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Myanmar sets all companies to re-register in line with new companies law

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Myanmar has set all companies in operation in the country to re-register within six months from Aug. 1 when the new Myanmar Companies Law takes effect, according to the Myanmar Investment Commission (MIC) Wednesday.

The move, partly aiming at attracting foreign investment, will allow the companies to benefit from the new Myanmar Companies Law which has abolished the mandated system of submitting an authorized capital as well as the requirement of an article of association and a memorandum of association previously prescribed.

Commencing Aug. 1, the Myanmar companies online registry system will also begin its services.

Myanmar reformed its Investment Commission with 13 members on June 16 with Minister at the Office of the Government U Thaung Tun as chairman.

According to statistics, the country attracted 5.7 billion US dollars' annual foreign direct investment in the last fiscal year 2017-18.

The country targets to attract 3 billion US dollars' foreign direct investments during the six-month transitional period as Myanmar government has changed its fiscal year period from original April-March to October-September beginning 2018-19, producing a six-month transitional gap.

Total foreign investment in Myanmar hit 76.028 billion US dollars as of the end of March this year since late 1988, with China standing as the largest foreign investors' line up, followed by Singapore and Thailand.

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