Myanmar?TheMICapprovesemploymentofforeignersinMyanmar.AninvestormustsetoutintheinvestmentapplicationdossierthatitsubmitstotheMICthenumberofforeignexpertsortechniciansitplanstoemploy.TheMICconsidersandapprovesemploymentofforeignpersonnelonacase-by-casebasis,particularlyiftheroleinvolvesspecialexpertiseorskill,althoughitwillgivepreferencetotheemploymentofcitizens.

AfterobtaininganMICPermit,theforeignenterprisemustapplyforworkpermitsfromtheDirectorateofLabourundertheMinistryofLabourandforstaypermitsandvisasfromtheImmigration and National Registration Department.

Must a Company Employ a Minimum Number of Myanmar Citizens?TheFILsetsoutminimumrequirementsforemploymentoflocalstaffinbusinessesthatrequirespecialexpertise.TheFILdoesnotcontainanyguidelinestoindicatewhenabusinessrequiressuchspecialexpertise.Suchabusinessmusthaveatleast25percentcitizensforthefirsttwoyearsaftercommencementofbusinessactivities,atleast50percentforthesecondtwo-yearperiod,andatleast75percentforthethirdtwo-yearperiod.Inaddition,theinvestorisresponsibletoensureparityofsalariesbetweencitizensandforeignersemployedatasimilarlevelofexpertisewithinthebusiness.

Theinvestormustprepareanannualtrainingprogramforitslocalemployees,andsubmittheprogramtotheMIC.

What Other Labour Laws Govern Employment in Myanmar?Myanmarlabourregulationsgovernminimumwagerequirementsandseverance,workinghoursandleave,childlabour,worker’scompensation,tradeunions,andotherareas.

TheAgriculturalLabourers’MinimumWagesAct(1948)isthecurrentregulationontheminimumwage.Itislimitedtoagriculturalorseasonalworkers,andtheminimumwageissetat35percentoftheproductionfromthelandworkedbytheemployee.In2012,anewMinimumWageActwasdrafted,althoughithasnotyetbeenapproved.ThedraftMinimumWageActwouldcoverindividualswhoworkatanycommercial,productionorservicebusiness.A National Committee for Determining Minimum Wage would set guidelines for determining whichkindsofbusinessaresubjecttotheminimumwagerequirements.Inaddition,theNationalCommitteewoulddeclareaminimumwagerateatleastonceeverytwoyears.

TheSocialSecurityAct(1954)requiresthatcompanieswithmorethanfiveemployeescontributeaportionoftheirwagestoafundadministeredbytheSocialSecurityBoard.AccordingtotheMinistryofLabour,EmploymentandSocialSecuritywebsite,thecurrentcontributionis“approximately4%oftheinsuredwageandtheratioofcontributionbyemployerandemployeesis2½:1½respectively.”1

TheSocialSecurityFundcoversdisability,maternitybenefits,medicalcare,andpensions.Inaddition,foremployeeswhoarenotcoveredbythefund,theWorkmen’sCompensationAct(1932)makestheemployerresponsibleforprovidingcompensationforinjuriesoroccupationaldiseases.

AccordingtotheForeignInvestmentRules,allemployeesmustberegisteredwiththeSocialSecurityBoard.Inaddition,theSocialSecurityBoardmustsubmitacertificationtotheMICeverysixmonthsstatingthatthecompany’ssocialsecurityobligationsarefullypaidup.u

1 Ministry of Labour, Employment, and Social Security, http://www.mol.gov.mm/en/departments/social-security-board/ rates-of-contribution/ (last visited 26 March 2013).


IntellectualProperty

Trademarks

Myanmardoesnothaveasingle,comprehensivetrademarklaw.SeveraldifferentpiecesoflegislationgovernuseoftrademarksinMyanmar.

ThePenalCodedefinesatrademarkasa“markusedfordenotingthatgoodsarethemanufactureormerchandiseofaparticularperson.”ThePenalCodemakesuseofafalsetrademarkaviolationofthelaw.TrademarkscanberegisteredundertheRegistrationAct(1908)bymakingadeclarationofownershipofthetrademarkandpublishingacautionarynoticeinthenationalnewspaperwarningagainstinfringementofthetrademark.Registrationisnotcompulsory,andthefactthatatrademarkhasbeenregisteredisnotconclusiveevidenceoftheownershipofthetrademark.Rather,itestablishestheuseofthetrademarkforevidentiarypurposesincaseofprosecutionordefenseofanyfutureaction.Foreigntrademarkownerscanapplyforadeclarationthrougharegisteredagent.

Withoutaclearlegalframeworkforprotectionofproprietaryrightsinatrademark,partiesoftenwereforcedtorelyonthegeneralruleof“passingoff”togoverntheacquisitionofrightstoatrademark,protectionofthattrademark,andavailableremedies.Thisruleprohibitsatraderfromrepresentinghisorhergoodsasthegoodsofanotherpersonorentity.

CopyrightsCopyrightsaregovernedbytheCopyrightAct(1914),whichgovernsrightsinpublishedwritingormusic.TheCopyrightActsetsoutpenaltiesforviolationsofcertainrights,including:sellingordistributinganinfringingcopyofaworkinwhichacopyrightexists,importinganinfringingcopyintoMyanmar,orexhibitingorperforminganinfringingworkinpublic.Thepenaltiesrangefromsmallfinestoimprisonment.

TheCopyrightActdoesprovideforadditionalcivilremediesthataremorerelevantinamoderncontext.Forexample,theownerofacopyrightedworkmayseekaninjunctionorfileaclaimfordamages.Inaddition,theinfringingworksaredeemedtobethepropertyofthelegalownerofthecopyright.TheCopyrightAct,however,doesnotcontemplateenforcementwithinMyanmarofcopyrightsarisinginothercountries.TheActonlyprotectsworksfirstpublishedinMyanmar,orunpublishedworksiftheauthorwasacitizenorresidentofMyanmaratthetimetheworkwascreated.

TheTelevisionandVideoLaw(1996)ismoremodern,andprovidesforfinesandimprisonmentforcopying,distributing,orcommercialexhibitionofavideowithouttheconsentofthelicenceholder.

PatentsMyanmardoesnothaveasystemforregistrationofpatents.Asapracticalmeasure,theownerofapatentmaymakeadeclarationofownershipundertheRegistrationAct,asissometimesdonefortrademarks.

Technology TransferTheScienceandTechnologyDevelopmentLaw(1994)requiresthateverycontractthatinvolvesatransferoftechnologymustberegisteredwiththeMyanmarScientificandTechnologicalResearchDepartment.Ifthecontractisnotregistered,thenasuitmaynotbeinstitutedincaseofmisuseofthetechnology.u

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Government of Myanmar and MajorStateAgencies

TheRepublicoftheUnionofMyanmarisamulti-partysystem.TheNationalLeagueforDemocracy(NLD)istheprimaryoppositionparty,andtheNationalUnityParty(NUP)istheprimarypro-regimeparty.Therearealsoseveralsmallerethnicparties.

Myanmarisacivilianparliamentarygovernment,basedonaConstitutionreformedin2011.Thebicameralparliamentiscomposedof440membersintheHouseofRepresentatives,and224membersintheHouseofNationalities.Acertainnumberofseatsineachhousearedesignatedformilitaryappointments,selectedbytheChiefofDefenceServices.Parliamentselectsthepresidentandtwovice-presidents.Thepresidentservesafive-yearterm.

GOVERNMENT STRUCTURE

Legislative Branch

House of Nationalities Supreme Court

Constitutional Tribunal

of the Union

House of

RepresentativesCourts - Martial

Executive Branch

President

U Thein Sein

Vice President

U Nyan Tun

Vice President

U Sai Mauk Kham

Attorney General

Dr. Tun Shin

Ministries

Judicial Branch


MINISTRIES

Myanmarhasover30nationalministries,including:

• MinistryofDefence

• MinistryofHomeAffairs

• MinistryforProgressofBorderAreas,NationalRacesandDevelopmentAffairs

• Ministry of Foreign Affairs

• MinistryofSocialWelfare,ReliefandResettlement

• Ministry of Information

• Ministry of Culture

• MinistryofAgricultureandIrrigation

• Ministry of Forestry

• MinistryofFinanceandRevenue

• MinistryofConstruction

• MinistryofNationalPlanningandEconomicDevelopment

• MinistryofLivestockandFisheries

• MinistryofCommerce

• MinistryofCommunications,PostandTelegraphs

• Ministry of Labour

• Ministry of Mines

• Ministry of Cooperatives

• Ministry of Transportation

• MinistryofHotelsandTourism

• Ministry of Sports

• Ministry of Industry

• Ministry of Rail Transportation

• Ministry of Energy

• MinistryofElectricPower

• MinistryofEducation

• MinistryofHealth

• Ministry of Religious Affairs

• MinistryofScienceandTechnology

• Ministry of Immigration and Population

• OfficeofthePrimeMinisteru

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SanctionsAgainstMyanmar

What are the Sanctions Imposed by the European Union, United Kingdom, Australia, and Canada?SeveralcountrieshaveimposedsanctionsonMyanmar,althoughrestrictionshavebeenprogressivelyeasedinrecognitionofthenation’sreforminitiatives.InApril2013,theEUannouncedthatallsanctionsweretobepermanentlylifted,althoughthearmsembargoremainsineffect.Separately,theUnitedKingdomhasalsosuspendeditsassetfreezeonnearly500individualsandhaseasedotherrestrictionsonkeyindustries.

Australiahasmaintaineditsprohibitionontradeinweaponsandarms,buthasliftedtravelbansoncitizensofMyanmar.Canadahasliftedprohibitionsontrade,investmentandfinancialtransactions,andnowpermitstheexchangeoftechnicaldata.Assetfreezesandprohibitionsontransactionsremaininplaceforcertaindesignatedindividuals.

AreanyUSSanctionsagainstMyanmarstillinEffect?Yes.TheUnitedStateshashadsanctionsinplaceagainstMyanmarsince1997.InrecognitionoftheprogressonpoliticalreformsthattheMyanmargovernmenthasmadesince2011,theObamaadministrationimplementedseveralmeasuresin2012toeasesanctions.CertainUSsanctionsstillremain.

Which US Sanctions have been Removed, and What about Reporting Requirements?InJuly2012,theUnitedStatesremovedmostrestrictionsontheexportoffinancialservicestoMyanmar,sothatUSfinancialinstitutionsarenowabletoengageinmosttransactionswithMyanmar.InDecember2012,theUnitedStatesremovedtheprohibitionagainsttheimportofMyanmarproducts,exceptforjadeiteandrubies,openingtheUSmarkettogoodsoriginatingin Myanmar.

InFebruary2013,sanctionswereeasedonfourMyanmarbanks.AlthoughtheyremainontheSDNlist,UScompaniesmaynowusethesebankstotransferfundsorfacilitatetheirbusinessinMyanmar.Also,on2May2013,theStateDepartmentannouncedthatthebanonvisasforgovernmentofficialsfromMyanmarhadbeenlifted,butthatitwasextendingtargetedsanctionsforanotheryear.

TheUnitedStatesalsohaseasedrestrictionsoninvestmentinMyanmarbyUSfirms,subjecttocertainreportingrequirements.TherearetwodifferentreportingrequirementsthatmayapplytonewUSinvestmentsinMyanmar.First,thereistheAnnualReportingRequirement,wherebyanyUSindividualorentitywhosenewinvestmentinMyanmarexceedsanaggregateofUS$500,000isrequiredtofileannualreportswiththeU.S.DepartmentofState,bothinpublicandinproprietaryversions.Thepublicversionmustincludesuchinformationasthenameofthereportingperson,anoverviewoftheperson’soperationsinMyanmar,theperson’spoliciesandproceduresrelatedtohumanrights,workers’rights,anti-corruption,andenvironmentalissues,arrangementswithsecurityserviceproviders,detailsregardingsignificantpropertyacquisitions,andanypaymentsexceedingUS$10,000toagovernmentalentityinMyanmar.Theproprietaryversionmustdisclose,amongotherthings,informationregardingcommunicationswiththeMyanmararmedforcesandrisksidentifiedinconnectionwiththeperson’sduediligenceonhumanrights,workers’rights,andenvironmentalpoliciesandprocedures.


ThesecondreportingrequirementfornewUSinvestmentsinMyanmaristheMOGEInvestmentNotification,wherebyUSindividualsorentitiesundertakinganewinvestmentpursuanttoanagreementwithMOGEmustnotifytheU.S.DepartmentofStatewithin60daysofthenewinvestment.

Other than these Reporting Requirements, are US Businesses Free to Do Business in Myanmar?USbusinesses(andanyUScitizensorUSresidents,wherevertheyarelocated,andanyindividualslocatedintheUnitedStates)muststilltakecarenottodobusiness,directlyorindirectly,withMyanmarentitiesorindividualsthathavebeendesignatedbytheUnitedStatesas“SpeciallyDesignatedNationals”(SDNs),andnottofacilitatebusinessdealingswithSDNsbynon-USindividualsorentities.AnumberofinstrumentalitiesassociatedwiththeMyanmarMinistryofDefence,certainmilitaryofficials,certainfinancialinstitutions,andcertainindividualsandentitiesdeemedtobesupportiveofthemilitaryarespecifiedontheSDNListmaintainedbytheU.S.OfficeofForeignAssetsControloftheDepartmentoftheTreasury2. Anyentitythatisowned50percentormorebyalistedSDNisalsoconsideredanSDN.

ThecontinuedrestrictionsondealingswithMyanmarSDNsmayhamperbusinessrelationshipswithMyanmar.Forexample,USfinancialinstitutions,thoughfreedfromthecomprehensiveprohibitionsthathadbeeninplacebeforeJuly2012,arestillbarredfromdealingdirectlywithMyanmarbanksthatareSDNs.USfinancialinstitutionsarepermittedtotransferfundstoorfromanaccountofanSDNbank,ontheconditionthattheaccountoftheSDNbankmustnotbemaintainedonthebooksofanyUSfinancialinstitutions.ThefundstransfersmustberoutedthroughcorrespondentaccountsofSDNbanksatnon-USfinancialinstitutions,andthefundstransfersmustnotinvolveadebittoanaccountofanSDNbank.Also,associatedrestrictionspromulgatedbytheU.S.FinancialCrimesEnforcementNetwork(FinCEN)mayrequirehigherlevelsofduediligencewhentransactingthroughMyanmarbanks.

Inconclusion,theopportunitiesforUSbusinessestoinvestinMyanmarandengageinothercommercialventuresinMyanmarexpandedconsiderablyin2012,butUSbusinessesandtheirbusinesspartnersmuststillattendtotheremainingUSsanctions.Fortheforeseeablefuture,sanctionscompliancewillremainanimportantfeatureofdoingbusinessinMyanmar.u

2 See www.treas.gov/ofac.

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