Foreign Ownership Soon Allowed in Private Schools (VDB Loi Insights This Month)

30
Mar
2018

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HIGHLIGHT OF THIS MONTH
From our Telecommunications, Media and Technology Team
 
Update from Myanmar’s private education sector
In the beginning of last year, private schools were classified as a promoted sector under the MIC notification 13/2017 and therefore opened to foreign investors. In addition, the Union Parliament (the Pyidaungsu Hluttaw) released a new draft Private School Law (the “Draft PSL”) in December 2017. VDB Loi is working in collaboration with the Ministry of Education to finalize the Draft PSL in order to make this lucrative sector more attractive to foreign investors.
 
 
IN THIS ISSUE
From our Corporate M&A Team
 
Brief Guide to M&A in Southeast Asia (Myanmar)

The Myanmar Investment Commission (MIC) from time to time issues notifications and regulation covering investment by foreign investors in various businesses sectors in Myanmar. Notification no. 15/2017 of April 10, 2017 by the MIC (“MIC Notification No. 15/2017”) contains a list of restricted investment activities. Such activities may be reserved for the Union Government, reserved for Myanmar citizens, permitted to foreigners only in a joint venture with Myanmar citizens, or permitted subject to approval by the competent ministry. Read more…

From our Taxation Team
 
Tax Note: What’s in store for taxpayers under the Union Tax Law 2018?

The Ministry of Construction released the long anticipated Condominium Rules in December (the “Rules”) which clarifies much of the ambiguity left by the Condominium Law 2016 (the “Law”). Since December, various stakeholders have provided feedback on the rules to the Department of Urban Housing and Development (“DUHD”), and the DUHD has proposed several amendments to the new Rules. Read more…

From our Telecommunications, Media and Technology Team
 
On the homestretch: Trademarks Law passes National Assembly

Continuing our intellectual property reform coverage, especially our comprehensive analysis of the Trademarks Bill Myanmar recently saw the passing of the Trademarks Law by the National Assembly in a move which brings the long-awaited agenda intellectual property reform in Myanmar closer to reality. What is left now is for the lower house to finalize and approve the Trademarks Law and for the President to sign it into force. Read more…

NEW MYANMAR LAWS AND REGULATIONS THIS MONTH
  • 2018 Union Budget Law (Law no: 8/2018)
    Only applicable from 1 April to 30 September 2018.
     
  • 6 months ( April to September) National Planning Law 2018 (Law no: 7/2018)
    Fixing the estimated percentage of development on the specific projects in different regions and states.
     
  • Bill on Law secondly amending the Myanma Pearl Enterprise Law (29/Feb/2018)
    Change on terms and definitions.
 
RECENT VDB LOI WORK
  • Renewables Investment Company Buys into Solar Project: VDB Loi has been engaged to assist a foreign investor with acquiring a stake in a Myanmar solar project.
     
  • Japanese Trading House Scours for Opportunities: VDB Loi will be helping a Japanese trading house with the legal documentation and advice of their expansion plans in Myanmar’s energy sector.
     
  • Consortium of Japanese Energy Groups Appoints VDB Loi as Local Counsel for Potential Acquisition: VDB Loi’s Banking Finance and Energy teams will act as local counsel on a transaction and a financing in the electricity generation space.
     
  • Leading Asian Oil and Gas Upstream Company confirms VDB Loi as Tax Advisors for at Least 2 years: VDB Loi’s Tax team was selected by one of Asian’s largest oil and gas E&P companies with major activities in Myanmar.
     
  • European Specialized Trading Group Restructures Supply Chain: Our Corporate M&A team, with support from the Tax team, has been instructed to restructure the import and distribution chain of various goods for a client in the trading sector.
     
  • Beverages Group Retains VDB Loi for FDA compliance: VDB Loi’s Licensing team has taken on a series of engagements in connection with the FDA import permissions of a wide range of beverage products. Our Licensing team has extensive experience in FDA approvals, an area of practice we have been focusing on for many years.
     
  • Procurement Group Needs Tax Advice: VDB Loi’s Tax team will be assisting a procurement and logistics group with the minimizing of unnecessary adverse tax implications of its planned business structure.
SEE OUR PROGRESS IN 2017

Check out the impressive progress our practice made last year:

  • Our MIC team remains a very strong performer with 25% of the total MIC permits obtained through the firm.
     
  • We advised several of the largest LNG projects under consideration, and was selected as local advisor by both the World Bank and the Japanese Government.
     
  • We were selected as local counsel on the IFC program to create the hydropower model PPA.
     
  • We advise mobile network operators, 4G LTE operators, tower companies and a wide range of ICT companies in Myanmar.
     
  • We play a leading role in the Government’s forthcoming regulation on sovereign guarantees.
     
  • IFC selected our team after a competitive process to help jumpstart the documentation of PPP infrastructure projects.
     
  • We assisted an IFI with its investment in one of Myanmar’s largest cement plant companies.
     
  • Our tax team was at the forefront of various tax structuring works for multimillion-dollar projects.
     
  • Our dedicated dispute team and partners have acted on a wide range of high profiel litigation and arbitration cases.

You can download the full report here

 

 
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OUR UPCOMING EVENTS
FROM OUR CAMBODIA OFFICE
Labor Law – Foreign Worker Work Permit Inspections
As part of ongoing efforts to strictly enforce work permit requirements, following a notice from the Office of the Council of Ministers, the Ministry of Interior (“MOI”) and the Ministry of Labor and Vocational Training (“MLVT”) issued a joint Prakas (No. 719 Br.K) dated 19 February 2018 (“Joint Prakas 719”) on the enforcement of foreign workforce inspections.

Read more…

New Rules on Associations
On 07 March 2018, the Ministry of Commerce (“MOC”) issued Prakas No. 088 MOC (“Prakas 088”) regarding filing statutes of business associations. According to Prakas 088, as part of ongoing obligations after registration with government authorities, all business associations, including foreign chambers of commerce, must file their statute with the MOC.

Read more…

 
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