How to Best Split a Myanmar Insurance Company in a Life and a Non-Life Corporate Entity? (VDB Loi Insights)

28
Feb
2019

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INSIGHTS THIS MONTH
JANUARY 2019
 
Highlight of this Month / In this Issue / Recent VDB Loi Work / New Myanmar Laws and Regualtions / Upcoming Events / Recent Publications
HIGHLIGHT OF THIS MONTH
How to Best Split a Myanmar Insurance Company in a Life and a Non-Life Corporate Entity?
[From our Banking and Finance Team]
Since the liberalization of the sector in 2013, most of the local licensed companies have been composite insurance companies.

IN THIS ISSUE
bridge    
Project Bank Notification for PPP Projects
[From our Energy and Infrastructure Team]
On 30 November 2018, the President’s Office issued a Notification on a publicly assessible database, the Project Bank, which will help to regulate Private Public Partnership (“PPP”) projects in Myanmar.
bank    
Myanmar: Are you prepared for this financial year end?
[From our Taxation Team]
The 2018–19 financial year end is around the corner and all taxpayers have less than two months left for tax payments, tax returns, and possibly some tax planning.
building    
CBM allows foreign investments in Myanmar banks
[From our Corporate Commercial & M& Team]
Since the implementation of the new Myanmar Companies Law (“MCL”) in August, the so-called 35% rule has been subject to interpretation by each government Ministry. Slowly we have been seeing updates from Ministries on whether they will allow 35% foreign shareholding in various sectors.
high court    
Tenders for the First Stage of the 100mw Solar Power Park
[From our Cambodia Office]
Electricite du Cambodge (“EDC”) has finally opened the long awaited tender for the development of a 60MW solar power plant to be connected to the national grid.
OUR UPCOMING EVENTS

RECENT VDB LOI WORK
VDB Loi working hard to expand Myanmar businesses globally: Our Corporate Commercial and M&A Team assisted a 100% Myanmar owned company obtain the first of its kind Central Bank of Myanmar approval for investment offshore.

Connecting the Country: VDB Loi’s Corporate and Commercial team assisted an important Joint Venture agreement for a project to improve Myanmar’s roads in the Bago region. The project is aimed at reducing poverty, given that it will better connect rural communities to surrounding commercial hubs and towns.

Company of Choice for Public Companies: Our firm’s expert tax consultants were chosen by one of Myanmar’s largest public companies this month. The team provided a review of the company’s accounting systems, compliance and tax obligations, as well as advice on restructuring.

Microfinance expansion: Our Banking and Finance team continued to support the local microfinance industry in February, assisting with loans from two of Myanmar’s largest banks and several other offshore loans from development banks.

NEW MYANMAR LAWS
AND REGULATIONS THIS MONTH
  • Law Amending the Myanmar Accountancy Council  Law 2015 (Law no:5 /2019)
    (31/January/2019)
    Updating and amending the terms and conditions of the 2015 law
     
  • Bill on Law Amending the Protecting the Privacy and Security of Citizens Law 2016
    (25/February/2019)
    Offences convicted on any provisions of the law are now bailable, amending the old law which stated that some offences were non-bailable
     
  • Bill on Law Revoking the Parliament Representatives’s Responsibilities
    (6/February/2019)
    Newly drafted bill to revoke some responsibilities of parliament members
     
  • Bill on Law Protection of the New Plants Species
    (1/February/2019)
    Newly drafted to protect newly discovered species of the plants

VDB LOI NEWS
   
VDB Loi hosts the “Insurance Market Liberalization Update: RFP, Proposals and Joint Ventures” Event at the Pullman Hotel with
Ernst & Young

VDB Loi hosted the “Insurance Market Liberalization Update: RfP, Proposals and Joint Ventures” event with EY at the Pullman hotel on the 18th of February. Many attendees from the Insurance, Banking, Financing and other sectors were present at the event. Opening remarks were given by the former Deputy Minister of Finance, U Maung Maung Thein.

Edwin Vanderbruggen (Senior Partner of VDB Loi), Maxim Kobzev (Counsel, VDB Loi), Edith Ruan (Senior Legal Associate, VDB Loi) and Patrick Hanna (Partner of Ernst & Young Myanmar) highlighted the structuring of JVAs and gave details of the RfP and Expression of Interest. The event ended with a panel discussion on Foreign Investment in Myanmar’s insurance market. The panel was moderated by Edwin Vanderbruggen and the panelists were Patrick Hanna, Anil Mancham (Deputy Managing Director of IKBZ), Thaung Han (Managing Director of CB Insurance) and Edith Ruan of VDB Loi.

VDB Loi, co-sponsor of the Chin State Investment and Product Fair

The Chin State Investment Committee is partnering up with the Myanmar Investment Commission, Chin State Government, Directorate of Investment and Companies , Chin State Chambers of Commerce and Industry (CSCCI), the Dana Facility and VDB Loi Company Ltd. to boost investment in the state and to share information about the Myanmar Investment Law, Rules, Regulations and Investment Opportunities in Chin State.

Chin State officials and Chin businesses will be present at the event to showcase potential investment areas in the region. Register for the Investment Seminar and Business Matching Sessions which will be held from 8 a.m. to 4 p.m. on 16th March 2019. The products fair and exhibition which will be held on both days does not require any registration and it will be open to public.

Phoe “Bushido” Thaw is ready for his next One Championship MMA Fight

Phoe “Bushido” Thaw and Ae’ Ae’ (a lady MMA fighter of Team PT) has been training hard at Tiger Muay Thai gym in Phuket for the past month with the support of VDB Loi. Phoe Thaw is confident for his next fight which will take place in Yangon on March 8 at Thuwanna Indoor Stadium. He will be up against Indonesia’s Yohan Mulia Legowo aka “The Iceman”. His bout is the next to last. If you are unable to make it to Thuwanna Stadium, you can watch the fight live online at https://www.onefc.com/ . Join us in supporting a local athlete on his road to victory.

   

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